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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. 09446231). According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. Form & Verdict. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. 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. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. Have you had a change of circumstances? Were sorry to see you go. Monzo bank 'freezing accounts for no apparent reason' - the Guardian 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. OP will have done something or some flag for it. Other than a monthly wage coming in theres been no other incoming transactions since November too. I then got an email from them saying it was going to take two to four weeks. "The prevention of financial crime is an issue that affects the entire. 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. Existing customers can get help via the app. 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? Theres more here about two ways to pay. I dont understand your point? Monzo Help - Closing your account 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? Only like you said, if it was fraud related. community bible study complaints; marriage witness requirements; 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). So obviously it cant be a security risk or a fraud risk issue as they still are allowing me to use their service for 2 months, right? 6 yo Gelding. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Denied for all further applications. Thats kinda worrying if what you say is true (I dont doubt that it is) but as a average user with no shadyness in my life like 99.9% of account holders, we could all be culled off for no apparent reason. 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. Nobody here is going to know, because if its happened to them, they wont know either. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. If it's rejected the merchant should inform you and then likely ask for new details. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. 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). very strange situation here. Closing accounts can help fight financial crime Financial crime is a serious problem across society. 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. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. and our Our Financial Services Register number is 730427. 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. 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 Closed My Account Immediately and Without Warning - reddit Sent messages to them but they seem pretty slow at the moment. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. They're saying they can only refund to the original card Any idea what I'm supposed to do here? Finding out your bank has blocked or closed your account can be stressful and frustrating. We identify a risky customer. 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. Getting your car rental or hotel deposit refund. If that was the case they would not have two months they would be cut off immediately. We don't know what and we'll probably never know. But blocking or closing accounts is something all banks have to do sometimes, to meet their legal and regulatory obligations, in line with their terms and conditions, and to help fight against financial crime. Free Bets are paid as Bet Credits. 09446231). 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. Monzo have flagged his account for something. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. Refunds take up to 14 days from when the merchant processes 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. But we can broadly explain when we might do it: We spot unusual activity. What happens to that refund? It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. 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. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. So we might block the account on our side to investigate, and close it depending on what we find. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Monzo giving two months' notice of account closures Bet 10* & Get 30* in Free Bets. 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. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. monzo closed account refund - helpers.sg They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. Statements Monzo Plus/Premium Of course they do. 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. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. The police tell us to. After being criticised by. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. Our Financial Services Register number is 730427. 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. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. Digital bank Monzo has closed its fee-charging packaged current account to new customers five months after launching it and is refunding some of those who signed up. Why have I received an email about a refund from my closed account? Monzo under investigation by FCA over anti-money laundering rules 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. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Monzo Bank Limited is a company registered in England and Wales (No. 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. 09446231). Monzo Help - Refund hasn't arrived As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. How can I get money back from refunds paid to a closed credit card? Account closed but I need a refund from an airline : r/monzo - reddit 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