Our customers have consistently praised our award-winning customer service. 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. Monzo customer reviews. On average it takes us 2.7 weeks. "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.”. As a regulated bank, we have a legal duty to detect and prevent financial crime. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Do you agree with Monzo’s star rating? Share. Customer Reviews. | Read 5,161-5,180 Reviews out of 9,189 Sometimes, the evidence is very clear. Monzo Bank Ltd (/ ˈ m ɒ n z oʊ /), is an online bank based in the United Kingdom. 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'. To detect financial crime, we have a set of automated rules that flag any activity that might be suspicious, and sometimes block the account. Tonight the Monzo customers trying to get their money back after their accounts have been frozen. When people can’t access money, we try to help as much as we can. We then need to make a judgment call based on the evidence in front of us. In our independent 2019 customer satisfaction awards, Monzo won Best Overall Bank with 5 out of 5 stars and 88% of users saying they would recommend the service. Crucially, no conclusions can be drawn based on a bank refunding those whose accounts have been closed. 202 Monzo Bank reviews. They will stole your money and you have to … 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. Not Recommended. We won’t always get this right, and I wholeheartedly apologise to any legitimate customers who’ve been left out of pocket for a period of time. We either have to return the money to the bank it came from, send the money to law enforcement, hold it, or return it to the customer. One mother told Watchdog: “It's been really stressful because it's put us into rent arrears; it's actually put a bit of a strain on our relationship as well. Mr Blomfield said he was unable to appear because he was undergoing surgery. Other times, it’s not clear-cut, and we’ll ask customers to explain where the money has come from. Monzo does not have any additional features like loans, investments or insurance, but personal loans are in a testing mode. It’s a similar story on other online customer review forums. We’re not allowed to say why we’ve blocked an account. Instead, we gave a statement to the BBC to explain our position and we’ve included this below. 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