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Do other banks pull stuff like this? As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. Do drop Monzo an email to confirm what will happen, though. They're saying they can only refund to the original card Any idea what I'm supposed to do here? Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. Monzo Bank Limited is a company registered in England and Wales (No. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. And like all banks, we have to act in certain ways, to protect ourselves and our customers. Privacy Policy. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. OP will have done something or some flag for it. 18+ only. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". During those weeks I kept contacting Monzo and going, What's going on? This document will be password protected, and well send you the password to open it in a text message. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. Monzo closed my account but I have a loan with them. What happens to that refund? 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. 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. so what other reasons could it be? Need it sooner? Monzo Plus/Premium According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. 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. 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. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. The police tell us to. We don't know what and we'll probably never know. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. 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. Denied for all further applications. 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. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. '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 a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. In line with our terms and conditions, we can close an account by giving two months notice. Getting your car rental or hotel deposit refund. 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. That 400 was everything I had to last 'til after Christmas.. It might take a while, but you should get your money back in the end. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. You can find more information in the terms and conditions. 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. 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. 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. Refunds take up to 14 days from when the merchant processes it. Only like you said, if it was fraud related. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. 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. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. 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. Our Financial Services Register number is 730427. 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? 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 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. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. We can close your account by giving you at least two months notice. 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 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. Ive had an account with monzo since 2018 and used it regularly for years. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. If you do come across one of these stories, its wise to take them with a pinch of salt. 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. 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. It's probably easier for Monzo to simply reject the refund. New Customers only. 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). 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. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. Our Financial Services Register number is 730427. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. 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. 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. No change of circumstances and still live in the UK. Nobody here is going to know, because if its happened to them, they wont know either. 21/09/18 - 5 accounts now closed. 09446231). I then got an email from them saying it was going to take two to four weeks. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. How do I get my money back? Corporate_Drone31 2 yr. ago. community bible study complaints; marriage witness requirements; However today i received a message saying the account would be closed in 2 months. What reasons would they have though?? The stories on it may alarm some of. Sometimes blocking or closing accounts is one of the ways we do this. Danielle Richardson. OP will have done something or some flag for it. Reddit and its partners use cookies and similar technologies to provide you with a better experience. In a private Facebook group called Monzo stole my money, which now has over 1,300 members, many are furious that their accounts have been frozen without notice, claiming that the company is being unclear about where their money has gone, or when it will be returned. 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. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud.