How to Close a Joint Bank Account (2024)

FAQs

How to Close a Joint Bank Account? ›

Be sure to contact your financial institution to determine the necessary steps. Typically, you may be required to visit or call the bank to close the account. However, some banks—especially those with no brick-and-mortar locations—may let you shut down the account online.

When closing, though, the bank only requires one party to be there. If you and your partner have a joint account at an online bank, there is no need for any in-person efforts, but you may need to coordinate logging in separately to officially close it.

We only need an instruction from one of the account holders to close an account. You can close your joint account in branch, over the phone, by post or using the Webchat function in the Mobile Banking App.

To initiate the closure of a joint bank account, both account holders will typically need to provide a set of documents. These often include: A jointly signed account closure form. Valid identification for each account holder.

Once a person has agreed to become a joint owner or signer on a checking, savings, or credit card, they can't be removed from the account. If you want an account in your name only, you'll need to close the account and apply for a new one.

While most banks won't let you remove the other joint account holder without their permission, many will allow you to remove yourself. Your bank can walk you through removing yourself from a joint bank account. You may need to submit a written request or go in person for a scheduled appointment.

Closing a joint account won't remove the link to the other person from your credit file. If you no longer have any financial connection to them (so no other joint account, loan or mortgage) you can ask the credit reference agencies to issue a 'notice of disassociation'.

Each bank may have its own requirements about what information needs to be present in the letter, but your full name, account number, bank name, date and Social Security number are likely to be on the list. Other banks may let you close your account over the phone or online.

The money in joint accounts belongs to both owners. Either person can withdraw or spend the money at will — even if they weren't the one to deposit the funds. The bank makes no distinction between money deposited by one person or the other, making a joint account useful for handling shared expenses.

How do I write a letter to close a joint bank account? ›

Sub: Joint account closure application.

Respected Sir/Madam, We [account holder 1] and [account holder 2] are joint account holders of a/c no. XXXXXXXXX in your bank. our mutual consent to close the account.

You don't need a reason to close a bank account. However, there are numerous reasons you might want to. Here are some of the more common reasons to move on from your current account: You're moving to a new city or state.

Joint bank accounts

Couples may also have joint bank or building society accounts. If one dies, all the money will go to the surviving partner without the need for probate or letters of administration. The bank may need the see the death certificate in order to transfer the money to the other joint owner.

Talk to a bank employee and let them know you want to take someone off your joint account. Complete and sign the form they give you. You'll just have to fill out basic info like the account number and the account holders' names and addresses. Some banks have this form available to download online.

If you wish to close your joint account, then both parties need to agree. If there are any regular payments on the account, or any debt to be paid off, you need to decide how these will be settled. If there is a dispute between you then you can cancel the joint account mandate.

If the funds in your joint bank account are considered separate property and owned exclusively by your spouse, they may legally be able to drain the account. Similarly, even if the account is community property, a spouse may be able to withdraw money for reasonable living expenses, legal fees, and children's expenses.

“To close your old joint checking account, contact your bank to find out their procedures for removing an account holder,” Catanzaro said. “Follow their required process which may need both spouses' consent.”

Accounts can be closed in person, over the phone or by mail.

Removing someone from your account means your account will change from a 'joint account' to a 'sole account'. You can do this by submitting a request online. The person remaining on the account will need to start the request. If you are looking to remove a third party, you can also follow the below digital process.