JOINT ACCOUNT (OVERHAUL) – CUSTOMER FAQs
General
1. What is a Joint Account?
A Joint Account allows you and up to 4 other people to manage money together in one shared account on the V app.
2. Who can open a Joint Account?
Any VBank customer aged 18 and above with an active account can create or join a Joint Account.
3. Can a Joint Account be used for business?
No. Joint Accounts are strictly for personal use. Business or suspicious account names are not allowed.
Account Setup & Participants
4. How do I create a Joint Account?
Go to the app → Open account → Joint Account →
Enter account name → Add participants → Assign roles → Send invites.
5. How many people can be on a Joint Account?
A maximum of 5 participants (including the creator).
6. Can I have more than one Joint Account?
Yes. You can create or join multiple Joint Accounts
N.b: The maximum joint account that can be created by an individual is 10
7. What happens after I invite someone?
They’ll receive an invitation and can accept or decline.
Your Joint Account becomes active once at least one person joins.
8. What happens if no one accepts my invitation?
If no participant accepts your invitation, the Joint Account will remain inactive until at least one person joins.
9. Can I resend an invitation?
Yes. You can resend invitations to participants who have not yet accepted.
10. What happens if someone declines the invitation?
You can invite another participant to replace them.
11. Can I remove or replace a participant?
Yes. An admin can approve a participant’s exit and add a new member.
12. Why was my Joint Account name rejected?
Names may be rejected if they:
Appear business-related
Contain only numbers or symbols
Already exist in the system
Roles & Control
13. What roles are available?
Admin – Can manage members and approve transactions
Members – Can initiate transactions.
14. Can transactions require approval?
Yes. You can set approval rules (e.g., 2 out of 3 members must approve before money is sent).
15. Can I leave a Joint Account anytime?
You can request to exit the account, but an admin must approve your request before you are removed.
16. What happens if an admin leaves the Joint Account?
Another participant will be assigned admin rights to ensure the account continues to function properly.
17. Can there be more than one admin?
Yes. A Joint Account can have multiple admins depending on how roles are assigned.
18. What happens if no admin is available?
The system ensures at least one admin exists. If needed, admin rights will be reassigned.
19. Can roles be changed after the account is created?
Yes. Admins can update roles and permissions at any time.
20. Why can’t I remove a participant?
Only admins can remove participants. If you’re not an admin, you’ll need an admin to take action.
21. Can I convert my personal account to a Joint Account?
No. You’ll need to create a new Joint Account and invite participants.
22. Can I delete a Joint Account?
Only admins can request for a Joint Account closure. All funds must be withdrawn or moved before the account can be closed.
Transactions & Usage
23. Who can make transactions?
Any participant with the required permission can initiate transactions.
24. What happens for large transactions?
If approval rules are set, the transaction will remain pending until the required members approve it.
25. What name shows when sending money?
The Joint Account name (not an individual’s name) will appear as the sender.
26. Why is my transaction pending?
Your transaction may require approval from other participants based on the account’s approval rules. It will be processed once the required approvals are completed.
27. How long does it take for a transaction to be approved?
This depends on how quickly the required participants approve the request. There is no fixed timeframe except for joint accounts without approval workflow setup which is instant.
28. Can I cancel a transaction waiting for approval?
Yes. You can cancel a pending transaction before it is approved.
29. Can money be withdrawn from a Joint Account?
Yes, depending on permissions and approval rules set by the admins.
30. Are there transaction limits on Joint Accounts?
Yes. Transactions are subject to standard account limits and any additional rules set within the Joint Account.
31. What happens if a transaction is declined?
The transaction will not go through, and you may need to retry or adjust based on the reason (e.g., insufficient balance or declined approval).
Features & Transparency
32. Can we track who contributed money?
Yes. The app shows a contribution tracker for all participants.
33. Will we receive account statements?
Yes. Statements are automatically sent to all participants.
34. What if there’s a dispute on a transaction?
You can flag the transaction in-app for review.
35. Will all participants see all transactions?
Yes. All participants have visibility into transactions for transparency.
Savings & Investments
36. Can we save or invest from a Joint Account?
Yes. You can fund savings or fixed deposits directly from the Joint Account.
37 Can all participants approve savings or investments?
Yes, if approval rules are enabled, required participants must approve before funding is completed.