June 1, 2023

The Queens County Citizen

Complete Canadian News World

“We’re stronger than most couples!”: 7 guys share a joint account

“We're stronger than most couples!”: 7 guys share a joint account

Inside Montreal, journalist Louis-Philippe Messier mainly runs, his backpack in his office, looking for fascinating things and people. He talks to everyone and is interested in all areas of this town’s history.

Chillionaires, whose members live and do business under one roof, finally realized an old dream: a bank finally granted them a joint account for seven people.

Following my column about their “communo-capitalist” company that appeared in News magazineChilionaires tell me that after more than 10 years of struggling with mistrust and skepticism, they are suddenly being taken more seriously.

“From the moment the media coverage allowed us to explain and answer questions in interviews it validated our model, in people’s minds,” president Jack Blouin told me.

“Before, we were seen as young people, but now people say to themselves: “Wait a minute! It’s not really stupid, it’s their way of doing things!” »

Stronger than twin

“National Bank has already said no to seven members’ accounts as well as other financial institutions,” said Guillaume Carpentier, group accounting manager.

“No doubt couples have issues with joint accounts when they split up…but as partners between the seven of us, we’re stronger than most couples!” »

Since everyone draws from the same account, Mr. Carpenter no longer needs to transfer amounts from one account to another to balance expenses.

All for one

A joint account is definitely used for communal expenses, but also for all personal expenses, including credit card balances and paying off loans and bursaries.

“Once you join the group, the group covers your expenses, including student loans,” Mr Carpentier said.

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“In 40 years of financial journalism I’ve never seen a seven-man account,” wrote Stéphane Desjardins in the Urgent section. Log.

“It’s crazy, but it’s encouraging and it shows that banks are becoming more flexible under the pressure of new financial technologies. »