What is a Shakepay joint account?
A Shakepay joint account lets you and another Shakepay user share cash (Canadian dollars) and bitcoin balances. You can both view the balances and move funds between the joint account and your own personal Shakepay accounts.
Your personal Shakepay account stays separate and private. The other member cannot see your personal balances or transaction history.
Who can open a joint account?
You both need a verified personal Shakepay account and must pass the risk assessment before sending or accepting an invitation. You can each belong to one joint account at a time.
Business accounts cannot open a joint account. You cannot invite yourself.
How do I invite someone to a joint account?
When joint accounts are available to you, invite the other person using their Shaketag.
On the home screen, find Joint and tap Set up.
Tap Get started.
Enter the other person’s Shaketag and wait for the eligibility check.
Select your relationship to the other person.
Read the Joint Account Agreement, select the agreement checkbox, then tap Continue.
When you see Invite sent, tap Done.
Your joint account opens once the other person accepts. You can have one outgoing invitation pending at a time.
An invitation email can be sent when someone invites you to open a joint account, if the feature is available to you. The sender can also receive a push notification when the invitation is accepted or declined, based on their activity notification preferences.
How do I accept or decline a joint account invitation?
You can respond to the invitation in the Shakepay app.
On the home screen, find Joint account invite and tap Respond.
Review who invited you.
Tap Accept to continue, or Decline to turn down the invitation.
If you accept, select your relationship to the other person.
Read the Joint Account Agreement, select the agreement checkbox, then tap Continue to open the joint account.
If you accept, you can add money or choose Skip for now. Make sure you recognise the person before accepting.
Can I cancel an invitation or invite someone else?
Yes. You can cancel an outgoing invitation while it is pending.
On the home screen, tap Invite pending on the Joint card.
Tap Cancel invitation.
After cancelling, you can send a new invitation. An invitation cannot change the members of an account that is already open.
Do joint account invitations expire?
A pending joint account invitation does not have an automatic expiry date.
An invitation becomes unavailable if it is declined or cancelled. It also becomes unavailable if either person opens another joint account. If you see This invite is no longer available, ask the sender for a new invitation, provided you are both still eligible.
How many joint accounts or members can I have?
You can belong to one joint account at a time. A joint account has two members. You cannot add a third member.
What can the other member see?
The other member can see the joint account’s cash and bitcoin balances and its transaction history. Both members’ names and Shaketags appear in the joint account’s member list.
Opening a joint account does not give the other member access to your personal balances or personal account transaction history.
Does a withdrawal need both members’ approval?
No. Either member can add funds or withdraw from the available joint balance without the other member approving each transfer.
Withdrawals are not limited to the amount that member contributed. A withdrawal goes to the member’s own personal Shakepay account.
How do I add cash or bitcoin to Joint?
Add funds from your own personal Shakepay cash or bitcoin balance.
Open Joint from the home screen and tap Add.
Choose Cash or Bitcoin.
Enter the amount and tap Continue.
Review the source, destination and amount, then tap Confirm.
Cash moves to the joint cash balance. Bitcoin moves to the joint bitcoin balance. Adding funds does not convert one asset into another.
How do I withdraw cash or bitcoin from Joint?
Withdraw funds to your own personal Shakepay account in the same asset.
Open Joint from the home screen and tap Withdraw.
Choose Cash or Bitcoin.
Enter the amount and tap Continue.
Review the destination and amount, then tap Confirm.
Cash goes to your personal cash balance. Bitcoin goes to your personal bitcoin balance. You can only withdraw funds available in Joint.
Can I send payments or receive deposits directly through my Joint account?
Direct deposits, Interac e-Transfers, bank transfers and crypto transfers directly into or out of Joint are not supported in this version. Joint also cannot directly fund card purchases, bill payments or pre-authorized debits (PADs).
To add funds, first fund your personal Shakepay account using a supported method, then move cash or bitcoin to Joint. To use funds outside Joint, first withdraw them to your personal Shakepay account, then use a supported feature there.
Is there a fee to add or withdraw funds?
Shakepay does not charge a fee to move cash or bitcoin between Joint and your personal Shakepay account.
Separate transactions made from your personal account follow the fees for those transactions.
How long do transfers to and from Joint take?
Transfers between Joint and your personal Shakepay account are processed instantly when successful. The app shows a confirmation after the transfer completes.
If a transfer fails or your balances do not update as expected, check your transaction history before trying again. Contact support if you need help confirming what happened.
Are there limits on how much I can add or withdraw?
You can only add funds available in your personal account and withdraw funds available in Joint. Account restrictions affecting either member can prevent a transfer. If either member’s account is blocked or certain withdrawal permissions are restricted, withdrawals from Joint may be unavailable. You must also have passed the risk assessment to move bitcoin. Contact support if a transfer is restricted.
Does a joint account earn interest?
Yes, when joint interest is available to both members and you are both eligible. Both members must have personal interest turned on. There is no separate joint interest opt-in.
Your joint cash earns the higher of the two members’ eligible interest rates, including eligible promotional rates. Promotional rates may apply only up to a balance limit. Check the rate and earning status shown in Joint.
Interest accrues daily on the joint Canadian dollar cash balance and is paid weekly in bitcoin to your joint account. Bitcoin held in Joint does not itself earn interest. Joint interest is separate from your personal interest limits and totals.
Where can I see joint account transactions?
Open Joint from the home screen to see recent joint account transactions. Tap See all to view the joint account’s activity.
Both members can view the joint account’s transaction history.
Will I get a notification when the other member moves funds?
You can receive a push notification when the other member adds cash or bitcoin to Joint or withdraws it. These notifications follow your transaction notification preferences.
You do not receive this joint account push notification for your own transfers.
Can I leave, close or change the members of a joint account?
Leaving a joint account, closing it or changing its members is not available in the app in this version. Contact support if you need help with one of these changes.
You also cannot delete your personal Shakepay account while you belong to an active joint account, even if the joint balances are zero.