Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. You might not understand why its happened, and feel powerless to change things. 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. There are two ways you can buy with Flex. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. New Customers only. 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. Most refunds will come back within a day or two but sometimes they can take up to 2 weeks, so it's always worth checking your Flex 'Manage' tab and current account. Thats not an acceptable risk for us. Our Financial Services Register number is 730427. Monzo Bank Limited is a company registered in England and Wales (No. Existing customers can get help via the app. 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. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. 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. VICE viewed the . Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. Monzo can not (by law) tell the customer this is why their account has been suspended. Min odds/bet and payment method exclusions apply. so what other reasons could it be? They're saying they can only refund to the original card Any idea what I'm supposed to do here? It impacts our economy and can affect people in devastating, life-changing ways. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. Your first step should be to contact the merchant and see if it has bounced back. We'll add 8% interest, applied from the date we originally received the money. 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. 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. However, it's not all rave reviews. 09446231). Im only able to do this because refunds from a flex purchase dont repay the balance. and our Or will the end up in my main account or something else? Monzo Bank Limited is a company registered in England and Wales (No. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. It was around December last year when Rhys Harford, 25, first noticed a problem. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. 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. 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 ). 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. 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 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). So we might block the account on our side to investigate, and close it depending on what we find. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. They havent just randomly decided to close his account. I havent moved country, or moved address, or done any transactions i havent done many times over for months, just your normal wages coming in and amazon type transactions. 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. After being criticised by. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. 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 Corporate_Drone31 2 yr. ago. Sometimes blocking or closing accounts is one of the ways we do this. Cookie Notice According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. Bet 10* & Get 30* in Free Bets. So what do I do? monzo closed account refundplains, plateaus, and mountains worksheets. 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. 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). If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. Finding out your bank has blocked or closed your account can be stressful and frustrating. 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. 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. Sent messages to them but they seem pretty slow at the moment. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. Yes, true, but the rest of my post still applies. Otherwise criminals would quickly figure out how to get around them! Danielle Richardson. 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 . The account would be frozen until the concern was resolved. I was wondering how this will work with the Flex experience - will that purchase be paid off? It was here that Harford found the advice he needed to get his money back. If fraud is involved, regular rules around account closures do not apply. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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. If that was the case they would not have two months they would be cut off immediately. (This is known as tipping off.). Need it sooner? New comments cannot be posted and votes cannot be cast. Min odds/bet and payment method exclusions apply. Its just the way the law works. Quick question. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. 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.. 09446231). 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. It might take a while, but you should get your money back in the end. OP will have had his account flagged for something. Existing customers can get help via the app. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. Mr Fisher was angry that. With its neon orange card and well-designed app, plus the ability to advance your wage before pay day, the company is popular among younger consumers. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. 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? We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. How do I get my money back? Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. For more information, please see our Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The call just cuts off after 10 minutes! 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). If you do come across one of these stories, its wise to take them with a pinch of salt. Last run: 364 days. Im afraid youll just have to take your money and pick another bank. 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.. Monzo have flagged his account for something. Monzo have flagged his account for something. Were a regulated bank. HELP! Do other banks pull stuff like this? 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". "But for others, it's been detrimental to their daily lives.. We identify a risky customer. monzo closed account refund. That 400 was everything I had to last 'til after Christmas.. 21/09/18 - 5 accounts now closed. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. If were able to confirm its definitely you, well unblock your account. 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 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. 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). very strange situation here. 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. 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. Of course they do. Denied for all further applications. Free Bets are paid as Bet Credits. 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). We dont know what and well probably never know.