monzo closed account refund monzo closed account refund

denver museum of nature and science prehistoric journey. 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". 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. Do other banks pull stuff like this? 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. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. It was here that Harford found the advice he needed to get his money back. New comments cannot be posted and votes cannot be cast. Form: 2- BF. Surely they need to have some sort of valid reason though right? Ive asked Monzo to take a look at this via chat, but were at 9 days now and Im still yet to get a response from a specialist. If that was the case they would not have two months they would be cut off immediately. 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 Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. If it's rejected the merchant should inform you and then likely ask for new details. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. Hoping it was just a technical error, he tried to transfer the funds to a different bank account, but found that he was unable to. Monzo have flagged his account for something. But we can broadly explain when we might do it: We spot unusual activity. Its just the way the law works. Theres more here about two ways to pay. Heres some more information about why this sometimes happens. However, when he got to a cashpoint in north London, his Monzo card was declined. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. Free Bets are paid as Bet Credits. They were quick to respond, but not with very helpful advice. Taints my faith in them somewhat. gold coast shark attack video; giant schnauzer service dog for sale 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. For over a month, I had no funds. Free Bets are paid as Bet Credits. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. Why have I received an email about a refund from my closed account? Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. How do I get it back? This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. They're saying they can only refund to the original card Any idea what I'm supposed to do here? Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. Getting your car rental or hotel deposit refund. The police tell us to. 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. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". Which youve already replied to? There are some common signs that someones using an account for criminal activity. 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. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. Monzo Bank Limited is a company registered in England and Wales (No. 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. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. 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. Our Financial Services Register number is 730427. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. We don't know what and we'll probably never know. 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. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. Quick question. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. 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. 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. However today i received a message saying the account would be closed in 2 months. Existing customers can get help via the app. 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. You might not understand why its happened, and feel powerless to change things. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. But the biggest issue i have is they said 2 months. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. '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 need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. It made me feel upset and angry because that's the only money I had for my daughter, she says. 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. What reasons would they have though?? For legal reasons they won't be able to discuss it with you whilst the case is ongoing. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Otherwise criminals would quickly figure out how to get around them! Mr Fisher was angry that. If you used your account for anything cryptocurrency related, that might be why. 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. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. Danielle Richardson. I thought I was the only one, he explains. 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. "But for others, it's been detrimental to their daily lives.. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. I dont understand your point? Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Our Financial Services Register number is 730427. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. Sent messages to them but they seem pretty slow at the moment. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. 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. 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. We know this can be very frustrating, and were not being deliberately difficult. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. 09446231). "I thought I was the only one," he explains. However, its not all rave reviews. community bible study complaints; marriage witness requirements; Financial crime is a serious problem across society. 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 . Statements Of course they do. (Monzo Closed Account Without Explanation). 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. Update on this earlier post. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. 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. Some users are accusing Monzo of. 09446231). 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). He. I've had an inconvenience, which is frustrating," says Harford. Last run: 364 days. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. 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 has closed its Monzo Plus packaged account to new customers just four months after it was launched. This process is the same as any other High St banks. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). What happens to that refund? VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. It usually happens if a change of circumstances or behaviour means a bank no longer wants to provide banking facilities to you, Its in every banks T&Cs that they can terminate the relationship by giving you 1-2 months notice and when they close the account in cases like this they just point to that bit of their T&Cs, we could all be culled off for no apparent reason.