Labs Feedback: Joint Accounts 🤝

[tjvr (Tim)]

We can close joint accounts, don’t worry! However it’s still a bit more of a manual process, compared to the tooling we have for personal accounts.

And of course as the T&Cs state, it must be emptied first.

Sorry for the confusion! If you can direct message @cookywook your Monzo email address, I’ll follow up on this tomorrow for you

[anon38274058]

So isn’t this a gap in the information given to the Customer Operations team?

I was talking about this recently. You don’t make sure everything is there before you launch a product (even a beta is a soft launch) which is a risk.

[alexs (Alex Sherwood)]

This is a good reminder that your finances are not a game. Don’t open a bank account with someone random for fun.

It’s reasonable for Monzo not to expect people who open these accounts to want to close them immediately so I wouldn’t expect them to have to end to end process nailed down yet.

On the flip side, Monzo made it clear that this is a feature that’s still being tested so you shouldn’t expect the process to be perfect either.

If you ignore both those things at this point then you only have yourself to blame.

[nickh]

I think Monzo should make it clear they have no way of closing the accounts yet (before you sign up).

But other than that I’m happy.

[Toblerone (Toby)]

@anon38274058

So isn’t this a gap in the information given to the Customer Operations team?

I was talking about this recently. You don’t make sure everything is there before you launch a product (even a beta is a soft launch) which is a risk.

The Ops team are probably correct in saying that the tools haven’t be built yet, and sure they’re not aware that an analyst can close it manually, but given it’s a Beta launch from tonight they could be cut a little slack!

Edit: credit to the operator as well - think the offer to log and follow up the request for closing would have returned the same answer as below had it been passed on in the morning:

@tjvr

We can close joint accounts, don’t worry! However it’s still a bit more of a manual process, compared to the tooling we have for personal accounts.

[anon38274058]

@alexs

It’s reasonable for Monzo not to expect people who open these accounts to want to close them immediately so I wouldn’t expect them to have to end to end process nailed down yet.

I fully disagree with this, like I said and @tjvr has confirmed it gives instructions on how to close in the T’s and C’s it’s not stated that this doesn’t work yet…it’s neither disclosed in the T’s and C’s that your financial information would be linked.

[Rat_au_van (Em)]

You’re signing up to a financial product with someone else. Not sure why you wouldn’t think it creates a financial association

[tjvr (Tim)]

You can check the T&Cs here (we’re working on making them easier to find):

Monzo –

[gallifreyangirl]

I think the issue here is people need to realise there signing up for a beta product and opening joint accounts can impact on you as your financially associated and have searches done. I am not sure what they have sign up wise but maybe we all need to think when signing up to further financial products.

[anon38274058]

“Closing your account

Either one of you can tell us to close the account, but we can only close it when it’s empty. You both must have a current account to have a joint account. If you would like to close your current account, you must close your joint account too.“

This gives the impression that the system is built.

I’d also appreciate if the Coral Crew ease up off my back please. This was a genuine mistake on my part.

[nickh]

I think I’ve signed up for about 8 accounts across the fintech world in the past year

[Toblerone (Toby)]

On a different note, my query from the Ts&Cs is on this:

Just want to check that this is the Expected Result:

If Person A were to withdraw £100 from the Joint Account they would have £100 left to withdraw from either their personal or the joint.

However Person B would still have a full £200 to withdraw from either their personal or the Joint Account?

Edit: If person B were only to have £100 left to withdraw after person A withdrew that initial £100, they would be losing half their allowance. Please could someone confirm that’s not the case

[glasgow]

Yes that’s correct

[Toblerone (Toby)]

Source?

I’d expect that to be the case, I just want it confirmed

[glasgow]

My own interpretation of it but sure someone from will confirm for you.

[tjvr (Tim)]

Correct! Totally per-user.

[nickh]

HELLO!!!

Sorry, just wanted to get your attention, because I, and others missed one crucial post from @tjvr.

You CAN close a joint account - All is well in the world.

Also - It will financially link you to the other person, but this is perfectly normal behaviour for a joint financial account!

@tjvr

We can close joint accounts, don’t worry! However it’s still a bit more of a manual process, compared to the tooling we have for personal accounts.

And of course as the T&Cs state, it must be emptied first.

Sorry for the confusion! If you can direct message @cookywook your Monzo email address, I’ll follow up on this tomorrow for you

[tomsr]

I find it extremely surprising people don’t know the legal implications of a joint account

[alexs (Alex Sherwood)]

Me too, there’s been lots of discussion in this community about the implications of opening a personal account already, let alone a joint account. If this was a concern, I’d check in advance.

[anon38274058]

Lot of people on their high horses I see

1. What if Monzo was my first bank?
2. What if I was just coming of an age where I was learning the ways of banking?

A lot of people make assumptions on this forum but remember, it’s designed to be inclusive of people from people who are just starting their banking journey to veterans who know every financial product with multiple accounts.

Inform but don’t belittle. I made a mistake and I admitted the mistake. I’m trying to correct that mistake.