I cancelled a amazon flex order and money was refunded instantly to my account and the flex plan closed automatically with "paid off " status , and the 1st payment I made was transferred back to my current account automatically , Good to know, thank you (hadnt spotted your post as I just looked at thread titles and not used to this system ). I am being treated as a fraudster without any due process. 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? Monzo Help - How do refunds work in Flex Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. "The prevention of financial crime is an issue that affects the entire. Denied for all further applications. If i was committing fraud (which im not and never have) and they did this theyre essentially saying go ahead, you got 2 months longer to keep committing fraud, and well shut you down then wouldnt make any sense even when you think about it. Monzo under investigation by FCA over anti-money laundering rules Only 29 percent of these complaints were resolved in the consumers favour. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. 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. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. 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. 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.. Monzo says 'no' to refund as thousands are lost to cold-callers 09446231). I dont understand your point? 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. Our Financial Services Register number is 730427. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. monzo closed account refundplains, plateaus, and mountains worksheets. Get help'. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. 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 . If were able to confirm its definitely you, well unblock your account. In a private Facebook group called Monzo stole my money, which now has over 1,300 members, many are furious that their accounts have been frozen without notice, claiming that the company is being unclear about where their money has gone, or when it will be returned. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. Im afraid youll just have to take your money and pick another bank. monzo closed account refund. Reading about other people it seems their accounts were cut off immediately (and monzo claimed something like 95% of those decisions were correct- which they would do ofcourse and i assume they put it down to fraud or some sort of dodgy thing). I've had an inconvenience, which is frustrating," says Harford. After being criticised by. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. 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. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. It impacts our economy and can affect people in devastating, life-changing ways. 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. However, it's not all rave reviews. 09446231). Corporate_Drone31 2 yr. ago. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. We can close your account by giving you at least two months notice. Our Financial Services Register number is 730427. The stories on it may alarm some of. Monzo Bank Limited is a company registered in England and Wales (No. Other than a monthly wage coming in theres been no other incoming transactions since November too. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. Otherwise criminals would quickly figure out how to get around them! If the merchant confirms that they've sent the refund and your refund still hasn't arrived after 14 days, please get in touch with: We won't be able to help unless you have these and 14 days have passed . 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. Form & Verdict. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. Refunds take up to 14 days from when the merchant processes it. Monzo, the banking start-up loved by millennials, has over three million users. 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". been abusive to anyone at Monzo or a member of our community. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. Some users are accusing Monzo of. You can use your virtual card, or you can pay with your Monzo debit card and then move the transaction to Flex up to two weeks after you made the payment. Need it sooner? But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. If fraud is involved, regular rules around account closures do not apply. In line with our terms and conditions, we can close an account by giving two months notice. I then got an email from them saying it was going to take two to four weeks. Quick question. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. 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. 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. Nothing dodgy has happened in my life at all - and certainly not in the last few months - so it doesnt make any sense to me. Existing customers can get help via the app. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. so what other reasons could it be? A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Monzo Closed My Account Immediately and Without Warning - reddit But we can broadly explain when we might do it: We spot unusual activity. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. If you've received an email letting you know that you've received a refund and asking you to login to the app, please download the Monzo app and follow the instructions. VICE viewed the complaints filed by Harford, as well as emails and messages between him and Monzos customer service team and a letter of correspondence from Monzo, which confirmed the 25 compensation for the delay in returning his money. Why wouldnt I? How do I get it back? Information about our Personal Current Account Services, Bring your account balance to 0 (this includes withdrawing the balance of your Pots), Tap on your profile icon (if you cant see that, swipe down on your card). OR: . Harford says that he struggled to get information from Monzo after his account was frozen. Monzo giving two months' notice of account closures During those weeks I kept contacting Monzo and going, What's going on? community bible study complaints; marriage witness requirements; I was wondering how this will work with the Flex experience - will that purchase be paid off? They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn For more information, please see our Its unlikely to happen to 99.9% of customers. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. If you used your account for anything cryptocurrency related, that might be why. The start-up has done so well that, in 2019 after a new round of funding in the US, it was valued at around 2 billion. 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. This process is the same as any other High St banks. Monzo Help - Closing your account Bet 10* & Get 30* in Free Bets. I am a victim of fraud here, I cannot even afford to take this to court. By signing up, you agree to the Terms of Use and Privacy Policy & to receive electronic communications from Vice Media Group, which may include marketing promotions, advertisements and sponsored content. Mr Fisher was angry that. monzo closed account refund OP will have had his account flagged for something. Our Financial Services Register number is 730427. And like all banks, we have to act in certain ways, to protect ourselves and our customers. 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. Sent messages to them but they seem pretty slow at the moment. VICE viewed the . Statements after contacting monzo support they told me i will be receiving the money left in the account all i had to do is send them my new bank details, and it would take 2-4 weeks it's about 3 months on now and i still haven't received anything what can i do? By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. But blocking or closing accounts is something all banks have to do sometimes, to meet their legal and regulatory obligations, in line with their terms and conditions, and to help fight against financial crime. If you have any issues with the in-app flow and provide your defund details by email well aim to transfer it within 7 working days for UK accounts (2-3 weeks for international payments). 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. "But for others, it's been detrimental to their daily lives.. We don't know what and we'll probably never know. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. HELP!