We block accounts when we detect suspicious activity. Check out what 12,109 people have written so far, and share your own experience. Monzo’s bound to have to freeze more accounts, they’re the fastest growing bank in the U.K. They’re just doing exactly what every other bank has to do too. On the review website Trustpilot it is a similar story, with 13% of reviewers rating Monzo as “bad” at the time of writing. Monzo had a legal obligation to freeze accounts that had signs of suspicious activity and it often had to wait weeks for the National Crime Agency to allow the funds to be unfrozen. We take our banking licence and the laws that come with it incredibly seriously, and our financial crime team has become known for its stand-out work in this area. I don't think we're out of line with any of the big banks.”. The advice came from a good place, but I’m sorry if that caused any upset or distress. Monzo froze my account for no reason Monzo froze my account for no reason. They will stole your money and you have to … Do you agree with Monzo’s star rating? We urge you to turn off your ad blocker for The Telegraph website so that you can continue to access our quality content in the future. Posted by 1 year ago. Monzo review: an elegant way to manage your money. Any other bank would have dealt with this on the same day/ time you reported any issues! | Read 5,161-5,180 Reviews out of 9,189 Last night, BBC Watchdog discussed how we deal with financial crime and why we block or close some accounts. Originally operating through a mobile app and a prepaid debit card, in April 2017 its UK banking licence restrictions were lifted, enabling it to offer a full current account. Mr Blomfield said seeing those messages made him “wince”. But, at the heart of this issue is the work we do to prevent criminals using our financial system for gain. Monzo Bank Limited is a company registered in England and Wales (No. 1 2 3 4 5 6 …. monzo close. We’ve been able to return millions of pounds to victims of fraud in this way - work that I’m very proud of. How do you explain to a four-year-old that there's no food in the house because of a bank?”. Monzo are all over Watchdog right now! Monzo's insurance is provided by Pluto and offers a good level of cover, but there are exclusions – it doesn't cover those over the age of 46, for example, and pre-existing conditions aren't included, so check the terms and conditions to make sure it's right for you. I sent them email multiple times but they didn't do anything about it. Our customers have consistently praised our award-winning customer service. monzo is totly bad its service is very good for some time then but after some time like afer get positive review thats service is not properly work it is close your account any reason and then says that your account has against over term's and conditions. 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Monzo Review 2019 Monzo additional features You can only use Monzo through your mobile app. It’s a legal offence called “tipping off”. Monzo are all over Watchdog right now! Fans of Watchdog know they don’t shy away from taking down the big banks, but many were surprised when they turned their attention to one of the newcomers on the scene, Monzo. Check out what 9,189 people have written so far, and share your own experience. After a raft of IT blunders during 2018, TSB took the wooden spoon for the second successive poll, with 33% of customers voting it 'poor' and 32% rating it as 'OK'. When we’ve reported an account and decide to close it because we suspect there’s financial crime, there are a few things we have to do next. I have to wait for a dispute for the next few weeks when I’ve sent in evidence and it’s in plain sight what has happened! I turned on my TV and it came one so thought I'd watch it as I'd just switched over, they're even a hashtag on twitter regardings this #whatsgoingonzomonzo. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. To detect financial crime, we have a set of automated rules that flag any activity that might be suspicious, and sometimes block the account. Sometimes, the evidence is very clear. Read 1 more review about Monzo Only the latest review will count in the company's TrustScore Bam Olayisade 1 review. He said Monzo could not tell customers why their accounts had been frozen because of a law that prevented banks “tipping off” customers to potential criminal investigations into their finances. The BBC One programme criticised the start-up for freezing accounts without explanation, leaving some customers struggling to pay bills and buy food. Monzo says it is aware of merchants losing up to £5,000 in this way, and banks do not cover them for it. If a customer tells us they’re struggling financially because they can’t access money, we’ll sometimes let them know about charities that can offer advice and support. Most of its reviews, 80%, rate the challenger bank as excellent, citing a good user experience and helpful budgeting features. 09446231). "And I've dug personally into those cases and I've then seen the fraud reports from the police and the other banks that confirms absolutely that person is a criminal.”. Wouldn’t of expected this to come to a head for me to write a crap review. We have robust processes and controls in place to flag any unusual activity in Monzo accounts. Close. Part of a statement from Monzo was read out at the end of the Watchdog report. Blocking accounts is a legal requirement, and helps protect you from crime. Monzo Plus Put money in your hands Full financial visibility, with your other bank accounts and credit cards all in one place. It launched in 2016 with a simple, yet eye-catching, prepaid card service; bright coral plastic versus the more subdued traditional hues. GB. On a desktop computer, you can access Monzo only for emergency functions. Monzo Bank Ltd (/ ˈ m ɒ n z oʊ /), is an online bank based in the United Kingdom. Not Recommended. Read more: Al-paca it in: Monzo co-founder leaves to farm Alpacas. Share. At the same time, we must make sure we keep any negative impact on our customers to a minimum. Monzo has an impressive TrustPilot score of 4.5/5 stars. The brand’s well designed and user-friendly app, plus the overall experience, were favourites with customers. Other times, it’s not clear-cut, and we’ll ask customers to explain where the money has come from. Yours Truly Revolut Team Igor Y 2 reviews. 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