But this has nothing to do with a PIN on the app. Even if the app had a PIN, Direct Debits and Standing Orders will continue to run until cancelled. They come out independent of using the app. In fact, without a PIN, it would be easier for someone to go in and cancel them!
I realise you are in the group of people that would like a PIN on the Android app, but that is not what this thread is about, and I don’t see how an app PIN is in any way relevant to this discussion.
The relevance to this discussion is my point about the lack of pin. It is an advantage if the account holder dies. The next of kin can view the transaction data and not request to close the account until the balance has run low or conversely top it up by FPS until they receive the necessary documentation to close the account. They can also freeze the card from use I beleive without any pin or password.
Ah, ok, I understand what you’re saying now. Yes, makes sense.
I still think the phone passcode is going to be an issue that lots of people haven’t prepared for and is going to cause more and more problems. I’m not advocating against phone passcodes, just that they need to be considered when putting together information for next of kin (and updated as necessary).
They could do and then run the risk of being accused of fraud. The account and liabilities should be frozen from the date of death. If I am a creditor and you either as an executor or NOK have allowed the account to favour paying say the rent or utility bills, which has to be to your advantage and not the deceased’s, then I am going to get formally grumpy if my debt cannot now be settled.
Have a read: https://www.gov.uk/after-a-death
Best to plan for and handle it, because it isn’t an edge case really.
At some point, the rate of newly deceased customers will be roughly the same as the rate of newly joining customers - because the rate of births and deaths is roughly the same. All certainly within the same magnitudes.
It’s good to make these processes as simple and stress-free as possible. Ideally just as self-service as account creation too.
I was joking 
(I could have made the clearer) hopefully it is an edge case for Avid specifically, right now. And it sounds like Monzo has given this some thought already -
One question I was asked recently by a community member “what happens with my account if I die with my account in an overdraft” and I think with the plan to have overdrafts that is something Monzo need to clarify. Chasing next of kin for repayment at a time they are upset will have to be handled tactfully
It is no different from any other debt outstanding on death. The debt becomes the responsibility of the deceased’s estate. If there is not enough money to cover the debt (and it is a sole debt) then the debt dies with the deceased. If it is a joint account then the debt remains the responsibility of the other account holder(s). If it is a newly created debt, say funeral expenses, and the estate cannot cover it the funeral director will look to the person ordering the funeral.
Tact is essential as letters to “The Late Mr Smith” are upsetting so is the implied threat about social housing handover times because housing benefits terminate on death but rents do not.
I appreciate all that but that does not answer my question of how Monzo will handle that. Some companies for example have a policy not to pursue but to write off all amounts below a certain amount.
Also with a traditional bank account any next of kin may find statements and other letters in the property and know to include that account when settling the affairs of their loved one. With Monzo it may all be on a phone they can not access so they may be unaware and settle other liabiliities leaving nothing left to settle the Monzo account. When the estate has been settled and all apparent liabilities discharged and then Monzo pop up and say hi actually your mum owes us £300 what happens then, not from the legal viewpoint but the corporate image and reputation. They need a policy document that clarifies how they handle accounts of deceased customers
I am unable to answer how Monzo will handle that situation.
However, the debt still belongs to the estate and the executors/administrators will have to demonstrate that they have taken care to ensure that they have exercised due diligence in tracking down any creditors. Traditionally solicitors would advertise in the London Gazette stating that they were winding up the estate of Mr Smith and creditors would have a few weeks left to advise of the amount outstanding.
The cynic in me thinks that just as the foreign ATM fee free policy cost Monzo dearly so would writing off any debt on death of an account holder. I can already visualise the writers at MSE and Which? advising their elderly readers to keep an overdraft with Monzo.
Not in my case, or my parents’ (who are of the ‘older’ generation). All our statements, etc are online. Even my council tax and water rates are online. I don’t think this is a Monzo-specific situation.
Yes but you know the local council and water company easily. guessing someone has a bank account on their phone not as obvious
Exactly. I asked what is Monzo going to do and was waiting for a contribution from one of their staff members rather than a stream of posts about the law (I say that as a statement of fact and do not intend to offend anyone replying here). I am not interested in that, but how Monzo see the issue and how THEY plan to approach it.
When I said all statements, I’m including ‘legacy’ banks and financial institutions. I don’t have any paperwork. I need to do something about this such as make a list of accounts I hold, etc, and put it somewhere safe, but I haven’t yet. My point is that Monzo is not unique or a new situation when it comes to this issue.
This is something I did in the past and where I kept it was paperclipped to the signed will
Can I suggest you’re probably using the wrong forum if you’re not interested in other users views? This is a public community of Monzo customers and staff - and doesn’t offer an exclusive line to management.
If you’d like a direct route - help@monzo.com would be your best course of action. Perhaps you could share any findings with the rest of the community?
You are inventing scenarios that do not need inventing. I bank with the Co-op. I do not have a cheque book and I have paperless statements. The only evidence to my heirs would be the debit card in my wallet. The app is on my locked phone. That is exactly the scenario that you have created for Monzo suggesting that they need a policy document. Maybe so but the situation isn’t unique and hopefully the clarification of responsibilities in managing a deceased’s estate will be useful to other members.
Not quite sure that works as ‘addressing the content of a post’…
Everything about my life is now digital, Banks, Sky, Utilities and all the other little things.
In my will I have put my passwords to my phone and laptop that has a folder with everything someone would need when I die.
I’m more paranoid than that, what if there’s a breach and your will is stolen?
Generate a BIP39 key - 24 words. Split it into several keys, say 4 of which any 3 will be needed to rebuild it with https://github.com/iancoleman/shamir39
Use the key to encrypt your digital life.
Distribute the sub keys to family/friends and your lawyer.
Job’s a carrot.