When you set up an online bank account you’ll create a password to access it. Many of us then share our password with someone close to us, mistakenly believing it’s the only way to get some support with our finances.

But banks not only advise against this, they require that you keep your passwords confidential. By sharing them, you’ll be breaking your bank’s terms and conditions. If, for example, someone in your family finds their account has been scammed in some way, they’ll be asked if anyone knows their passwords. If passwords have been shared then the chances of getting lost money back may be reduced, and some banks may then close the account as their terms and conditions have been breached.

Banks can quickly and easily work out where and when accounts have been accessed. They can use fraud analysis to see if different people may have been accessing one account. If passwords have been shared among family members and the bank hasn’t been informed, you may be deemed to have misled the bank, and the account holder could risk potential sanctions.

There is a better way. By registering with Family Connect and then inviting the family member you want to support to join, you can see their account transactions without needing their bank passwords.

Family Connect is an FCA registered service and is an official way to access bank account transactions belonging to another person using Open Banking, a standard financial practice which is supported by banks. It’s safe and secure. And no banking terms and conditions are broken.