4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. But if theyve checked it and given 2 months notice, thats the end of it. Monzo legally cannot tell you why. If you do come across one of these stories, its wise to take them with a pinch of salt. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. What can I actually do. 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. 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. 09446231). However, it's not all rave reviews. Danielle Richardson. Monzo can not (by law) tell the customer this is why their account has been suspended. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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. Has your situation changed recently? after contacting monzo support they told me i will be receiving the money left in the account all i had to do is send them my new bank details, and it would take 2-4 weeks it's about 3 months on now and i still haven't received anything what can i do? Denied for all further applications. Existing customers can get help via the app. 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. But the biggest issue i have is they said 2 months. Form: 2- BF. OP will have had his account flagged for something. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. This needs to be sorted out now. 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 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. In line with our terms and conditions, we can close an account by giving two months notice. I dont understand your point? 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. I would have thought having it set like this would open the system to abuse somehow. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. I contacted Monzo, and they told me they had nothing at this time. Get in touch with proof from the merchant confirming that they plan to refund your deposit. If a fraud closure is immediate then it's clearly something less serious but also something Monzo don't want to be a part of. We don't know what and we'll probably never know. 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). So what do I do? 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. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. Or will the end up in my main account or something else? He. It might be a mistake on Monzos part, youd like to think theres human intervention here. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. No change of circumstances and still live in the UK. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. 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. How do I get it back? For more information, please see our 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! Have you had a change of circumstances? The call just cuts off after 10 minutes! Bet 10* & Get 30* in Free Bets. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. OR: . I genuinely thought it was just an issue with their system, Harford tells me over the phone. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. Do drop Monzo an email to confirm what will happen, though. Having a wage deposited into it and its all been fine. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. My Monzo account was blocked for no reason given, I gave alternative details fro my funds to be transferred but ~I received a refund into the Monzo account a month or two later. 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. Finding out your bank has blocked or closed your account can be stressful and frustrating. 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. So of course Im going to keep the money in a pot until its due back. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. 09446231). What reasons would they have though?? Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. "The prevention of financial crime is an issue that affects the entire. It impacts our economy and can affect people in devastating, life-changing ways. We identify a risky customer. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn Its likely that your old Monzo account has a positive balance. 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). I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. 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. Thats not an acceptable risk for us. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. (This is known as tipping off.). It might take a while, but you should get your money back in the end. been abusive to anyone at Monzo or a member of our community. 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. The account would be frozen until the concern was resolved. If you'd still like to proceed with closing your account please complete the below steps: Bring your account balance to 0 (this includes withdrawing the balance of your Pots) Tap on your profile icon (if you can't see that, swipe down on your card) Tap on the settings cog Tap "Close account" to get started Was this article helpful? [Blog link was removed]. 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. I was wondering how this will work with the Flex experience - will that purchase be paid off? Only like you said, if it was fraud related. 6 yo Gelding. Yeah i did think that. Monzo Bank Limited is a company registered in England and Wales (No. Monzo Bank Limited is a company registered in England and Wales (No. Need it sooner? 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. Our Financial Services Register number is 730427. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. 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. We dont know what and well probably never know. Last run: 364 days. Our Financial Services Register number is 730427. New Customers only. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. 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. However, when he got to a cashpoint in north London, his Monzo card was declined. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. 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. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. Of course they do. 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. 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 Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. Monzo Bank Limited is a company registered in England and Wales (No. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. Some users are accusing Monzo of. It's probably easier for Monzo to simply reject the refund. Junho 11, 2022; police story: season 2 . Im afraid this customer forum isnt the place to discuss closed accounts. Taints my faith in them somewhat. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. The stories on it may alarm some of. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. denver museum of nature and science prehistoric journey. Bet 10* & Get 30* in Free Bets. But we can broadly explain when we might do it: We spot unusual activity. 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. 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. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. 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. After being criticised by. It happened just over a week ago when she was shopping. VICE viewed the . Other than a monthly wage coming in theres been no other incoming transactions since November too. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. so what other reasons could it be? In this case, where a customer has been given two months before the account being closing, it means that theyve done nothing wrong by law, but Monzo have simply (for whatever reason) decided they no longer want them as a customer. Monzo closed my account but I have a loan with them. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. Recently the "Specialist" support team contacted me saying I have been found to have commited fraud through LocalBitcoins and other cryptocurrency platforms (which is completely untrue seeing as I have stolen no one's money and I only use LBC). It impacts our economy and can affect people in devastating, life-changing ways. Thats to do with fraud and AML law - if they are giving him two months its not that. 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 . Before this time frame, it received fewer than 30 complaints in a six-month period. 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. Heres some more information about why this sometimes happens. very strange situation here. Monzo Bank Limited is a company registered in England and Wales (No. Nobody here is going to know, because if its happened to them, they wont know either. 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. Theres more here about two ways to pay. There are two ways you can buy with Flex. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. Mr Fisher was angry that. Free Bets are paid as Bet Credits. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. 09446231). (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..

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