When I die

Feedback & Ideas
1

Lets be factual… its not if, its when :slight_smile:

So with a legacy bank my wife etc. would go into a branch and start doing all of the probate stuff and eventually would get her hands on my money.

2 questions

  1. How will this work with Monzo, call the number on my card I guess but whats the process? I’d like to leave some instructions for my family to make it as painless as possible
  2. What can Monzo do to make this very lengthy, harrowing and painful process easier in a challenger bank kind of way?

I’d really like to make this as painless as possible for my family, its gonna be bad enough without a load of aggro from a bank.

Maybe nominating someone via that app (but not allowing them access to my funds whilst I’m alive :wink:)

Nice and positive thread for a Monday :smiley:

5 Likes
2

Maybe implement a dead man’s switch - if no action within the app for a configurable period of time (6 months, 1 year, etc?), a designated person (by their email address) is allowed to log in and take control of their account.

4

On one condition… they have to delete my search history first :wink:

2 Likes
5

I think this can relate to the discussion below;

Monzo could let users choose trusted contacts. Trusted contacts could have the ability to notify Monzo if a person has passed away, Monzo could verify information from other trusted contacts on your Account and then just existing estate management process could kick-in;

2 Likes
6

Most banks seem to allow a phone call, fill in an online form, post a form or go in branch - the account’s outgoings are frozen, DDs & SOs are cancelled and it goes from there. Money can be released quickly for funeral costs.

https://www.barclays.co.uk/power-of-attorney/what-to-do-when-someone-dies/
https://financialplanning.hsbc.co.uk/events/dealing-with-bereavement
http://personal.natwest.com/personal/life-moments/bereavement/bereavement-service.html
http://www.santander.co.uk/uk/what-to-do-when-someone-dies

Being available 24/7 via the in-app chat would already be a 1-up over the legacy banks, most seem to have the phone lines only open during office hours.

1 Like
7

This is a really interesting question.

8

I have seen a website like this before, I tried it forgot about it never saw an E-Mail from it :joy_cat:

9

its funny you bring this up. I was wondering this today. what would happen if something serious did happen like I was hit by a car and i was in a coma for a year. A family member could obtain POA and manage my finances but I have no idea how they would approach that with fintechs.

Could someone in Monzo clarify what their process is for dealing with this.

3 Likes
10

This is a really great question, and one that I’ve been thinking a lot about myself.

In the past, we would handle them on a case by case basis, and disburse the funds remaining in the account as appropriate.

Recently, I’ve been working on making this smoother for all involved. I think we have a great opportunity to use our resources to make this process as easy as possible, and avoid any unnecessarily harrowing procedures at what will inevitably be a difficult time for those getting in touch with us.

The discussion above is really interesting, and in the future I’d love to have some brand new features such as trusted contacts to help with this, but for now the executor of the estate would have to get in touch with us.

This could be done in writing, over the phone, or via email. Currently we have help@monzo.com, but we’re going to be setting up bereavements@monzo.com soon to allow us to differentiate these messages much quicker, and get them to someone who can help as quickly as possible.

We’ll need to collect some documents, too. We try hard to keep everything digital, and so we’re happy to accept scanned or clearly photographed copies of the death certificate and Grant of Representation (where required). Of course we can accept these in the post as well if someone finds that easier.

From there, we can transfer the remaining balance and close the account.

This is still a very manual process on our end. I don’t believe we would want it to be anything else; a caring and perosnal experience is paramount here, but I’d love to hear any ideas for how we could use technology to make this better in the future.

22 Likes
11

So this is This is really interesting. When my father passed away, I had a bank statement, a gas bill, an electric bill etc. It was really easy to contact all the suppliers and get the supply of service transferred to my mother. If my banking moves 100% online,as is my phone, broadband, gas, electric, life insurance etc, it will become really important that my survivors have all this detail.
So not only being able to release the money to the executors quickly, but all that valuable information about services paid for from the account, as that will help find all suppliers, and deal with them accordingly.

1 Like
12

Another option would be to have a master password you can generate in the app (or get via post) that would allow someone (presumably a member of your family) to log back in. You would keep that alongside your will.

In the crypto world you can do something similar with GnuPG’s revocation certificates - you generate the certificate when you have your key and then keep it safe. In case of key loss or compromise you can use that existing certificate to revoke the key.

3 Likes
13

That’s an interesting point. It would be great to allow an executor access to the information stored in the account, as well as the money (with the pre-granted permission of the account holder, of course). As Monzo becomes a marketplace for all different types of financial products, having access to information on savings, energy, phone etc could make this process much more simple.

3 Likes
14

Let’s hope this remains an edge case :wink:

3 Likes
15

With no PIN on the app they could just continue using the app and account after the account holder has died until they paid all outstanding bills and used all the money in the account

16

especially as they are likely to know the DOB :wink:

17

A great question but a process that Monzo are unlikely to be able to change much until the authorities digitise it.
Essentially a Death Certificate is needed to show that an individual has died when the account is frozen.
Those administering the Estate of the deceased need to identify themselves to the Bank (something that might be capable of being done in App) and then obtain either A Grant of Probate or Letters of Administration (depending on whether there is a Will or not). This process can take many months depending on how complex the Estate is.

If the account has a low balance some Banks allow it to be closed and the funds withdrawn with less formality requiring just the Death Certificate and ID.

Risks of allowing withdrawal before Probate or Letters of Administration are that other relatives will challenge or that Tax and debts of the Deceased will be left unpaid.

PSD2 (open banking) brings the prospect that it will be easier to identify accounts but not all assets and liabilities will be subject to open banking. A detailed written list of assets and liabilities accounts etc. and their locations for your relatives and a clear set of wishes in a Will are likely to be the best way to help them. They are unlikely to be able to access anything on your phone unless you leave it unlocked and without security!

1 Like
18

I presume all of the this will be on the website at some point?

19

The wheel doesn’t have to be reinvented for a bank with no branches.

In the case of a joint account the bank merely has to be informed (with copy of death certificate) that a joint holder has died and the account will then revert to a single holder (the surviving joint account holder).

In the event that the account is held solely then again inform the bank with a copy of the death certificate. The bank will then freeze the account. It is then up to the bank what happens then. In the case of relatively small amounts (<£15000 dependent on the bank) then neither probate nor letters of administration are required and the bank will release the money into a nominated (estate) account. Monzo could help here in providing the means to set up an executors account. If probate/LoA are required then they will not release the funds until this has been obtained. The executor/administrator then pays the deceased debts and disburses the remainder of the estate according to the will or the laws of intestacy.

20

I’m not sure I follow you. Making payments from the app, with the card, or withdrawing cash all require a PIN. So presumably after the account holder has died, the administrator and/or relatives would be able to browse through the transaction history, which might be of help in understanding amount available, ongoing payments that are set up, etc. But they wouldn’t be able to take any funds out of the account (without Monzo releasing them to the estate).

The bigger issue (for more than just Monzo or banking) is getting access to someone’s phone after they die. This might hold important information which we no longer have in paper form, but without the passcode, the estate administrator or family members will likely be locked out.

21

By paying I meant leave any Direct Debits or Standing Orders still running until account near empty. I appreciate FPS can not be sent without knowing their security info