That where most people have issues, their AI intelligence is REALLY good at picking up fraudulent/illegal activity and that’s why most people get their account blocked. So when they do a fraud chargeback, the money backfills their own pot after you had the refund to begin with.Chargebacks for scams and such aren’t a legal requirement, and they’ll only grant the customer the money back if they win, which means there’s a delay as it’s not entirely in their hands.If the fraud is due to merchant negligence or via a mechanism where the merchant shoulders the liability (ecommerce with no 3DS, or magnetic stripe only) then Monzo know they are guaranteed to win the chargeback, so they credit up front.I think they do credit up front for some non/fraud situations too but I'm not sure.New comments cannot be posted and votes cannot be castAn unofficial forum to discuss Monzo Bank. I’m trying the not hold all of my money in one place JUST IN CASE.
But Monzo has a lot of new users, and its name brings clicks.I'm also a full Monzo user. Recently Nationwide was having issues transferring money - not Monzo itself. I’m in the process of closing down my traditional accounts, my rationale being I either go all in or don’t and if I “need” a traditional account because I want to back out or something goes wrong then I can open one quickly anyway.I’m slightly nervous about the account freezing/closing stuff, because like most people I’ve got financial commitments that need to be paid, but I’ve managed to get over that and trust Monzo, I think it’s slightly over hyped anyway.For me the benefits of Monzo outweigh the risk that something might go wrong. Join the official community forum at community.monzo.com Looks like you're using new Reddit on an old browser. Might just depend on how much its for and how much you actually use the account.Can anyone explain how chargebacks are handled differently than fraudulent card charges?I picked up a couple card charges that weren't mine, and Monzo refunded immediately through the support chat - the money was in my account before the chat had even ended.Surely they need to go via the same MasterCard process, as the payment still went through MasterCard?Fraud rules are determined by the FCA, the Financial Conduct Authority. By using our Services or clicking I agree, you agree to our use of cookies. I was charged extra due to a bar mix up abroad when my card was used for the tab. I have a monzo account but not sure whether to use it. These flights were cancelled for the same reason as example one. The site may not work properly if you don't If you do not update your browser, we suggest you visit Press J to jump to the feed. Those people who's accounts have been closed were done so for a very good reason and Monzo would have investigated thoroughly and not taken the decision lightly.Once I start paying my mortgage in a few months I'm officially going #FullMonzoIf you do anything dodgy/off the books, eg personal business on the side, creating and selling on Facebook etc. Im sure some users have had issues with accounts closing without any reason whatsoever, but these are few and far between.The watchdog episode that the BBC made caused a stir, but Tom Bloomfield even went on radio/podcast and said that after reviewing the specific cases seen on the BBC, they're STILL confident in the decisions they made to close those accounts.It definitely takes some balls to complain to watchdog when your fraud or tax evasion gets your bank account blocked!The only reason you hear a lot of stories about Monzo doing it is because it's new and different.I full switched to monzo around 6 months ago and never looked back. Best decision I made in terms of budgeting.As others have said, unless you're doing something you shouldn't be, you should be fine.
I’ve been full Monzo for about 4 months now and I’ve never been better with my money.
Is it safe and reliable to be used as an everyday account?Monzo is a registered and regulated bank just like any other.
Bigger banks would upfront the cost, because they can afford to. As mentioned, these accounts are likely flagged for some sort of suspicious behaviour.Customer of 2+ years here, was "full Monzo" - they do. I rarely have issues with payments, a lot less now than back a couple of years ago.
Monzo prefers to refund successful chargebacks to avoid this. If you’re talking about the BBC watchdog, they’ve made a response to it:All banks do this. I'm trying to convert people to use Monzo as their main banks, but they completely washed their hands of this issue rather than actually dealing with it.Oh dear, doesn't sound promising at all!!! Has anyone here had to do a chargeback and if so did it really take 3 months?Chargebacks are done with MasterCard, so it’s their timescale.Bigger banks would upfront the cost, because they can afford to. A charge-back is forced removal of money, and only initiated by a single party. Chargebacks are done with MasterCard, so it’s their timescale.
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