How to get out of a joint bank account?

MsDee · 31 March 2010 at 7:24PM

Hi there,

Does anyone know if there are two named parties on a joint bank account, what one has to do to get off the bank account?

Do both parties have to agree for one to come off it?

tori.k · 31 March 2010 at 7:33PM

Tell the bank you no longer wish a joint account they will then freeze the account untill they get hold of the other named person if they agree the account will be closed, either way the account will remain frozen untill its sorted

MsDee · 31 March 2010 at 7:42PM

Thank you - what happens if the person won't agree it to it then what happens?

I'm a little worried about d/d's bouncing if the a/c is frozen...

Rachel85 · 31 March 2010 at 8:14PM

If the account is frozen then direct debits will bounce so you will need to make alternative arrangements for these. I believe that it would be unusual for a name to be "taken off" the account - I would have thought that the account would be closed and any credit divided by the account holders however they see fit.

If you are able to post brief details of why you want to "come off" a joint account people may be able to advise you better.

DVardysShadow · 31 March 2010 at 8:25PM

Rachel85 wrote: »

If the account is frozen then direct debits will bounce so you will need to make alternative arrangements for these. I believe that it would be unusual for a name to be "taken off" the account - I would have thought that the account would be closed and any credit divided by the account holders however they see fit.

If you are able to post brief details of why you want to "come off" a joint account people may be able to advise you better.

Or any overdraft would have to be cleared.

I would start by writing to the bank asking them to close the account and render a final statement - and advise that you will not accept responsibility for transactions with immediate effect. Keep a copy, you may have to argue your case later.

Errata · 31 March 2010 at 8:45PM

Both people have to agree to open a joint account, both have to agree to close it.

MsDee · 31 March 2010 at 9:04PM

Rachel85 wrote: »

If you are able to post brief details of why you want to "come off" a joint account people may be able to advise you better.

I want to leave my partner, but they don't want me to leave and will make things very difficult, including not giving their consent to close the joint account.

DVardysShadow · 31 March 2010 at 9:40PM

Errata wrote: »

Both people have to agree to open a joint account, both have to agree to close it.

I don't see that. It is Joint and Several responsibility and I believe that it is not equitable to force one party to continue with the responsibility for the other against their will. Obviously both must agree to open it, but I think both have to agree to continue it. Obviously, in closing it, both parties are liable for all transactions up to the point at which either party gives notice that the account is to close.

aliasojo · 31 March 2010 at 9:56PM

When husband and I separated, I went into the bank and asked for my name to be taken off the joint account and for a new sole account to be opened instead. It was done there and then with no input from husband needed but that was some time ago now so maybe things have changed since then?

Rachel85 · 31 March 2010 at 10:42PM

DVardysShadow wrote: »

Or any overdraft would have to be cleared.QUOTE]

Yes I hadn't thought of that.

I would start by opening up a new account in just your name, arrange for your salary and/or any other money you receive to be paid into there. You will need to make alternative arrangements for any direct debits or other outgoings too. The bank will be able to advise you on how to go about 'closing' the account - this situation will have happened many times before.

Good luck.

oystercatcher · 31 March 2010 at 10:53PM

I have had account as single, 1st husband added, then removed, single for a few years, now second husband added. All same account number.....
I really can't remember if first husband had to agree to be removed though, I would imagine he wrote a letter.......as I was staying in the house it made sense to keep all the direct debits going as before.

How to get out of a joint bank account?

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free