Can data sharing from joint accounts be disallowed?
Key Takeaways:
This simplifies the process of sharing data from joint accounts while still providing options for individual account holders to manage their data sharing permissions. |
When using Open Banking, you might have questions about sharing data from joint accounts through Frollo.
Here's important information regarding this process:
Single Consent for Joint Accounts
As of October 2022, joint accounts no longer require permission from both parties to provide Open Banking Consent. All Data Holders (e.g. banks) are required to make joint accounts available for Open Banking data sharing with a single consent.
Availability for Data Sharing
All Data Holders are required to make joint accounts available for Open Banking data sharing.
Revoking Permission
If an account holder does not wish to allow joint account data to be shared (for example, in situations involving separated couples), one of the account holders can update their internet banking or bank app "Data sharing permissions" settings to revoke permission.
For example, if you bank with National Australia Banking (NAB):
1. Log into your NAB banking app
2. From 'Settings' select 'Permissions'.
'Data Sharing Permissions' will be displayed.
3. Next, select 'Joint data sharing'.
"Manage data sharing permissions for your jointly owned NAB accounts"
4. Select 'Stop sharing' and 'Confirm' if you wish to proceed with disallowing data sharing from a joint account.