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Financial Social Networking - delta_november

Apr. 18th, 2009

12:43 pm - Financial Social Networking

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I recently set up a Joint Account on ING, for purposes of increased CDIC coverage.  The process is interesting, and surprisingly painless.  You setup the account online, and give them the client number of the other person.  That person then logs in, and sees a joint account request.  He/she has 30 days in which to accept, after which the account goes live.

It's essentially a financial friends-request, though more in the style of Facebook than LiveJournal.  Once you have a friend you have an immediate zero-fee way to push money to that person where it continues to earn interest until used.  I wonder if our future holds financial webs like this, in addition to our inevitable LinkedIn trees.

The only constraint is that a joint account can have only two people in it.  Damn the mono-normalization of the banking industry :).  Of course, with more than two people a web of joint accounts can be set up for massive CDIC coverage.