This is a first Ive heard it happen to a personal current account, and I dont like it one bit. so what other reasons could it be? Existing customers can get help via the app. I dont understand your point? 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. 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. So we might block the account on our side to investigate, and close it depending on what we find. You might not understand why its happened, and feel powerless to change things. 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. 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 New Customers only. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). If you decide you want to re-open your account at a later date you will need to wait at least 30 days from the date of closure, you wont be able to use the Current Account Switch Service to change to another bank and there are no guarantees that we'll be able to re-open your account for you. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Having a wage deposited into it and its all been fine. Min odds/bet and payment method exclusions apply. There are some common signs that someones using an account for criminal activity. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. In line with our terms and conditions, we can close an account by giving two months notice. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. Theres more here about two ways to pay, Paying off extra and early with Monzo Flex, Making a Section 75 or purchase protection claim with Monzo Flex, Making a Section 75 claim on a virtual Flex card transaction, Information about our Personal Current Account Services. 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. New Customers only. How do I get my money back? Other than a monthly wage coming in theres been no other incoming transactions since November too. Monzo can not (by law) tell the customer this is why their account has been suspended. They should be able to provide evidence of what card it was refunded to, its probably the one you paid on, but Monzo wont get the money if the account is closed, it will bounce back but this can take quite a bit of time. Monzo Premium is for customers aged between 18 and 69 years old and comes at a monthly cost of 15 for a minimum subscription of 6 months. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . Need it sooner? A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. If the account is closed itll 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. 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. We can close your account by giving you at least two months notice. Over the weekend that 55 cash advance became a 139 cash advance as the merchant has now refunded the duplicate transaction, but the 55 Flex balance hasn't automatically settled and Monzo's 88 chargeback refund is still in my account too. So of course Im going to keep the money in a pot until its due back. Bet 10* & Get 30* in Free Bets. Most refunds will come back within a day or two but sometimes they can take up to 2 weeks, so it's always worth checking your Flex 'Manage' tab and current account. 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. 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 be a mistake on Monzos part, youd like to think theres human intervention here. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. Our Financial Services Register number is 730427. So in my mind, Im a Premium customer and I get paid interest on my balance. So what do I do? For more information, please see our He lost 4,000, saved for his son's enrolment at university in September, after being called by a fraudster from a number that matched Monzo's, flagging suspicious activity on his account. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. Form & Verdict. My understanding was that UK banks have to give you a grace period to move your money to another bank of at least 30 days. 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. If you used your account for anything cryptocurrency related, that might be why. We identify a risky customer. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. Or will the end up in my main account or something else? VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. very strange situation here. However today i received a message saying the account would be closed in 2 months. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. It made me feel upset and angry because that's the only money I had for my daughter, she says. 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 is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Im only able to do this because refunds from a flex purchase dont repay the balance. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. It impacts our economy and can affect people in devastating, life-changing ways. Place your first bet, if it loses we will refund your first bet stake as a free bet. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. As soon as you receive notice that your bank has closed your account, you need to take immediate action in order to be able to continue to pay your bills and manage your money. If you have a Monzo Plus or Premium subscription youll need to cancel that first by following the below steps: If youd still like to proceed with closing your account please complete the below steps: Existing customers can get help via the app. 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). Our Financial Services Register number is 730427. Quick question. 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? Usually a refund cant be sent to where a person requests it, as some fraudsters do use refunds as a means of cleaning fundsbut if you can prove the account is closed you may be able to get them to refund it elsewhere, should the money bounce back. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. How is this fair? They're saying they can only refund to the original card Any idea what I'm supposed to do here? Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. 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. I would have thought having it set like this would open the system to abuse somehow. 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. Theres a lot of anger towards the otherwise quite popular service. In the end, it took over four weeks for Harford to receive his money back. The account would be frozen until the concern was resolved. We know this can be very frustrating, and were not being deliberately difficult. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. 