monzo closed account refund

I can't get in touch with Monzo since I my account was deleted and I can't login anymore. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. They havent just randomly decided to close his account. Min odds/bet and payment method exclusions apply. Ive posted about this previously. For more information, please see our 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. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Denied for all further applications. 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 What reasons would they have though?? Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. 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.. 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. 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. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. You can find more information in the terms and conditions. Ive had an account with monzo since 2018 and used it regularly for years. It might take a while, but you should get your money back in the end. 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? Get in touch with proof from the merchant confirming that they plan to refund your deposit. Financial crime is a serious problem across society. 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. Why have I received an email about a refund from my closed account? If youve received an email letting you know that youve received a refund and asking you to login to the app, please download the Monzo app and follow the instructions. Monzo closes premium packaged account to new customers Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. I've had an inconvenience, which is frustrating," says Harford. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. 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. I would have thought having it set like this would open the system to abuse somehow. Our Financial Services Register number is 730427. The call just cuts off after 10 minutes! The police tell us to. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. Do drop Monzo an email to confirm what will happen, though. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. Other than a monthly wage coming in theres been no other incoming transactions since November too. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. Theres more here about two ways to pay. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. If the account is closed itll 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. Monzo Bank Limited is a company registered in England and Wales (No. Monzo Plus/Premium Harford says that he struggled to get information from Monzo after his account was frozen. If youve been told by the retailer that theyve sent you a refund, its always worth checking the instalment plan to see if some of the balance has been paid-off, and whether a smaller amount has come back to your current account at the same time. 'Criminals stole my Sim card and emptied my Monzo bank account - Which? 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". Account closed but I need a refund from an airline : r/monzo - reddit Its just the way the law works. Monzo Help - How do refunds work in Flex 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. Our Financial Services Register number is 730427. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn Monzo closed my account but I have a loan with them. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. Thats to do with fraud and AML law - if they are giving him two months its not that. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. 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. Sometimes blocking or closing accounts is one of the ways we do this. He. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. 21/09/18 - 5 accounts now closed. If that was the case they would not have two months they would be cut off immediately. For over a month, I had no funds. You might not understand why its happened, and feel powerless to change things. We dont know what and well probably never know. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Thats not an acceptable risk for us. But we can broadly explain when we might do it: We spot unusual activity. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Monzo Bank Limited is a company registered in England and Wales (No. How can I get money back from refunds paid to a closed credit card? Would be nice to know, in at least a vague sense, the criteria, so as a customer I can try to avoid falling into it. What can I actually do. Need it sooner? Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Corporate_Drone31 2 yr. ago. Monzo Plus packaged account scrapped after four months: can - Which? As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. This document will be password protected, and well send you the password to open it in a text message. Have you had a change of circumstances? So of course Im going to keep the money in a pot until its due back. 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. In the end, it took over four weeks for Harford to receive his money back. 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. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. It impacts our economy and can affect people in devastating, life-changing ways. (Monzo Closed Account Without Explanation). 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. I contacted Monzo, and they told me they had nothing at this time. 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. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. very strange situation here. 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 weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. Mr Fisher was angry that. 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 your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Monzo under investigation by FCA over anti-money laundering rules monzo closed account refund Over the weekend that 55 cash advance became a 139 cash advance as the merchant has now refunded the duplicate transaction, but the 55 Flex balance hasn't automatically settled and Monzo's 88 chargeback refund is still in my account too.

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