Power of Attorney account access

Feedback & Ideas
1

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 sort of experience pretty slick using the existing account switching used for personal/joint accounts?

Any ideas?

2

A similar feature might be built for adding new directors to Monzo business accounts.

I guess that feature could be rolled used for power of attorney on personal account too.

3 Likes
3

Great idea

4

Voted

There was talk around this before for people vulnerable for reasons other than age or distance as well, but the implementation (if not the laws) would be similar I imagine

5

See, now a social network component where it is only asked “Do you think this transaction is a good idea?” So it would be voluntarily sharing information with a circle of trusted friends could be the easiest solution around this. Voluntarily asking for advice is different to asking for authorisation.

A chat session could be instigated. Long term, especially considering the marketplace Monzo is trying to setup. An escrow system would also help satisfy some aspects of personal banking generating faith in the market from the user perspective