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I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. Do other banks pull stuff like this? monzo closed account refund. 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. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. 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. OP will have done something or some flag for it. New Customers only. They're saying they can only refund to the original card Any idea what I'm supposed to do here? 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. In line with our terms and conditions, we can close an account by giving two months notice. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Bet 10* & Get 30* in Free Bets. 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 ). 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. Cookie Notice There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Ive had an account with monzo since 2018 and used it regularly for years. They were quick to respond, but not with very helpful advice. I would have thought having it set like this would open the system to abuse somehow. 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 . During those weeks I kept contacting Monzo and going, What's going on? (Monzo Closed Account Without Explanation). 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.. So what do I do? Monzo have flagged his account for something. Min odds/bet and payment method exclusions apply. Why have I received an email about a refund from my closed account? Surely they need to have some sort of valid reason though right? In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. Wide margin winner of his sole point-to-point for Cormac Farrell in November was overturned at long odds-on in this event last year, albeit finishing a clear second to the now very useful 138-rated hurdler Three Card Brag; 20-1 shot for the Cheltenham Bumper . There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . Heres some more information about why this sometimes happens. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. Have you stopped being a resident in the UK? Privacy Policy. 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. And like all banks, we have to act in certain ways, to protect ourselves and our customers. 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. 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. If youve been told by the retailer that theyve sent you a refund, its always worth checking the instalment plan to see if some of the balance has been paid-off, and whether a smaller amount has come back to your current account at the same time. Danielle Richardson. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. We know this can be very frustrating, and were not being deliberately difficult. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. Thats not an acceptable risk for us. Existing customers can get help via the app. Otherwise criminals would quickly figure out how to get around them! 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. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. 09446231). 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. If you do come across one of these stories, its wise to take them with a pinch of salt. I dont understand your point? 09446231). I can imagine TS Anil or Anne doing the draw themselves at the Monday morning staff stand-up, Powered by Discourse, best viewed with JavaScript enabled, Monzo giving two months notice of account closures, Just received a mail that Monzo are closing my account, Devastated About Account Closure after 2 years. We can close your account by giving you at least two months notice. 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. They havent just randomly decided to close his account. 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. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. 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. Quick question. Sign up, deposit between 5* and 10* to your account and bet365 will give you three times that value in Free Bets when you place qualifying bets to the same value and they are settled. Why wouldnt I? 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. It impacts our economy and can affect people in devastating, life-changing ways. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. Yes, true, but the rest of my post still applies. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. '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. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. 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). Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. community bible study complaints; marriage witness requirements; Monzo Bank Limited is a company registered in England and Wales (No. Why have I received an email about a refund from my closed account? I went to transfer the money over to my other account, just in case the card wasn't working [but] it didn't let me transfer it., I was in the middle of the shopping centre trying to text Monzo, and they texted me back and said my account had been frozen, and they couldn't tell me why or when it was going to unfreeze, she continues. Monzo Bank Limited is a company registered in England and Wales (No. 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. We don't know what and we'll probably never know. Our Financial Services Register number is 730427. Ive posted about this previously. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. VICE viewed the . Criminals successfully stole 1.2bn from people in the UK in 2019 alone. 18+ only. Sometimes blocking or closing accounts is one of the ways we do this. Only like you said, if it was fraud related. For more information, please see our 21/09/18 - 5 accounts now closed. 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 . 09446231). If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. 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. This needs to be sorted out now. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. 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.. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. Have you had a change of circumstances? gold coast shark attack video; giant schnauzer service dog for sale OP will have done something or some flag for it. Some users are accusing Monzo of freezing or closing their accounts for no reason, claiming to have had to wait to get their money back or even not receiving it at all. Yeah i did think that. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. We'll add 8% interest, applied from the date we originally received the money. 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). Existing customers can get help via the app. "I thought I was the only one," he explains. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. 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. There are some common signs that someones using an account for criminal activity. So we might block the account on our side to investigate, and close it depending on what we find. My account was closed about 8 months ago which is fine and I accepted it, but I need a refund from an airline for a flight I was supposed to take in March 2020, but booked in June 2019 with my Monzo card. 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. 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. Monzo, the banking start-up loved by millennials, has over three million users. 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). Getting your car rental or hotel deposit refund. and our Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. Junho 11, 2022; police story: season 2 . 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 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. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. If you used your account for anything cryptocurrency related, that might be why. Sent messages to them but they seem pretty slow at the moment. Monzo Plus/Premium You can find more information in the terms and conditions. 09446231). 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. New Customers only. Update on this earlier post. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. Thats kinda worrying if what you say is true (I dont doubt that it is) but as a average user with no shadyness in my life like 99.9% of account holders, we could all be culled off for no apparent reason. Nobody here is going to know, because if its happened to them, they wont know either. 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. Last run: 364 days. The account would be frozen until the concern was resolved. 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. 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. If fraud is involved, regular rules around account closures do not apply. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: 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. Its likely that your old Monzo account has a positive balance. If were able to confirm its definitely you, well unblock your account. When VICE approached Monzo for comment, a spokesperson said that the company would not be able to comment on the closing of users accounts without specific details on individual cases. OR: . Need it sooner? 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. Get in touch with proof from the merchant confirming that they plan to refund your deposit. 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. Existing customers can get help via the app. monzo closed account refundplains, plateaus, and mountains worksheets. Monzo Bank Limited is a company registered in England and Wales (No. It's probably easier for Monzo to simply reject the refund. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. You can use that refund to pay-off the Flex instalment plan by tapping pay off extra - or keep it in your current account and just pay off the remaining instalments on your Flex payment date.