Is there any special provision for multiple signatory joint accounts (many to sign) , either in phasing or behaviour ?
Joint accounts can be either:
- 1-to-Sign: Anyone with 'transact' permission on the account can make a payment without approval from other people
- Many-to-sign: Any payment made by anyone with 'transact' permission will not be made until it is approved/authorised by N other people. (i.e. on a 2-to-sign, 1 other person must approve any payment.
Are there any differences expected in the consent or data sharing processes between 1-to-sign joint accounts and many-to-sign joint accounts?
Are there any expected phasing differences from a delivery perspective?
Current account preferences and authorisations on joint accounts do not translate to the Consumer Data Right (CDR) context. That is, joint account holders must agree to a CDR-specific election regarding how sharing on the joint account should be managed. The current rules only capture joint accounts held in the name of two individuals, and require data holders to offer a ‘one to sign’ equivalent, and authorise (but do not require) data holders to offer a ‘two to sign’ equivalent for CDR sharing (see clause 4.2(1) and (2) of schedule 3). The ACCC is currently considering submissions in response to a recent consultation that includes proposals to amend the joint account rules, including to capture joint accounts held in the name of more than two individuals. The phasing in of such rules is still being considered.