Hi! New to Monzo community
So yesterday I made a £460 payment to a company who sells discounted gift cards. Like any transaction, I was redirected to the app to authenticate the transaction, money goes into the pending state, all seems good.
I wait for my gift card codes to come through, then 2 hours later, the merchant says “payment failed” and emailed me saying that because there was a slight error with my address, they won’t be processing. They also stated they won’t be collecting the funds and that it may stay in a pending state with my bank for up to 48 hours.
I’ve contacted Monzo, and I’ve been told that the money has a 30 day wait to receive it back? I’ve sent proof of merchant rejection via email, yet they’re still saying it will take 30 days to release the funds. They’ve told me to raise a dispute which can take 7 days before they even look at it!
I don’t see why if the merchant has stated they won’t be collecting it, Monzo has proof of that, why they can’t return or remove the “ring fence” from around my money sooner?