Labs Feedback: Joint Accounts 🤝

[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.

[anon38274058]

I don’t feel why I should have to hold myself accountable or answer any of your questions. Frankly it’s none of your business.

[tomsr]

I’m just saying I’m surprised.

There’s some good reading here which explains the implications of joint accounts.

Joint bank accounts

[anon38274058]

I feel a bit ganged up on because I made a mistake to be honest.

[tomsr]

Sorry you feel that way. Certainly not my intention.

[nickh]

Easy mistake about the joint credit history to be honest (and I think there are 100’s of people who are new to finance, that see Monzo as their saviour) - They will appreciate you asking the questions they may not feel comfortable asking.

I’ve had a joint account for years, and never once considered it having an impact on my credit history.

The confusion over “can you close a joint account” didn’t help either.

All looks sorted now though

[anon38274058]

Thank you @nickh

I’m glad some people understand and are not so quick to judge.

[BritishLibrary]

@alexs

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.

I think it’s far more reasonable for the consumer to expect that if they are creating a financial/reporting liability in the joint account, there should be a mechanism to close it. Even as a trial product, I would certainly expect a bank to have a clear process for closing an account, and their support team to be aware of it.

[alexs (Alex Sherwood)]

They can close it, you shouldn’t expect the process to be perfect from the very beginning though. The fact that this is a feature that’s in Labs tells you it won’t be. If you can’t handle the risk of something going wrong, especially when it has no impact on you, then not getting involved in the testing seems sensible to me.

[gallifreyangirl]

@anon38274058 I am sorry if I came across rude. I suppose I assume that most people know the implications of opening accounts jointly or searches. Not realising your highlights are bringing things up for other people and showing we all need to be careful before we sign on the dotted line.

[anon38274058]

I would certainly expect there to be a joint account closure process and I would certainly expect the customer support to be aware of it.

I’m going to leave the conversation now, otherwise this conversation may turn sour.

I’m really glad you’ve never made a mistake in life mate. You are really lucky.

[tomsr]

@anon38274058

I would certainly expect there to be a joint account closure process

Absolutely - that’s a bit of a misstep

[KyleRisi]

I tried changing my account profile picture but the picture for the joint account didn’t change and there doesn’t seem to be an option to change it, I don’t know how I feel about my profile picture being stuck on Bob the drag queen for the next 10 years.

[edwardwhishaw]

Can a Joint Account only be 2 Users?

[nickh]

At the moment, yes.

Sounds like there may have been more thought into more than 2 users, but that will be some way off (if it ever gets implemented).

[ASKendrew (Adam K.)]

@nickh

Sounds like there may have been more thought into more than 2 users, but that will be some way off (if it ever gets implemented).

I suspect ‘Shared Pots’ (similar to PayPal’s pool feature) would solve most of the need for a joint account for more than two people. Although I could be wrong!

Shared Pots

Hi everyone I’m Jessica and I’m a Product Designer here at Monzo On this shiny warm day, I’m very excited to show you a quick sneak peek of something we’ve been exploring recently: Shared Pots! [shared-pots] With Shared Pots, you’ll be able to share a Pot with your chosen friends and family to help you save towards some goals. For example, let’s say you are buying a present for a friend or you want to share rent with your roommate etc… This is still WIP and a very early conce…

Although it would be interesting to see how Monzo would handle a joint account for 3-4 people!

[Jackcrwhitney (Jack)]

Monzo need to make the financial association more clear on sign up. People won’t read the T&C’s in enough detail. Key points need to be told separately.

Take it slow people there’s no rush. Don’t sign up just to be the one to play with something new unless you know the implications. I know it’s easy to get excited and keen. I appreciate some stuff can accidentally be overlooked

I won’t be signing up. Don’t need a joint account yet. I still like to read this thread and see how it works though.

[Jackcrwhitney (Jack)]

I see the limits for abroad atm use are per user. Is this also the same for all other limits such as outbound transfers?

[HoldenCarver (Nick)]

@anon38274058

I would certainly expect there to be a joint account closure process and I would certainly expect the customer support to be aware of it.

This may be true for a general feature, but this particular feature was provided through Labs. It’s an early test version, should be considered beta - possibly even alpha - and therefore there shouldn’t be the same expectation on customer support to be 100% up to speed with it, or indeed, all associated features to be 100% built already.

I sympathise with you to some extent, but equally this is clearly a test feature and your expectations of the feature are that of a full feature, so there is a mismatch there between what is actually provided and your expectations.

That said, it’s possible, if not probable, that you’re not going to be the only one who signs up to a joint account in haste, so hopefully Monzo will keep your experience in mind and either alter the sign-up flow to make things clearer, and/or account for people who might feel they were too hasty and want to close a joint account after sign-up and before it gets reported to credit reference agencies.

[Jackcrwhitney (Jack)]

Shared pots with a number of Monzo users will be a great solution for those situations where a join account isn’t entirely the best option.

Looking forward to their development and release