Closing accounts can help fight financial crime Financial crime is a serious problem across society. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. 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. Bet 10* & Get 30* in Free Bets. W: 12st 0lb. I then got an email from them saying it was going to take two to four weeks. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. 'Monzo stole our money': Bank faces fury from people saying accounts monzo closed account refund - helpers.sg 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.. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. Monzo under investigation by FCA over anti-money laundering rules Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. When our fraud systems spot activity that might be suspicious and we decide to block an account, we aim to have a person review it within 10 minutes (night or day). 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's probably easier for Monzo to simply reject the refund. Update on this earlier post. Need it sooner? It was around December last year when Rhys Harford, 25, first noticed a problem. If were able to confirm its definitely you, well unblock your account. Dedication & Commitment Maiden Plate(For all Maidens) - GG.co.uk Denied for all further applications. Irish Stallion Farms EBF Auction (Pro/Am) INH Flat Race (IRE Incentive It impacts our economy and can affect people in devastating, life-changing ways. Reddit - Dive into anything Min odds/bet and payment method exclusions apply. To create a new dispute request, tap on a transaction in your app, and then scroll to the bottom where you'll see in red text 'Something wrong? monzo closed account refund. We can close your account by giving you at least two months notice. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. In line with our terms and conditions, we can close an account by giving two months notice. Managers have more impact on our mental health than doctors and therapists! You are assuming Monzo have frozen your account due to the fact that you're dealing in crypto, but everything you've told us suggests they're treating it as a regular fraud concern. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. So we might block the account on our side to investigate, and close it depending on what we find. If youve received an email letting you know that youve received a refund and asking you to login to the app, please download the Monzo app and follow the instructions. For more information, please see our So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Thats to do with fraud and AML law - if they are giving him two months its not that. Before this time frame, it received fewer than 30 complaints in a six-month period. Monzo customers shut out of accounts in lockdown 18+ only. Monzo Closed My Account Immediately and Without Warning - reddit Recently the "Specialist" support team contacted me saying I have been found to have commited fraud through LocalBitcoins and other cryptocurrency platforms (which is completely untrue seeing as I have stolen no one's money and I only use LBC). How is this fair? To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. OR: . Quick question. Privacy Policy. Your first step should be to contact the merchant and see if it has bounced back. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. Mr Fisher was angry that. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Financial crime is a serious problem across society. Im not in a sticky situation either way, but just keen to know how this side of it works before I use it again - Ive checked Help section and googled this, but come up with nothing so far. The Monzo stole my money Facebook group contains stories of people who have struggled to pay rent, couldnt access Universal Credit payments, or were stuck abroad without a functioning bank card. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. They're saying they can only refund to the original card Any idea what I'm supposed to do here? 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). If you paid with the virtual card, the refund might come into your current account, but more often it will directly go towards paying off the Flex instalment plan its connected to. Turns out, there were loads of people going through the same stuff. Others in a similar situation to Harford recommended keeping screenshots of all correspondence with Monzo, and contacting its complaints department. Free Bets are paid as Bet Credits. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. With its neon orange card and well-designed app, plus the ability to advance your wage before pay day, the company is popular among younger consumers. Sometimes freezing, blocking or closing accounts is part of that. This process is the same as any other High St banks. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. 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. Cookie Notice Reddit and its partners use cookies and similar technologies to provide you with a better experience. Im afraid youll just have to take your money and pick another bank. Min odds/bet and payment method exclusions apply. Frozen Monzo Account (Refunded Payment) - Help - Monzo Community Monzo legally cannot tell you why. To cut a long story short, I had current account and a joint account from Monzo and then out of the blue they froze and then proceeded to close both of my accounts, which is fine I can go back to my old bank, but I had a loan with monzo and they haven't even mentioned it during any . There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. 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? Why have I received an email about a refund from my closed account? In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. Unfortunately were all customers here so wont be able to help; but if its not an immediate closure its likely that you just no longer fit the customer profile theyre looking for for one reason or another. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. If the account is closed it'll probably return to the sending bank If you have evidence of the account being closed provide it to the entity refunding you, they may require this evidence to have it paid anywhere else for AML reasons harryalex99(Harry Alexzander) 21 January 2021 17:19 #3 Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. 09446231). Finding out your bank has blocked or closed your account can be stressful and frustrating. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. There are some common signs that someones using an account for criminal activity. Getting your car rental or hotel deposit refund. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. 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. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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.. Troubleshooting declined contactless card payment, Card payment declined but you've still been charged, Information about our Personal Current Account Services, Proof of the original receipt (screenshot or photo of paper receipt), Proof you spoke to the merchant (screenshot of the email you sent them), Optional: proof of cancellation (screenshot if you tried to cancel the order). Heres some more information about why this sometimes happens. If youre having any trouble downloading the app, logging in or approving your identity or you need us to send your balance to an international account please email remainingbalance@monzo.com with the following information: Please also send a selfie holding your ID, so we can verify your identity. monzo closed account refund - mail.dynamictyping.dev Were a regulated bank. 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. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. Our Financial Services Register number is 730427. 'Criminals stole my Sim card and emptied my Monzo bank account - Which? The stories on it may alarm some of. However, it's not all rave reviews. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. Do other banks pull stuff like this? It impacts our economy and can affect people in devastating, life-changing ways. It's likely that your old Monzo account has a positive balance Please log in and verify your identity by recording a short video and taking a photo of one of your ID documents according to figures published on its website, are accusing Monzo of freezing or closing their accounts. Get in touch with proof from the merchant confirming that they plan to refund your deposit. But we can broadly explain when we might do it: We spot unusual activity. I dont understand your point? So what do I do? Nobody here is going to know, because if its happened to them, they wont know either. 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. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. The call just cuts off after 10 minutes! 6 yo Gelding. 09446231). It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. "I thought I was the only one," he explains. In the summer of 2019 a Facebook group, " Monzo stole our money ", was quietly set up by Ian Fisher after his account was unexpectedly closed by the digital bank. Refunds take up to 14 days from when the merchant processes it. It made me feel upset and angry because that's the only money I had for my daughter, she says. I am being treated as a fraudster without any due process. '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.