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If it's rejected the merchant should inform you and then likely ask for new details. Refunds take up to 14 days from when the merchant processes it. You can find more information in the terms and conditions. Theres more here about two ways to pay. Do drop Monzo an email to confirm what will happen, though. A spokesperson for the Financial Ombudsman Service told VICE: If youre unhappy with your provider [bank], get in touch with the Financial Ombudsman Service and well see if we can help.. If dodgy stuff is confirmed (or unable to be shown to be legitimate) they'll close the account to protect themselves from facilitating further ML/fraud (as any bank that is found to do so can face a huge fine). Managers have more impact on our mental health than doctors and therapists! Need it sooner? We identify a risky customer. In this case, where a customer has been given two months before the account being closing, it means that theyve done nothing wrong by law, but Monzo have simply (for whatever reason) decided they no longer want them as a customer. We may close your account or stop you using your card and app immediately if we believe youve: put us in a position where we might break the law, broken the law or attempted to break the law. Having a wage deposited into it and its all been fine. Existing customers can get help via the app. However today i received a message saying the account would be closed in 2 months. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. Min odds/bet and payment method exclusions apply. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Im only able to do this because refunds from a flex purchase dont repay the balance. A day later I end up having payments blocked on my account suddenly and then within an hour my account was shutdown without warning or reason, stating that, "The outstanding balance of your account have been returned to their originating source". It's probably easier for Monzo to simply reject the refund. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. I am a victim of fraud here, I cannot even afford to take this to court. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. There are some common signs that someones using an account for criminal activity. It was a refund from Ticketmaster in October they also did not contact me to let me know but they are saying that it was refunded and I have to wait 15 days for them to find out where it went. We don't know what and we'll probably never know. Monzo Plus/Premium Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. They were quick to respond, but not with very helpful advice. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. It made me feel upset and angry because that's the only money I had for my daughter, she says. Form: 2- BF. I havent moved country, or moved address, or done any transactions i havent done many times over for months, just your normal wages coming in and amazon type transactions. It might take a while, but you should get your money back in the end. 6 yo Gelding. Closing accounts can help fight financial crime Financial crime is a serious problem across society. So obviously it cant be a security risk or a fraud risk issue as they still are allowing me to use their service for 2 months, right? If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. If the account activity does seem suspicious, we have to report it to the National Crime Agency, and wait for their response before closing the account. Monzo, the banking start-up loved by millennials, has over three million users. Yeah i did think that. So what do I do? Why have I received an email about a refund from my closed account? (Monzo Closed Account Without Explanation). 09446231). If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. Monzo legally cannot tell you why. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Its just the way the law works. monzo closed account refund. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Monzo can not (by law) tell the customer this is why their account has been suspended. so what other reasons could it be? To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. In the Watchdog investigation, the bank said: Without context, which we are prohibited from sharing by law, it is incorrect to reach a conclusion about why accounts have been frozen or closed., It also told the Guardian: "Blocking accounts is a legal requirement, and as a regulated bank we have a duty to detect and prevent financial crime.. Information about our Personal Current Account Services, Please log in and verify your identity by recording a short video and taking a photo of one of your ID documents, Once weve verified you, youll be able to give us the details of another UK account for us to forward the money to. Our Financial Services Register number is 730427. Would be nice to know, in at least a vague sense, the criteria, so as a customer I can try to avoid falling into it. 09446231). It's all the same: I'm sorry for the inconvenience, we don't have a time frame, we can't tell you why. I've told them I have a baby. I dont understand your point? Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. Existing customers can get help via the app. community bible study complaints; marriage witness requirements; 09446231). Finding out your bank has blocked or closed your account can be stressful and frustrating. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. Bet 10* & Get 30* in Free Bets. In response to a 2019 Watchdog investigation into Monzos freezing of peoples accounts, the bank told the BBC: Typically, if we discover that activity is not suspicious, an account that has been frozen is reactivated in ten minutes. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. If you used your account for anything cryptocurrency related, that might be why. Im afraid youll just have to take your money and pick another bank. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. OP will have done something or some flag for it. OP will have had his account flagged for something. And like all banks, we have to act in certain ways, to protect ourselves and our customers. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. The account would be frozen until the concern was resolved. We know this can be very frustrating, and were not being deliberately difficult. If the refund is for the full value of the purchase, there will often be some left over which well put back into your current account. This increase in dissatisfied Monzo customers may just be proportional to the growth of the bank (it had 2 million users in June 2019; in September 2019 it reported to have hit 3 million), or it may indicate issues linked with such rapid expansion. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. "But for others, it's been detrimental to their daily lives.. Its likely that your old Monzo account has a positive balance. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. HELP! They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn Doesnt seem like a bad outcome, but seems odd - I would have thought having it set like this would open the system to abuse somehow. If fraud is involved, regular rules around account closures do not apply. Do other banks pull stuff like this? Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. 'If criminals get access your online banking via your Sim card, they can charge your details, set up new payments and even open up another account or take out a loan,' Steve told us. Theres a lot of anger towards the otherwise quite popular service. Thats to do with fraud and AML law - if they are giving him two months its not that. So if you bought something for 30, flexed it over 3 instalments; and then sent it back for a full refund, youd see 20 of the refund paid-off the instalment plan, and your first instalment of 10 refunded to your current account. Surely they need to have some sort of valid reason though right? I thought I was the only one, he explains. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. If the money has been credited to your account then Monzo will be able to advise on how you can get hold of it and the rest of your funds after they've concluded their investigation. Digital bank Monzo has closed its fee-charging packaged current account to new customers five months after launching it and is refunding some of those who signed up.