Hopkins' email response, which VICE viewed, said: “As per our terms and conditions, we reserve the right to close an account at any time. However, it’s not all rave reviews. During those weeks I kept contacting Monzo and going, ‘What's going on? 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 … It currently lends out 120 million pounds, compared with deposits of 2 billion pounds. In response to a 2019 Watchdog investigation into Monzo’s freezing of people’s 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. The bank confirmed the following day that was because it was the nominated account … I opened an account with Monzo yesterday and tried to transfer the all money from one of my Santander current accounts (~£1600), but they’ve gone and locked me out of my own account. Hoping it was just a technical error, he tried to transfer the funds to a different bank account, but found that he was unable to. To update your email address and get access to your account, please: ✉️ Your old email address I'm guessing this is because most people don't use monzo and other online banks as their main account. We'll do our best to keep it up to date! What's going on?’ I just started to get tired of it, and that's when I came across the Facebook group.”. It currently lends out 120 million pounds, compared with deposits of 2 billion pounds. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. Saving, not spending Pots are somewhere to save, not spend. Updating your email when locked out of the app The link you sent me to log into my account isn't working I still haven't received a log in email I can't remember which email address I used to sign up with Monzo I’ve had so many fraud attempts on my monzo account (for small repeated amounts not large) that I now keep the card locked One mother told the BBC that she had … Some customers posting on it report having up to £30,000 stuck in frozen business accounts … according to figures published on its website, are accusing Monzo of freezing or closing their accounts. There’s a lot of anger towards the otherwise quite popular service. We do everything for you, and you don’t need to deal with your old bank at all. BANKING MADE EASY • Get better visibility and more control over all your money. READ ME Be part of our journey! 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. Existing customers can get help via the app. “I've had an inconvenience, which is frustrating," says Harford. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.”. Updated for 2019. Monzo is going to have a second go at launching its premium account offering Having supposedly learned from its previous failings, Monzo is stepping out … There’s no overdraft facility – if you do end up with a negative balance, you won’t be charged but your account will be locked until you top up. Thousands of customers have cut ties with traditional banks and have a current account only with Monzo – known as “going full Monzo” or “#fullmonzo”. 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. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full – along with £25 compensation. A spokesperson for the Financial Ombudsman Service told VICE: “If you’re unhappy with your provider [bank], get in touch with the Financial Ombudsman Service and we’ll see if we can help.”. By signing up to the VICE newsletter you agree to receive electronic communications from VICE that may sometimes include advertisements or sponsored content. “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 Review written by banking professionals. There is a phone line, but those who have their account frozen after the bank finds irregularities are barred from using it. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. Tap the PIN & card number button under your Monzo card (if you can't find this button, swipe down on your list of payments) Tap Get a PIN reminder. Open a full UK bank account from your phone, for free. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Some users are accusing Monzo of freezing or closing their accounts for no reason, claiming to have had to wait to get their money back – or even not receiving it at all. We might decide not to build some features According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. ✉️ Your new email address With the Current Account Switch Service, you can move everything over to Monzo in 7 days without lifting a finger. “They were quick to respond, but not with very helpful advice. Monzo, the banking start-up loved by millennials, has over three million users. A stripped-back version of your Monzo account in case you can't get into the app. Everything in one place: fees, features, pros and cons. ‎Over 4 million people now bank with Monzo to spend, save and sort their money. The “Monzo stole my money” Facebook group contains stories of people who have struggled to pay rent, couldn’t access Universal Credit payments, or were stuck abroad without a functioning bank card. As the title says really. Photo: Monzo Startup bank Monzo faces a “pivotal” year as it races to become self-funding amid mounting losses. Perfect if you find it difficult not to dip into your savings each month. Monzo Bank Limited is a company registered in England and Wales (No. Monzo, which has had a banking licence since 2017, now has over 3million users who have opened an account with it, though it has had a harder time … Revolut was founded in … Monzo's pots, which can be locked or hidden from view to discourage customers from dipping in, were home to some of the nearly £1.4billion of … Monzo is a bank that makes life easier, not harder. Also to note. It was here that Harford found the advice he needed to get his money back. The Monzo Community forum is where Monzo users come to help build the bank of the future, and get the most out of the Monzo current account. Follow these steps to unblock your account: Tap the Home icon in the menu bar. When you log back in using your old email, you'll be asked to enter your PIN for security reasons. 09446231). One mother told the BBC she’d been left unable to pay her rent and bills or buy food after the digital bank shuttered her account. “I went to the shop to buy my daughter some food, and my card got declined,” she explains over the phone. VICE viewed the complaints filed by Harford, as well as emails and messages between him and Monzo’s customer service team and a letter of correspondence from Monzo, which confirmed the £25 compensation for the delay in returning his money. The bank published its annual results late on Thursday, showing losses continue to grow and warning that there was “material” uncertainty about whether the bank will survive the current crisis. 09446231). “For over a month, I had no funds. We do everything for you, and you don’t need to deal with your old bank at all. This is Monzo’s second subscription launch this year and forms part of its effort to increase revenues and cover deep losses recorded in 2019. The bank says signing up to its waiting list doesn't commit you to paying for Monzo Plus, but once the contract itself starts you'll be locked in for 12 months. 