I am writing this more to inform everyone about a issue I have come across and thought people need to know as it highly effects day to day banking and is the reason I can no longer have monzo as my main bank and will now have to go back to legacy
Yesterday I attempted to withdraw a considerable amount for a legacy bank atm. The money was instantly debited from my account but I was presented with the message “sorry your transaction cannot be completed”.
Upon contacting monzo u have been told I have to wait 45 days for my money back! Yes over a month for my own money through no fault of my own.
I decided to do some research on atm disputes
Barclays - instant
Natwest - maximum of 15 calander days
Halifax - maximumn of 48 hours
Santander - most cases instant, can take up to 14 days if investigation is needed
How can I ever trust my monzo account if I need to withdraw cash when I am made to wait 45 days to resolve any issues that may occur.
If I remember right, that is an upper limit, not how long it’ll actually take.
The ATM makes an authorisation for the amount, and if the ATM failed, until it either reverses the authorisation (which is should do - the fact it hasn’t is the real reason your money is still tied up) or the authorisation expires, it’ll be in limbo.
This is the same at any bank.
Also I just did a quick google, and Barclays take 4 days even if it was their own ATM, and upto 12 if it wasn’t
My wife banks with Barclays so it was a phone call, they refund instantly then do the dispute in the background, obviously if ur dispute is unsuccessful the money is redebited
I’ve had a couple of failed Monzo ATM withdrawals at Metro Bank in the past and I got my money back straight away from there in-app chat. They were only for £30 though and I was warned they would debit the money again if the ATM did post the withdrawal and I’d have to raise a dispute.
Doesn’t really help you but might be useful to know.
That’s is not a lot of money
Maybe failed “reverse of authorisation”…
I had similar stuff happen with regular banks, I don’t think it’s specifically Monzo who is at fault.
And as far as I remember it’s not that the money is “out of your account”. It is in “reserved state” until it’s cleared. No idea how Monoz shows it in their app though. Contacting bank usually helps to “unreserve” the money…
I am not suggesting it’s monzo fault, I belive it is the atm that failed, however, my issue and the reason of this post was the resolution time frame which is in my opinion extreme and considerable longer than most if not all others. The atm limit is £400 wonder how many people would be happy waiting 45 days for it back or if they would even consider now drawing cash out if this is the process
You are correct, however monzo refuse to remove the pending flag, even though a phone call to master card suggest a immediate refund and a atm dispute in the background which could take 120 days is what they would expect.
Yeh, I get it
Monzo should implement “Level” support like some companies have. It works by narrowing down the issue and “promoting” the client to a “next” level of support. The one that deals with specifics of the situation and who have more control over it. For example, when"routed" through support “levels” you would get support from a person who has control over the account transactions rather the “generic support”.
This is really good point. Monzo should improve their service so that they resolve these kinds of things more swiftly and with more information. App should have section with “claims/issues” and show the “resolution path” with clear comments with in app notifications so that we know what’s happening with the issue. That would be cool…
That would make Monzo really stand out…
IMO unless you can prove the money wasn’t spat out by the machine then there isn’t any reason for any bank to reverse the authorisation instantly.
Not that you are but you could be lying. Waiting for it to expire as normal due to no presentment will likely happen in a few days. Monzo should have said 45 days is the extreme end.
