That’s a bit like saying you shouldn’t be allowed to cancel a direct debit.
Either you are responsible for the money in your account or you’re not. Putting corporations over the rights of individuals is, in my view, unsettling.
It doesn’t matter the OP’s intentions are, its none of our business the reasons why. Monzo should act on the instruction when requested by the customer.
A customer should be able to cancel a CPA by contacting the merchant or the card provider.
According to the Payment Services Regulations, if a customer asks you to cancel their CPA, you must honour this request. If any further payments are made after their request to cancel, these are unauthorised and you must refund them to the customer.
We recognise that it can be difficult to stop a CPA – but you shouldn’t hold the customer liable because of this. We recommend that you find a solution that won’t disadvantage them. For example, you could monitor their account and refund any further payments from a cancelled CPA. You can then recover the money from the merchant in your own time.
Please read what I wrote: I said regardless of what we think on whether the OP should be paying or not it is Monzo’s responsibility to stop payments going from your account when asked.
The company can, and will, chase you for the money. I don’t think your bank should lose out in anyway, nor held liable, however it is your money and the company can deal with you as they see fit.
@RichGreen have you tried pestering them on Twitter?
edit: To save time, I’ve asked for you
edit: they have replied and “will be happy to help through DM on Twitter, PM on Facebook, WhatsApp or phone 888-363-1777”
You have a LEGAL RIGHT to have payments cancelled.
Even if companies refuse, banks MUST cancel them for you.
Any related payments taken after you ask for a continuous payment authority to be stopped are considered to be unauthorised transactions. Card issuers must refund these payments and any related charges immediately.
Apologies if any of my earlier replies contained misinformation, this reply now supersedes them all.
Because they don’t exist as a “thing” so can’t be cancelled.
I don’t care what the Financial Ombudsman says, it simply isn’t possible because the company is the only one with any record of the agreement.
All a bank can do is block the merchant entirely which isn’t the same thing as cancelling a specific agreement (but would work just as well in this situation).
The fact that this sort of loose language has made it to some legislative form is disappointing. If the law wants to turn these into things that can be cancelled then they need to turn them into something banks are aware of and can do something about like Direct Debits.
I had a CPA in 2012 with Halifax and the company was impossible to contact (it was a phone company in Brazil). Halifax said even changing the card wouldn’t work because the payment somehow is linked to the account not the card.
The very inelegant solution that Halifax gave me was to call Halifax every month and request a refund (I guess they were making chargebacks). They said eventually the merchant will stop demanding money because the failed transactions are costing them so much (so yeah maybe it was a chargeback).
It’s not the Financial Ombudsman saying this or even the FCA - it’s an EU Directive and it’s purpose was to do exactly what its achieved. Not loose language but quite deliberate.
Other banks have a set process to do this - for instance Barclays below - so Monzo should as well (though naturally they all say try the vendor first)
If payments continue, contact your card issuer to arrange a refund. If it fails to do so, you should make a complaint to the card issuer and, then, if you are not satisfied with its response, take the complaint to the Financial Ombudsman Service.
Halifax are murder for this… I had a CPA with a company that repeatedly told me they’d cancelled then kept taking the money. Changing the card didn’t work as they simply told the company the new number.
Monzo do the opposite… the moment you get a new card everything bounces… I actually prefer that even though it took a while tracking everything down (which might actually be a route OP can take, if they get no joy with Monzo).
Sorry, but I don’t bow down in submission just because it’s the FCA or the EU that says something stupid. Sneering at me for it doesn’t convince me either.
It doesn’t matter who it is. It’s language that doesn’t fit the factual reality so that makes it very loose - it’s placing a requirement on banks that’s impossible to meet as written.
No, they don’t. If you read what you linked you’ll see Barclays simply block all payments to the merchant which is all they can do. That is not “Cancelling a CPA” and should not be pushed as such. Monzo can do the same as far as I know (from previous threads).
Or better yet, set them up in such a way that banks actually CAN cancel them.