Can I remove myself as a holder of a joint account?

ses6jwg

Hi all.

In Uni me and a friend opened a joint current account to handle our rent, basically we would pay into this then a standing order would come out into the landlords account.

We have since graduated and I would like to remove myself from this account as it is now dormant and of no use.

My friend is currently in the Far East for 6 months, the account is £5 in debt so if I pay that off can I remove myself from the account?

It is with Natwest.

thanks

jambosans

ses6jwg wrote: »

My friend is currently in the Far East for 6 months, the account is £5 in debt so if I pay that off can I remove myself from the account?

If you pay off the debt then you can remove yourself from the account. However I was under that impression this required both signatories before it can be actioned. I'm not sure if this applies with NatWest, I'm sure someone will be along to clarify.

thatsean

Both parties will need to sign, get the account back to zero as fast as you can, as your name will be linked to it for credit reporting purposes (assuming that the o/d isn't authorised) you'll then need the other party to sign some kind of form.

CLAPTON

in general, for joint accounts the bank will act on the instructions of either party (i.e. it doesn't require both parties)

so once the the balance is zero it should be possible to remove your name or simply close the a/c

njtkc

I used to work for a bank, but all are slightly different? if you only had one signature for withdrawals then you can operate the account from either signature but sometimes to remove an account holder or close it (this the safest option ) especially if you no longer need it. then some financial institutions require both parties to sign so if possible now or when your friend returns ask to go to bank together or a letter of authority would normally suffice. If it remains open and forgotten then anyting could happen. Agree also with above put enough to be zero to save any bad credit.

ses6jwg

Account is now returned to zero balance.

I went into the bank and they gave me a form and said I had to get his signature to remove myself from the account, then he could close it.

Unfortunately he's in Thailand for 6 months.

So its just gonna be sitting doing now.

I dont really want it as I've read having lots of accounts about the place with credit (this has a £500 overdraft) affects your credit score?

rb10

ses6jwg wrote: »

Account is now returned to zero balance.

Make sure you put enough money in to cover any debit interest that's pending from when you were overdrawn too.

TheRealMaverick

If the Bank has said that you need both signatures to close the account then go back to them and make sure that they are aware that any withdrawals will need two signatures as well; also cancel the overdraft facility.

This will avoid the possibility of your friend accessing the overdraft and creating a debt for which you would remain jointly liable.

willo65

Just tell the bank you would like the account freezing until you can be removed from it, this should be fine.

olly300

willo65 wrote: »

Just tell the bank you would like the account freezing until you can be removed from it, this should be fine.

Tell them both verbally and in writing.

If you send a letter in send it by recorded delivery and keep the receipt. If you hand deliver the letter make a note of when, where and who you gave it to and ask for a receipt.