Peer Support/Guardianship

[LuckyGB (Luke)]

There are some people out there who could really do with learning the basics of financial management. To this end if a feature were available for peers to support their friends or family, I truly believe some sort of countersigning for transactions would be useful to teach budgeting and prevent fraudulent scams as a basic component of a Monzo account.

[awjdean]

This seems like functionality which will be built for business banking to give different people in a company different permissions (eg: company director has to approve payments submitted by other users which are above a certain amount).

I imagine the functionality could also be brought over to current accounts.

[Eden]

When someone is no longer able to manage their finances independently because of old age, mental incapacity or other illness etc. you can get a power of attorney to allow to you manage the finances of the others accounts. This is a good option as its a well established system.

If they are just young, you just need to teach them to be sensible and let them make their mistakes.

What kind of use-case are you thinking of in this scenario?

[LuckyGB (Luke)]

I don’t believe it needs to be so official. For some people (children included) it would aid the the community and encourage independence.

[LuckyGB (Luke)]

Children and more so Individuals with ASD

[Justin]

I agree this would be a useful idea. There are a couple of other threads that relate to this:

See other people’s banking

I know that this functionality has been under consideration by at least some banks. It’s an attractive proposition because it means that people then wouldn’t share their own logon credentials. Another benefit is that you might be able to opt for different levels of supervision. For example: The person to whom you’re granting access may only be given read-only access, so they can see what’s going in and out of your account They might have authorisation access, so whenever the account holder tri…

Power of Attorney account access

Hi All, Has the topic of handling Power of Attorney access to other people’s accounts come up before? For example when I was deployed with the Army I gave my parents POA access to my Barclays account (about 13 years ago!) as I had no way to manage my finances whilst deployed. As my parents get older the likelihood of (myself and my siblings) having POA access to their accounts becomes higher as they may not want to deal with everything themselves. I would have thought Monzo could make this so…

[Eden]

For children maybe Monzo could do a better child account than what’s currently available. I think some have some controls requiring a second signature, but not for everything.

People with ASD, i guess your maybe thinking of impulse control problems resulting in impulse buying?

I could see maybe a feature where you voluntarily allow other people to approve your spending, though there’s issues (what do you do if they don’t respond and you’re at a checkout? That would be stressful).

If someone was that bad with money, you could still also do a power of attorney.

[awjdean]

@Eden

I could see maybe a feature where you voluntarily allow other people to approve your spending, though there’s issues (what do you do if they don’t respond and you’re at a checkout? That would be stressful).

I guess Monzo could let the person pre-request the ability to make the transaction and then the “guardian” could approve it before the purchase - just like you can request higher limits temporarily by going through customer support now.