How to setup a Kinesis Joint Account or convert existing Individual Account to Joint

Apparently, Kinesis can setup joint accounts, they just don't make it obvious. Below is a response I got via email:

Thank you for reaching out to Kinesis Money.

Unfortunately, we don't have any features for the clients to add joint account holders. However, it should be done by the Kinesis Team.

In order to progress your Joint Account Set Up, our compliance team requires the following documents:

• Photo ID from both individuals
• Selfie Photo from both individuals
• Additional Proof of Address from both individuals

Photo ID:
Please provide an unexpired identification document for each customer that contains a photograph of your either:

• Passport;
• Driver's License; or
• Government issued ID.

Selfie Photo:

Please send a selfie photo of each customer holding a written statement of "KINESIS", "Joint Account Request with (the person's name)" and today's date.

Proof of Address:

Any one of the following, dated within the last 3 months, containing each of them customer´s name and residential address:

• Utility bill
• Bank statement
• Credit card statement
• Government issued letter
• Asset summary statement from a third party.

Please do not hesitate to contact us if you have any questions or comments.

Kind regards,

Kinesis Money | Compliance Team a: Kinesis Money | C/O Stuarts Corporate Services, 36A Dr. Roy’s Drive | Grand Cayman, KY1-1104, Cayman Islands e: support@kinesis.money | w: www.kinesis.money

 

[TTwin]

Kinesis was able to convert my individual account to a joint account. Wooooohoooo!!!. I would suggest any of you who want a joint account to contact your account rep and request it.

Thank you for submitting a Joint Account set up request.

Our compliance team has reviewed your documents and they have been approved.

Your joint account is now set up. Please be informed both joiners can only access the joint account via the following email address xxxxxxxxx@gmail.com and both joiners are equally responsible for any activity and transactions done on the account.

Please take note that when you open a joint account and if one person dies, the surviving owner has the right to take over the account.

Unfortunately, we do not have any features to add a Secondary beneficiary for now. However, if one of the joint account holder dies, we can add the Secondary beneficiary as a Joint Account Holder by providing the relevant document.

Please do not hesitate to contact us if you have any questions or comments.

 

[Uchiki]

The above two posts copied from a Suggestion thread that TTwin started.
Should be easier to find over time for new people browsing.

I'm sure that others will appreciate the investigation and documenting done here by @TTwin .

 

[Jeff]

I contacted my account executive earlier today to have my account converted to a "Joint Account", so my wife could have access in the event of my demise and was informed that this capability no longer exists.

This is an issue IMO that needs to be resolved.

 

[KingMidas]

Seems like the ability to name a beneficiary should be added urgently. If someone dies are they just out of luck and their assets go poof?

 

[Willbe]

Seems like the ability to name a beneficiary should be added urgently. If someone dies are they just out of luck and their assets go poof?

As with any bank account assets don't go poof... however naming a beneficiary I think would be a good thing. Instead of assets go poof though I wonder more what happens to the pertpetual yields..like minters and referral yields.

Not sure if there is an official taking on this from Kinesis.

 

[Uchiki]

Seems like the ability to name a beneficiary should be added urgently. If someone dies are they just out of luck and their assets go poof?

Please have a read of this thread:

In the event of the death of a Kinesis account owner

Contact your Account Exec or Support explaining the situation and the desired outcome. You'll be advised of the options, what the process is and what documents need to be provided. This won't apply in all cases, but in the situation that I'm aware of, the account was transferred to a beneficiary.

forum.kinesis.money

 

[NoJoKin]

I contacted my account executive earlier today to have my account converted to a "Joint Account", so my wife could have access in the event of my demise and was informed that this capability no longer exists.

This is an issue IMO that needs to be resolved.

Uchiki, could you explain to us or find out why that capability no longer exists?

Are there plans to re-instate that capability or have some other way to set up a joint account?

Are the personal accounts that have been "imminent" for the past 2-3 years going to have the capability to become joint accounts, ie, have another / other name(s) added to the account, as present bank accounts do?

 

[Derek]

My guess? International rules and regulatory issues. But again - no idea. I just hear some comments occasionally, and the level of rules one needs to adhere to as a global business is shocking.

 

[Uchiki]

Uchiki, could you explain to us or find out why that capability no longer exists?

Are there plans to re-instate that capability or have some other way to set up a joint account?

Are the personal accounts that have been "imminent" for the past 2-3 years going to have the capability to become joint accounts, ie, have another / other name(s) added to the account, as present bank accounts do?

Very likely as Derek indicated.
I don't think that Kinesis is going out of it's way to remove conveniences that it's clients enjoy.

The following from Vaultside episode 5 may provide extra flexibility in future:

We've been making manoeuvres for a long time as far as a restructure and obviously Kinesis Bailee Company is an Australian company.

You'll see some of these new companies form in Australia and that gives a little bit of an idea on manoeuvring there. Kinesis Cayman is a Cayman Island entity. is a difficult entity to bank.

That let me just put it that way. And Australia is, you know, it's, it's a Western Alliance country. It's, it's a Commonwealth country, it's a robust jurisdiction. So we, we are looking strongly at Australia at this point.

And we've got, you know, strategic plans in Australia. So yeah, yeah, that, that's, I think answers the question there as far as Kinesis Bailee.

 

[NoJoKin]

Very likely as Derek indicated.
I don't think that Kinesis is going out of it's way to remove conveniences that it's clients enjoy.

The following from Vaultside episode 5 may provide extra flexibility in future:

We've been making manoeuvres for a long time as far as a restructure and obviously Kinesis Bailee Company is an Australian company.

You'll see some of these new companies form in Australia and that gives a little bit of an idea on manoeuvring there. Kinesis Cayman is a Cayman Island entity. is a difficult entity to bank.

That let me just put it that way. And Australia is, you know, it's, it's a Western Alliance country. It's, it's a Commonwealth country, it's a robust jurisdiction. So we, we are looking strongly at Australia at this point.

And we've got, you know, strategic plans in Australia. So yeah, yeah, that, that's, I think answers the question there as far as Kinesis Bailee.

I of course didn't say they were "going out of their way to remove conveniences" nor was I implying that nor would I imply that.

I was actually hoping just the opposite -- that that was indeed their plan -- that they were or would be "going out of their way" to fulfill those conveniences, ie, I was assuming that they have a plan for that, as in personal accounts, as I said, to which we could then add others.

 

[Uchiki]

I of course didn't say they were "going out of their way to remove conveniences" nor was I implying that nor would I imply that.

Perhaps read Derek's comment in conjunction with the Vaultside excerpt and skip over my text.

I was actually hoping just the opposite -- that that was indeed their plan -- that they were or would be "going out of their way" to fulfill those conveniences, ie, assuming that they have a plan for that, as in personal accounts, as I said, to which we could then add others.

Aiming for the mass market was outlined in Vaultside episode 4, along with the difficulties encountered and an indication of the path being taken.
So, you know, we operate a digital asset exchange that's considered something high risk to, you know, the banking and payments industry, and it became just difficult, right? So anyway, what has happened from there? So where we were, you know, being turned off, or just, you know, it being made very difficult to actually even exist in the banking space, we've had to vertically integrate