Customer service wait - reversing transactions?

Does anyone know, can Monzo reverse transactions?

I’ve made a mistake today. Two, in fact. Two identical mistakes.

I’m really anxious about lost money as a result, and not getting much help elsewhere, but waiting on a response from Monzo’s live chat and apparently average wait times are two hours.

Do people think they’ll eventually be able to help with reversing transactions, or is it pointless me waiting?

@Cheryl You can do this yourself by going into the transaction, selecting “something wrong? Tell us” at the bottom of the screen and then “Question this payment” and you might have an option to reverse the transaction there.

I can’t work out how.

I pressed ‘Something wrong? Tell us’ and it gave me an irrelevant answer about transactions taking a while, then said that if that didn’t solve my problem I should use the live chat. So, I don’t think it’s an option for me unfortunately.

When you say ‘transaction’ are you talking a payment made with your debit card? I only ask because different payment methods have different options available for reversal.

I assume you’re not able to get a refund from the place you paid?

The retailer has probably claimed the money and you might be too late. I doubt COps will be able to reverse the transaction unless there was fraud involved and they might be able to help.

@RichardL No, bank transfers, unfortunately.

Essentially, I opened a Barclays Pingit account recently. They sent me a 1p verification payment to my Monzo account.

Today, I tried to top up my Pingit account (twice). Accidentally, I sent the funds to the account that originally sent me 1p - I’m guessing some kind of security account? - rather than my own Pingit account, if that makes sense.

I can’t use the phone so I’ve had my husband calling Barclays on my behalf, and unfortunately the people that he spoke to seemed to be from an overseas call centre and just didn’t understand the issue, so haven’t been able to help us.

They’ve given us a number to try during office hours tomorrow, to see if anyone there can understand the issue, but that leaves me panicking about lost money overnight.

@krr13

Thank you. At least knowing that means I can shut down that avenue of anxious waiting.

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I can’t imagine you are the only person to have ever done that so they’re bound to have something in place

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That’s a bit rubbish. Was he using a general Barclays number, or the one specifically advertised as being the Pingit Helpdesk on 0333 200 1012 ?

As @Rat_au_van says, you can’t have been the first person to send the money to the wrong place in such a way. As you’ve transferred to what would appear to be a bank security account, I’m pretty sure you will get your money back eventually, and that’s only a question of how long the process will take.

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I’m not too clued up on the options for retrieving Faster Payments but I’m pretty sure Monzo can’t step in unless there’s fraud involved.

I’d like to assume they’ve built the system with the possibility of this happening in mind and the money should hopefully just be automatically returned to you, but this is Barclays we’re talking about.

I’m almost certain Monzo can provide you with some additional information about the transaction in your chat with them, you can use this to speak to Barclays and help them track down your money.

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@HoldenCarver

He was contacting the number that we were given on the Live Chat for Pingit issues, but I don’t believe it was that one - we’ve been given another to try tomorrow, but again it isn’t that one. Confusing!

The issue was that they didn’t seem to understand the ‘1p verification account’ we were talking about. They had no clue what my husband meant. They even searched for the account details and told us it didn’t exist, but it clearly does because it sent me money.

Hopefully we’ll talk to someone tomorrow that understands what we’re trying to explain.

I find the pingit Twitter team(and also messenger probably) quite competent and not foreign based and they’re available 24/7 so I’d suggest to try that.

Realistically monzo can’t just reverse the transaction anyway, the process for faster payments is to contact the other bank, the bank contacts the account holder and asks them if they dispute this mistake, if they don’t then they send the money back, so it’s a slow process regardless.

Here’s some info, says upto 20 days but will probably be quicker as Barclays themselves owns the account not a private person, and I’ll bet they’ve dealt with this before.
http://www.fasterpayments.org.uk/press-release/new-help-customers-recover-payments-sent-error