Have you had a change of circumstances? It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. 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. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. Monzo Bank Limited is a company registered in England and Wales (No. We dont know what and well probably never know. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. 09446231). 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 6 yo Gelding. 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. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. Thats not an acceptable risk for us. But the biggest issue i have is they said 2 months. 09446231). If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Taints my faith in them somewhat. Monzo, the banking start-up loved by millennials, has over three million users. Refunds take up to 14 days from when the merchant processes it. How do I get my money back? They were quick to respond, but not with very helpful advice. What reasons would they have though?? However, it's not all rave reviews. After being criticised by. 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. Im afraid youll just have to take your money and pick another bank. "But for others, it's been detrimental to their daily lives.. 09446231). W: 12st 0lb. 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. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. However, when he got to a cashpoint in north London, his Monzo card was declined. 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. It was around December last year when Rhys Harford, 25, first noticed a problem. 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. 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. 21/09/18 - 5 accounts now closed. Getting your car rental or hotel deposit refund. If were able to confirm its definitely you, well unblock your account. Meu negcio no Whatsapp Business! Place your first bet, if it loses we will refund your first bet stake as a free bet. How is this fair? To create a new dispute request, tap on a transaction in your app, and then scroll to the bottom where you'll see in red text 'Something wrong? 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. 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. 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. Sadly its common for criminals to try and get into their accounts by putting pressure on us, and sometimes getting other people to join in too. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. 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. ! 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.. 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. Denied for all further applications. 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. Sent messages to them but they seem pretty slow at the moment. 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 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. Why wouldnt I? You can find more information in the terms and conditions. I was wondering how this will work with the Flex experience - will that purchase be paid off? Its likely that your old Monzo account has a positive balance. 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". 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. 09446231). Im afraid this customer forum isnt the place to discuss closed accounts. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. "I thought I was the only one," he explains. OR: . They're saying they can only refund to the original card Any idea what I'm supposed to do here? Your first step should be to contact the merchant and see if it has bounced back. But we can broadly explain when we might do it: We spot unusual activity. Financial crime is a serious problem across society. What happens to that refund? For over a month, I had no funds. Quick question. denver museum of nature and science prehistoric journey. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. been abusive to anyone at Monzo or a member of our community. 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). Refunds take up to 14 days from when the merchant processes it. 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. OP will have had his account flagged for something. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . They havent just randomly decided to close his account. This document will be password protected, and well send you the password to open it in a text message. Were sorry to see you go. Cookie Notice 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). But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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. Nobody here is going to know, because if its happened to them, they wont know either. 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. I then got an email from them saying it was going to take two to four weeks. I would have thought having it set like this would open the system to abuse somehow. So we might block the account on our side to investigate, and close it depending on what we find. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. But if theyve checked it and given 2 months notice, thats the end of it. It impacts our economy and can affect people in devastating, life-changing ways. Monzo Bank Limited is a company registered in England and Wales (No. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. 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. 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. Last month, it told the Guardian that it had received over 700 complaints about Monzo the majority of which were in the last six months. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. 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. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. 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. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. 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. I have been banking with Monzo for a few months now, using it to trade Bitcoins through LocalBitcoins (peer to peer) and pay for various things. We identify a risky customer. 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 . Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. Other than a monthly wage coming in theres been no other incoming transactions since November too. 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.. I genuinely thought it was just an issue with their system, Harford tells me over the phone. HELP! 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. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days.

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