Does anyone know how does account holds or balance holds work in Monzo?
What do you mean?
I think from Googling:
Or it could be a hold like you have for a hotel or car hire
Restricting certain amount of money on customer’s account for a specific time and customer won’t be able to withdraw that amount unless holds doesn’t get expired.
So I want to know that how does it work in Monzo? is there any specific term for it in Monzo? How do they restrict what is their way of working on it and end to end life cycle?
that’s right but does anyone know how it works in Monzo? is anything different from other digital banks?
Are you saying that your account is frozen?
I’m still not understanding. If your account is frozen then you can’t use it or access any funds - it either is or isn’t - it can’t be both
You’ll need to give more detail
If you mean your account has been frozen then it takes as long as Monzo need to investigate
If you mean it’s money reserved for a hotel prebooking etc then it’s either 7 or 30 days depending on the merchant
Suppose this is the definition in a place for account holds
The government, regulators and even creditors or courts can place account holds for various reasons. When a bank places an account on hold, it usually does so to protect itself from potential loss, but it also may have the interest of the customer in mind. An account hold can last for a day or two, but could be much longer depending on the reason for the hold.
I am saying if account needs to be on hold because of court order…then in this case how that hold will take place and removed? what is the process? is it like a usual reservation or something differently in Monzo?
You’d need to contact Monzo for an answer to that one but there are so many variables that it’s probably impossible to give a definite answer. Normally accounts are frozen without a court order and that can take 6 weeks to resolve or more depending