Monzo Bank Limited is a company registered in England and Wales (No. Get help'. 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 . If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! If fraud is involved, regular rules around account closures do not apply. It was around December last year when Rhys Harford, 25, first noticed a problem. I would have thought having it set like this would open the system to abuse somehow. '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 were able to confirm its definitely you, well unblock your account. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. I then got an email from them saying it was going to take two to four weeks. 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. This needs to be sorted out now. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. For more information, please see our I am a victim of fraud here, I cannot even afford to take this to court. I thought I was the only one, he explains. We identify a risky customer. Thats not an acceptable risk for us. Taints my faith in them somewhat. And like all banks, we have to act in certain ways, to protect ourselves and our customers. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. I genuinely thought it was just an issue with their system, Harford tells me over the phone. Quick question. Our Financial Services Register number is 730427. So in my mind, Im a Premium customer and I get paid interest on my balance. Its likely that your old Monzo account has a positive balance. 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. Do drop Monzo an email to confirm what will happen, though. Getting your car rental or hotel deposit refund. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. 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. 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. 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. Refunds take up to 14 days from when the merchant processes it. Need it sooner? so what other reasons could it be? It impacts our economy and can affect people in devastating, life-changing ways. 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. Closing accounts can help fight financial crime Financial crime is a serious problem across society. Free Bets are paid as Bet Credits. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. 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 Denied for all further applications. VICE viewed the . 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. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. But we can broadly explain when we might do it: We spot unusual activity. I was wondering how this will work with the Flex experience - will that purchase be paid off? Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Danielle Richardson. Thats to do with fraud and AML law - if they are giving him two months its not that. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). Sometimes blocking or closing accounts is one of the ways we do this. 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 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. 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. "The prevention of financial crime is an issue that affects the entire. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. They're saying they can only refund to the original card Any idea what I'm supposed to do here? Which youve already replied to? Min odds/bet and payment method exclusions apply. 6 yo Gelding. 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. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. 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.. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. Monzo can not (by law) tell the customer this is why their account has been suspended. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. 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. 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. Monzo have flagged his account for something. been abusive to anyone at Monzo or a member of our community. Or will the end up in my main account or something else? 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. So we might block the account on our side to investigate, and close it depending on what we find. 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. Yes, true, but the rest of my post still applies. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. Place your first bet, if it loses we will refund your first bet stake as a free bet. [Blog link was removed]. Monzo Bank Limited is a company registered in England and Wales (No. Has your situation changed recently? Why wouldnt I? This document will be password protected, and well send you the password to open it in a text message. What can I actually do. 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). Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. Im afraid this customer forum isnt the place to discuss closed accounts. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Yeah i did think that. New Customers only. Form & Verdict. Some users are accusing Monzo of. OP will have had his account flagged for something. Free Bets are paid as Bet Credits. We dont know what and well probably never know. The call just cuts off after 10 minutes! CONFUSING! and our Theres more here about two ways to pay. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. Having a wage deposited into it and its all been fine. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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. There are some common signs that someones using an account for criminal activity. 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. 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. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. How do I get my money back? We can close your account by giving you at least two months notice. This process is the same as any other High St banks.
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