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 . Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Ive had an account with monzo since 2018 and used it regularly for years. 09446231). Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. 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 . Last run: 364 days. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Sent messages to them but they seem pretty slow at the moment. Im afraid youll just have to take your money and pick another bank. However, its not all rave reviews. community bible study complaints; marriage witness requirements; There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. I've had an inconvenience, which is frustrating," says Harford. W: 12st 0lb. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. Only 29 percent of these complaints were resolved in the consumers favour. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. 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. Refunds take up to 14 days from when the merchant processes it. If you'd still like to proceed with closing your account please complete the below steps: Bring your account balance to 0 (this includes withdrawing the balance of your Pots) Tap on your profile icon (if you can't see that, swipe down on your card) Tap on the settings cog Tap "Close account" to get started Was this article helpful? Otherwise criminals would quickly figure out how to get around them! Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. This needs to be sorted out now. The FOS are a sham, they are taking a further 3 months or so to come to a final conclusion after being told by an adjudicator that everything done by Monzo bank was a fair process. Do other banks pull stuff like this? ! Yes, true, but the rest of my post still applies. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. Monzo Bank Limited is a company registered in England and Wales (No. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Refunds take up to 14 days from when the merchant processes it. I genuinely thought it was just an issue with their system, Harford tells me over the phone. My Monzo account was blocked for no reason given, I gave alternative details fro my funds to be transferred but ~I received a refund into the Monzo account a month or two later. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. Existing customers can get help via the app. Yeah i did think that. I was relying on that money, and I was stressed and anxious because I couldn't sort anything out, and I don't have any family members close. I thought I was the only one, he explains. 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. Update on this earlier post. 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. Your first step should be to contact the merchant and see if it has bounced back. That 400 was everything I had to last 'til after Christmas.. 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. Do drop Monzo an email to confirm what will happen, though. Closing accounts can help fight financial crime Financial crime is a serious problem across society. If were able to confirm its definitely you, well unblock your account. 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 ). Some users are accusing Monzo of. 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 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. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. Bet 10* & Get 30* in Free Bets. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. But the biggest issue i have is they said 2 months. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. If it's rejected the merchant should inform you and then likely ask for new details. 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. Corporate_Drone31 2 yr. ago. If a fraud closure is immediate then it's clearly something less serious but also something Monzo don't want to be a part of. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. 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). Managers have more impact on our mental health than doctors and therapists! If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. What happens to that refund? 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. Its just the way the law works. 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). Why have I received an email about a refund from my closed account? Denied for all further applications. I contacted Monzo, and they told me they had nothing at this time. Free Bets are paid as Bet Credits. This Christmas Ive used the Flex system to get a small cash advance by splitting a payment over 12 payments with Curve Credit and then again with Monzo Flex. However, when he got to a cashpoint in north London, his Monzo card was declined. About a day or two later, I got a message from Monzo saying I had to source alternative banking. Harford's Monzo account had been closed. Of course they do. 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. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. 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). Only like you said, if it was fraud related. Get in touch with proof from the merchant confirming that they plan to refund your deposit. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. Harford says that he struggled to get information from Monzo after his account was frozen. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. There are two ways you can buy with Flex. Weve taken the unfortunate decision to close yours with immediate effect., The email also said that Hopkins funds will be returned to the source., According to Monzos Terms and Conditions, the company reserves the right to close an account at any time, particularly if it believes fraudulent actions are taking place. 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. 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. I just didn't know what to do., When Hopkins contacted Monzo again, a customer service employee asked her if she had friends or family who could help: I said no, and I shouldn't need to [borrow money] because I have my own money., Hopkins received an email response from Monzo on the same day that VICE approached the company for comment. It's probably easier for Monzo to simply reject the refund. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. Monzo Bank Limited is a company registered in England and Wales (No. 09446231). Thats to do with fraud and AML law - if they are giving him two months its not that. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people.