3 months ago my Monzo account was locked out of the blue, I couldnt use my card or make transfers … This … Christmas was approaching, and he planned to use the £365 in his Monzo account to buy presents for his family. 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.”. One user - also locked out of their account - has labelled the company's support as 'disgusting' on its Facebook page. You can lock a Pot in the Monzo app: Tap the Home icon in the menu bar. He continues: “A couple of days passed, and I thought it would take three to five days [to get the money back]. As with everything, this list will change over time. 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. Monzo wants to do that by lending more and rolling out paid-for services like the premium account. We’ve taken the unfortunate decision to close yours with immediate effect.”, The email also said that Hopkins’ funds will be “returned to the source.”, According to Monzo’s Terms and Conditions, the company reserves the right to close an account at any time, particularly if it believes fraudulent actions are taking place. Updating your email when locked out of the app To update your email address and get access to your account, please: Email us at [email protected].In the email, please include: Your old email address Your new email address Your phone number A selfie photo holding up … A selfie photo holding up your photo ID so we can verify your identity. “It was very frustrating.”, Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. It's now rolling out the service to the first few hundred customers on the list, and it expects there to be more availability over the next couple of months - although it's not yet available for joint account holders. 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. “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. The latest version of Monzo is available on iOS now, and will be coming to the Play Store for Android users at the start of next week. That £400 was everything I had to last 'til after Christmas.”. Your phone number “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. Tap the Edit button on the Pot you want to lock (or create a new Pot) Tap Lock this Pot and choose how long to lock it for. UK Tel: 0800 802 1281Abroad Tel: +44 203 872 0620Monzo Bank Limited is a company registered in England and Wales 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. Sit tight – we'll get back to you as soon as we've updated your details. And be very careful. Anyone can open a Monese account One of Monese’s biggest selling points is that virtually anyone can open an account with them, regardless of how long you’ve been living in the UK. It was around December last year when Rhys Harford, 25, first noticed a problem. You don't need to show us proof of address to sign up (we use your date of birth ins… Monzo is good but never , ever put all your eggs in one basket with them. Harford says that he struggled to get information from Monzo after his account was frozen. When VICE approached Monzo for comment, a spokesperson said that the company would not be able to comment on the closing of users’ accounts without specific details on individual cases. 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. I opened Monzo account due to friend… I opened Monzo account due to friend told me about it, wasn’t sure about it all being online so I opened as temp saving account thinking if it was no use to me I would close it. Almost 3,500 people have joined a private Facebook group titled “Monzo stole our money”. “I genuinely thought it was just an issue with their system,” Harford tells me over the phone. Monzo has embraced the industrial revolution in banking by following Apple and Revolut in launching a debit card made of white steel. Updating your email when locked out of the app, I'm getting a 'User Authentication' message when I try to log in, The link you sent me to log into my account isn't working, I can't remember which email address I used to sign up with Monzo, Information about our Personal Current Account Services. Monzo wants to do that by lending more and rolling out paid-for services like the premium account. Digital bank Monzo launched its new Premium package today, offering phone and travel insurance on top of features like account aggregation for £15 a month. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. How much cash do you carry on you and how do you feel about going cashless? Spend, save and manage your money, all in one place. More than 3 million people have opened an account with Monzo since it was granted a banking licence in 2017. However, when he got to a cashpoint in north London, his Monzo card was declined. I then got an email from them saying it was going to take two to four weeks. Open a full UK bank account from your phone, for free. In the end, it took over four weeks for Harford to receive his money back. The Monzo Community forum is where Monzo users come to help build the bank of the future, and get the most out of the Monzo current account. Many say this is so that they can cash in on the interest while the funds are locked. However, when he got to a cashpoint in north London, his Monzo card was declined. Our Financial Services Register number is 730427. 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. Only 29 percent of these complaints were resolved in the consumer’s favour. I requested a refund from a retailer for two purchases one Barclays and the other Monzo, they released the funds on their end for both on December 14th. This is a list of all the things we're working on for Monzo US. It happened just over a week ago when she was shopping. “I contacted Monzo, and they told me they had nothing at this time. Monzo founder Tom Blomfield. Post here if you’ve still got questions or Monzo’s 3.2 million customers manage their account using its mobile app. 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. 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. Wondering if anyones had experience with receiving a refund on their Monzo account. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. Its new Premium account costs £15 a … According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. This Monday, she said Monzo had transferred £197 into her sister's account by way of a refund. In the meantime, Monzo employees sent messages to affected account-holders, suggesting they could turn to food banks or charities if they were struggling to pay their bills. "But for others, it's been detrimental to their daily lives.”. Before this time frame, it received fewer than 30 complaints in a six-month period. Need support? “I thought I was the only one,” he explains. “I was incredibly shocked as I felt like I was being treated as if I was a criminal,” Harford says. 162 votes, 126 comments. Try the in-app support articles. The account would be frozen until the concern was resolved. It's stressing me out.”, Hopkins was stuck in the middle of a shopping centre with no money to buy food. “It made me feel upset and angry because that's the only money I had for my daughter,” she says. Life easier, not harder or closing their accounts how much cash do you carry on you and how you! 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