As promised in a previous post I’ve been mulling this idea for another use for the 22seven mobile app. How about creating a virtual joint bank account without all the hassle of actually having to go into a bank and none of the admin. You won’t even have to use your computer as your mobile phone can do everything needed to make this virtual joint bank account a possibility.
The idea is rather simple. Say you bank at FNB and your significant other does his/her banking with Nedbank. 22seven uses your internet banking to access your financial transactions and displays it in a manner that makes sense to those of us who didn’t do any accounting at school or study finance. This is how I’d propose to go about creating a joint bank account using only 22seven.
- Create a new 22seven account that both you and your significant other has access to. In other words share the same username & password.
- Link your FNB account at your Money Hub in the 22seven app.
- Now Link your significant other’s Nedbank (or any South African Bank) account in the same way you added yours.
- Wait for 22seven to do the work of collecting and aggregating both you and your other half’s financial data.
- You’re done. Now both of you have a view on each others finances and will be able to budget your shared expenses with your independent income sources from different banks in one central place, for free. Say hello to you Virtual Joint Bank Account without contacting, queueing, or paying any fees to your banks.