Monzo Bank Limited is a company registered in England and Wales (No. Monzo Bank Limited is a company registered in England and Wales (No. Im afraid youll just have to take your money and pick another bank. Finding out your bank has blocked or closed your account can be stressful and frustrating. This only happens very rarely, and most customers will never even know its happening. Yeah i did think that. Monzo have flagged his account for something. so what other reasons could it be? How do I get it back? "But for others, it's been detrimental to their daily lives.. 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. Our Financial Services Register number is 730427. 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. 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. But if theyve checked it and given 2 months notice, thats the end of it. 21/09/18 - 5 accounts now closed. But we can broadly explain when we might do it: We spot unusual activity. 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. 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. 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. In line with our terms and conditions, we can close an account by giving two months notice. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. We'll add 8% interest, applied from the date we originally received the money. 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. Min odds/bet and payment method exclusions apply. Our Financial Services Register number is 730427. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. 18+ only. Thats to do with fraud and AML law - if they are giving him two months its not that. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. New comments cannot be posted and votes cannot be cast. You can find more information in the terms and conditions. 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. However, it's not all rave reviews. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. 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. 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. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. What reasons would they have though?? If fraud is involved, regular rules around account closures do not apply. Only like you said, if it was fraud related. 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. Our Financial Services Register number is 730427. So we might block the account on our side to investigate, and close it depending on what we find. 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. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. 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). The call just cuts off after 10 minutes! I genuinely thought it was just an issue with their system, Harford tells me over the phone. So of course Im going to keep the money in a pot until its due back. Ive posted about this previously. monzo closed account refund. Our Financial Services Register number is 730427. 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. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. Privacy Policy. However, its not all rave reviews. W: 12st 0lb. It happened just over a week ago when she was shopping. I've had an inconvenience, which is frustrating," says Harford. Form: 2- BF. 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. This process is the same as any other High St banks. Has your situation changed recently? Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. 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. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. Last run: 364 days. Getting your car rental or hotel deposit refund. monzo closed account refundplains, plateaus, and mountains worksheets. Theres more here about two ways to pay. 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. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. 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. What can I actually do. 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. 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 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. Surely they need to have some sort of valid reason though right? If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. Nobody here is going to know, because if its happened to them, they wont know either. Its likely that your old Monzo account has a positive balance. I am a victim of fraud here, I cannot even afford to take this to court. Why have I received an email about a refund from my closed account? I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. Its unlikely to happen to 99.9% of customers. It might be a mistake on Monzos part, youd like to think theres human intervention here. Monzo Plus/Premium I contacted Monzo, and they told me they had nothing at this time. After being criticised by. 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. During those weeks I kept contacting Monzo and going, What's going on? Some users are accusing Monzo of. 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? I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. Thats not an acceptable risk for us. This document will be password protected, and well send you the password to open it in a text message. Min odds/bet and payment method exclusions apply. 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? Bet 10* & Get 30* in Free Bets. Sometimes freezing, blocking or closing accounts is part of that. 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. Other than a monthly wage coming in theres been no other incoming transactions since November too. 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. Sent messages to them but they seem pretty slow at the moment. Existing customers can get help via the app. 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. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. There are some common signs that someones using an account for criminal activity.

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