I've had an inconvenience, which is frustrating," says Harford. It impacts our economy and can affect people in devastating, life-changing ways. 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". Monzo closed my account but I have a loan with them. How is this fair? according to figures published on its website, are accusing Monzo of freezing or closing their accounts. 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. 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. so what other reasons could it be? been abusive to anyone at Monzo or a member of our community. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . In the end, it took over four weeks for Harford to receive his money back. Our Financial Services Register number is 730427. Harford says that he struggled to get information from Monzo after his account was frozen. Get in touch with proof from the merchant confirming that they plan to refund your deposit. 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. 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. Monzo can not (by law) tell the customer this is why their account has been suspended. 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. ! Quick question. 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). New Customers only. 09446231). This needs to be sorted out now. It impacts our economy and can affect people in devastating, life-changing ways. Ive posted about this previously. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. 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 you do not, your paycheck may go to the bank, but you will not be able to access the funds. After being criticised by. 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. Getting your car rental or hotel deposit refund. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Last run: 364 days. 09446231). I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. I contacted Monzo, and they told me they had nothing at this time. So what do I do? Nobody here is going to know, because if its happened to them, they wont know either. Were sorry to see you go. Why wouldnt I? He. Monzo Bank Limited is a company registered in England and Wales (No. 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. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn 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. 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. However, it's not all rave reviews. What reasons would they have though?? Its unlikely to happen to 99.9% of customers. Existing customers can get help via the app. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. Troubleshooting declined contactless card payment, Card payment declined but you've still been charged, Information about our Personal Current Account Services, Proof of the original receipt (screenshot or photo of paper receipt), Proof you spoke to the merchant (screenshot of the email you sent them), Optional: proof of cancellation (screenshot if you tried to cancel the order). It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. What happens to that refund? It was here that Harford found the advice he needed to get his money back. Our Financial Services Register number is 730427. I was wondering how this will work with the Flex experience - will that purchase be paid off? It was around December last year when Rhys Harford, 25, first noticed a problem. Which youve already replied to? Has your situation changed recently? 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. 18+ only. 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. 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. I am being treated as a fraudster without any due process. 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.. They were quick to respond, but not with very helpful advice. 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. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. 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. 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. Min odds/bet and payment method exclusions apply. If you do come across one of these stories, its wise to take them with a pinch of salt. I would have thought having it set like this would open the system to abuse somehow. 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. Im afraid this customer forum isnt the place to discuss closed accounts. 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. Refunds take up to 14 days from when the merchant processes it. OP will have done something or some flag for it. 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. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. 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. Privacy Policy. Surely they need to have some sort of valid reason though right? This document will be password protected, and well send you the password to open it in a text message. Free Bets are paid as Bet Credits. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. The call just cuts off after 10 minutes! So we might block the account on our side to investigate, and close it depending on what we find. Monzo legally cannot tell you why. We don't know what and we'll probably never know. 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. 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. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. OR: . 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. (This is known as tipping off.). Otherwise criminals would quickly figure out how to get around them! I can't get in touch with Monzo since I my account was deleted and I can't login anymore. Need it sooner? Other than a monthly wage coming in theres been no other incoming transactions since November too. Its funny you say that because Ive heard back from chat now and the response pretty much amounted to lol, sort it out yourself mate. It's all the same: I'm sorry for the inconvenience, we don't have a time frame, we can't tell you why. I've told them I have a baby. Update on this earlier post. We can close your account by giving you at least two months notice. 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 Monzo Bank Limited is a company registered in England and Wales (No. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. 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. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. This process is the same as any other High St banks. 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 ). Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. For more information, please see our Taints my faith in them somewhat. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. Its likely that your old Monzo account has a positive balance. Your first step should be to contact the merchant and see if it has bounced back. 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.. There are some common signs that someones using an account for criminal activity. 09446231). Im only able to do this because refunds from a flex purchase dont repay the balance. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'.
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