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Converting a joint account into a sole account
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# 1
lynxptc
Old 30-11-2007, 6:33 PM
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Default Converting a joint account into a sole account

Pretty certain it is but is it possible to convert a joint account into a sole account by removing one of the account holders?

Last edited by lynxptc; 09-05-2008 at 4:22 PM.
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# 2
Februarycat
Old 30-11-2007, 6:36 PM
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Yes I have just done this but we both had to go in and sign a form and I then got new cheque books etc.
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# 3
jonesMUFCforever
Old 30-11-2007, 11:25 PM
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Most banks will have a convert a joint account to sole form.
However the account has to be in credit.

The form HAS to be signed by both parties and any plastic cards etc has to be returned to the bank before they action the application.
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# 4
lynxptc
Old 01-12-2007, 2:08 PM
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First Direct have just said they wont, but I'm almost certain other banks will?

Last edited by lynxptc; 28-04-2008 at 4:46 PM.
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# 5
jonesMUFCforever
Old 01-12-2007, 8:46 PM
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Quote:
Originally Posted by lynxptc View Post
I've just contacted my bank, First Direct, who said it isn't possible and would need to close the joint account and open two new accounts with credit checks taking place etc. Are they right? Or did I just get through to someone who didn't know what they were talking about?
I can't speak on behalf of First Direct but what would they do if one party died?
Would they insist on a new account being opened for the survivour or just take the name of the deceased off?
I think they have misinformed you.

I could be wrong - is there any First Direct staff in the house?
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# 6
CLAPTON
Old 01-12-2007, 8:52 PM
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Quote:
Originally Posted by lynxptc View Post
I've just contacted my bank, First Direct, who said it isn't possible and would need to close the joint account and open two new accounts with credit checks taking place etc. Are they right? Or did I just get through to someone who didn't know what they were talking about?

why is this a problem .. isn't a single account what you are seeking?
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# 7
YorkshireBoy
Old 01-12-2007, 10:06 PM
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Originally Posted by ejones999 View Post
I think they have misinformed you.
EJ, it's the same with Yorkshire Bank (and therefore quite probably Clydesdale Bank as well).

I enquired recently and was told the joint account had to be closed down and a new single account (with new account number) opened.
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# 8
silou
Old 02-12-2007, 7:39 AM
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Intelligent Fianance also insist on the joint acount being closed totally and a new single account applied for again with credit checks etc. In my case this was a problem because my credit history had got much worse since the joint IF account was opened and they refused me a single account, overcame the problem by getting a basic current a/c with RBS..
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# 9
lynxptc
Old 02-12-2007, 8:40 AM
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Quote:
Originally Posted by silou View Post
Intelligent Fianance also insist on the joint acount being closed totally and a new single account applied for again with credit checks etc. In my case this was a problem because my credit history had got much worse since the joint IF account was opened and they refused me a single account, overcame the problem by getting a basic current a/c with RBS..
Exactly the same as me as in I don't want to go through the hassle of applying for a new account and having checks done etc when it should be the case that they can just remove one of the account holders?
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# 10
MABLE
Old 02-12-2007, 10:55 AM
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When I wanted to convert my sole account to a joint account I had no problems at all. LLoyds made it as painless as possible.

I suppose thats the advantage of having a thoroughbred as your main banker.
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# 11
frivolous_fay
Old 02-12-2007, 11:55 AM
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Quote:
Originally Posted by MABLE View Post
When I wanted to convert my sole account to a joint account I had no problems at all. LLoyds made it as painless as possible.

I suppose thats the advantage of having a thoroughbred as your main banker.
Thoroughbred? Snort.

I think you've misread the OP though... we're not talking about converting to a joint account.
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# 12
MABLE
Old 02-12-2007, 12:04 PM
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Quote:
Originally Posted by frivolous_fay View Post
Thoroughbred? Snort.

I think you've misread the OP though... we're not talking about converting to a joint account.

No I did misread the post snort, snort,
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# 13
lynxptc
Old 30-12-2007, 8:02 PM
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Anyone else?

Last edited by lynxptc; 09-05-2008 at 4:21 PM.
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# 14
Forgetful
Old 30-12-2007, 8:15 PM
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it all depends on who u bank with

I opened a Abbey National account 24 years ago then about 15 years later I added my OH name , so still same account number...then about 4 years ago I had my name removed from the account...still same number but in OH name now.
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# 15
itsnowtime
Old 30-12-2007, 8:22 PM
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As far as I understand it is the case with the bank in question. You'll be asked to close the account and 're-open' a new account in your own name.

You could attempt to open the account in your own name prior to closing the joint account - not sure if that will help in anyway??
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# 16
desperation
Old 31-12-2007, 7:18 PM
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As a prior Manager for Barclays/Woolwich I hope the following helps:

Banks HATE converting a joint account to a sole account. (In most cases the account is in dispute and banks do not like to be put into the position to decide who should be the sole owner). By doing this they could place themselves in the position of having a dispute with the person being taken off the account.

Some banks will take into account who is the 1st owner (ie, were you the first owner, and added the 2nd person on the account?)

In my experience I would recommend that regardless of your own cicumstance, you open your own account in your sole name, and transfer all your personal banking requirements to this account.

If you are in an agreeable relationship with the 2nd person on the account, then both send a letter signed by yourselves, to close this account.

If you are not, then send a letter by yourself to the bank stating you are unable to contact the 2nd person on the account and are not able to agree a way forward. Return your card, chequebook etc and state you will not take any further responsibility for the future management of the account. Ensure this is done after you have transferred all your banking requirements to the new account.

Remember, banks hate to get involved within personal disputes, (if there is one), and would rather not do things if it places them at risk.
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# 17
jonesMUFCforever
Old 31-12-2007, 8:19 PM
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Sorry desperation but much of your posting is not true (for other banks other than the one you work for).
It is a lot more work to open a seperate account and then transfer d'd's and s'o's etc.
It is much easier to get a single form signed by both parties - stipulating who is to remain on the account and who is going.
If the account is overdrawn or has a n o'd facility then the bank will act on this instructions providing the remaining party passes the credit score test and is willing to take sole responsibility for any overdrawn balance.

By writing a letter and returning cards all you are doing is telling the bank to freeze the accounts meaning no payments out or in for either party!

By all means the party who is not to remain on the joint account should get their own account.
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# 18
FluffyFiFi
Old 01-01-2008, 2:39 PM
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I work for Nationwide and accounts can be changed as long as both parties agree and the forms signed, it is quite straightforward.

Some people say if someone dies how do the do it - this is different and a death certificate would have to be produced.
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# 19
missile
Old 02-01-2008, 6:51 AM
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Quote:
Originally Posted by FluffyFiFi View Post
Some people say if someone dies how do the do it - this is different and a death certificate would have to be produced.
Why? Surely there is no need to remove a dead co-signatory unless he is called lasaris?
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# 20
FluffyFiFi
Old 02-01-2008, 12:06 PM
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Quote:
Originally Posted by missile View Post
Why? Surely there is no need to remove a dead co-signatory unless he is called lasaris?
No, you don't have to, but you might not want to still get post coming to your dead spouse/partner.

Also, if you want to close the account both signatures would be required. Most people would want to take the dead person off.
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