A hypothetical question about a joint current account

lisa110rry

Many long years ago, in fact 38, when we were married, we opened a joint account with one of the big banks (they currently have a sickeningly saccharin advert showing a black horse). My husband, due to general lack of financial management ability exacerbated by a serious medical condition, is useless at managing income and outgoings, so I have more than once had to sort things out. Now I have a separate account so I can save to bail out. A few years ago, he closed our joint account and started one in his name only, presumably to restrict my access to that account. Unfortunately, he did not actually close the account and did not transfer the minimal dds on the account (personal things and his charitable donations) so I had to sort that out to the tune of £500 (which he reimbursed to me).

My questions are as follws:

1. Could he actually have closed the joint account without my permission and is that why it was left open.

2. As he is now planning to leave the Co-op Bank because of their contributions to the Labour Party, how can I be sure he has properly closed he account and changed the dds? Don't say ask him, he will say whatever is easiest for him as he is cognitively challenged by his heart condition.

Westie983

you can only close a joint account with both signatures, so would suggest that the joint account was never closed if you didnt know about it?

Archi_Bald

Westie983 wrote: »

you can only close a joint account with both signatures

That is not actually true for Lloyds, which the query seems to be about.

From http://www.lloydsbank.com/assets/media/pdfs/banking_with_us/personal_banking_terms_and_conditions.pdf

12.1.a. Any of you can give us instructions independently of the others on your joint accounts. This means any one of you can, for example, withdraw all or any money on an account without the knowledge of the others, close an account or end a service, ask for statements and correspondence to be given electronically alone or by paper too,..............

lisa110rry

Thanks westie,it was definitely closed by me when I went in and paid the od caused by the dds not being closed and moved to the new account (which they are now, at least those that he doesn't want to continue - all important ones come from my account).

So basically, the next time I'll know what a mess I'm in is when his serious heart condition has killed him. That makes me very sad and very nervous, but I'm a very good money manager.

Archi_Bald

lisa110rry wrote: »

2. As he is now planning to leave the Co-op Bank because of their contributions to the Labour Party, how can I be sure he has properly closed he account and changed the dds? Don't say ask him, he will say whatever is easiest for him as he is cognitively challenged by his heart condition.

If he uses the Current Account Switch Service, his old account will be closed.

lisa110rry

Note Archi bald! Thanks for the quote. I've always felt a bit uncomfortable in case my husband managed to do something out with the law, but it seems he didn't which is heartening.

DandelionPatrol

Because a joint bank account carries a joint and several liability, it would be inequitable to have one party held to the account against their will by the other party refusing to agree to closure of the account. A single joint account holder should be able to close the account - or at least get their name off it, subject to clearing any overdraft.

Archi_Bald

DandelionPatrol wrote: »

Because a joint bank account carries a joint and several liability, it would be inequitable to have one party held to the account against their will by the other party refusing to agree to closure of the account. A single joint account holder should be able to close the account - or at least get their name off it, subject to clearing any overdraft.

Some banks insist on both parties signing a closure request. Others don't. It's all in the T&Cs.

lisa110rry

Makes sense Dandelion Patrol, I've been feeling a bit narked for no reason, which is helpful to me.

But Archi Bald, he doesn't use internet banking, does that matter

Archi_Bald

lisa110rry wrote: »

But Archi Bald, he doesn't use internet banking, does that matter

You mean for the switch service? No it doesn't matter. The service is also offered in Branch or over the phone.

DandelionPatrol

Archi_Bald wrote: »

Some banks insist on both parties signing a closure request. Others don't. It's all in the T&Cs.

They might insist, but I doubt they would get very far with a subsequent claim against a single joint account holder who had instructed closure and paid off any overdraft, if the claim arose from the other account holder going on the spend after such a closure.