Joint Accounts - Restricted Number of People

Alan_in_Hemel

Lloyds Bank has announced that Joint Accounts will only be available for a maximum of two people going forward. Other banks seem to offer a variety of number of joint account holders from three to six. I cannot get anyone at Lloyds to explain thier decison, anyone any ideas?

elsien

They don’t have to explain their decision to you.
So anyone’s guess is just that. Mine would be the hassle caused by larger numbers of people falling out over the account and how it’s run. 

caprikid1

Could be multiple reasons, cost , risk or new IT Systems.

Either way nothing you can do

DullGreyGuy

Alan_in_Hemel said:

Lloyds Bank has announced that Joint Accounts will only be available for a maximum of two people going forward. Other banks seem to offer a variety of number of joint account holders from three to six. I cannot get anyone at Lloyds to explain thier decison, anyone any ideas?

Buy enough shares in them that your opinion starts to matter to their directors. If you cannot afford that then vote with your feet and take your business elsewhere. 

There are no regulations requiring banks to offer joint accounts in any format let alone stating they must be a minimum of X people. There are a variety of reasons why they may have taken the commercial decision to reduce the number and they are under no obligations to explain commercial decisions to customers. 

Hoenir

KYC regulations would it extremely challenging to monitor the account's activity. 

MMags22

Share a 3 way Co-op account for a 3-way investment with my brother and sister.  Works great.  Just only share with people you love and trust!

HobgoblinBT

I used to work for a bank in a University City and multi person accounts were often requested for house/flat shares.  They were a pain to administer as when someone missed paying in or left the bank was left dealing with the mess trying to locate people or get them to take ownership of the problem. Or dealing with account holders who had gone away without a forwarding address.  We evolved a local policy of not offering multi person “ house” accounts, long before the bank stopped offering them.