Before taking yourself off a joint bank account, you'll need to let the other account holder know. Banks that allow one account holder to take their name off the account may require you to submit written approval from the other account holder or might even require that all parties visit a local branch in person.
Contact your bank to be sure of their policies for removing an account holder—while some banks allow this, others require the entire account to be closed. You may also need to supply the written permission of the other account holder to remove yourself.
In general, you need your spouse's consent to remove them from a joint account.
You May Need Consent to Close the Account
While some banks have policies that allow one of the account owners to close the account individually, it's sometimes the case that you'll need signatures from both owners to close a joint account.
Pay off any overdraft fees, credit loans, and home loans that you owe on the account. This is the only way you will be allowed to change the ownership status of the account. Basically, the account has to be “in credit” before you can change it to a single account.
What happens if one account holder wants to close the joint account? If you want to close the account you can always go for that option. It requires the presence of all the holders as everybody needs to mutually agree to this decision.
The first step in removing the name of a joint bank account holder is to obtain the form for account deletion from the bank or from the website. All other account holders, including those whose names are being deleted, must complete and sign the form.
We'll close your joint accounts if either one of you request it and notify the other person of the closure (unless you've updated your signing authority and we require both account holders' authorisations).
In most circumstances, either person on a joint checking account can withdraw money from and close the account. Ask your bank or check the account agreement to see if this is the case for your account. State law may also provide you some protection in this situation.
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.
All joint owners remaining or being removed from the account must meet with a banker at Wells Fargo branch, and you can make an appointment online. Joint owners unable to visit the branch can provide the required notarized documentation to the person who will be present at the branch.
Closure process: Closing a joint account can require the consent of all parties, complicating the process if relationships deteriorate.
Separating your joint accounts
With the agreement of both account holders, we can help you close your joint account. Or, you can request in branch to remove the second person from your account.
Either party may withdraw all the money from a joint account. The other party may sue in small claims court to get some money back. The amount awarded can vary, depending on issues such as whether joint bills were paid from the account or how much each party contributed to the account.
Who owns the money in a joint bank account? The two named parties equally own the money in a joint bank account. This is true regardless of who deposited funds into the account. So, either account holder can withdraw money from, and deposit money into, the account at any time.
Both account holders are required to agree on the closure of the joint account. If you or your former partner, decide to continue to use your account, we'll need instruction from both account holders agreeing to un-freeze it.
You can transfer money from the individual account to the joint account. You cannot transfer money from the joint account to the individual account.
Confirm that the account is at zero balance before closing it. Funds may have to be transferred into another account to avoid fees. A spouse may also remove themselves from a joint account without closing it. Both spouses, however, must agree to changes in its ownership.
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.
When changing a joint account to single ownership, it is recommended that the joint account be closed (with both parties present to authorize the closure). If you wish to have a name removed without closing the account, both joint account holders must visit the branch to sign new documentation.
If you prefer, you can also close your account by visiting any branch, and bringing along your debit card, PIN, and proof of ID with you. If your account is joint and is 'two to sign', you'll both need to visit a branch to close your account. If it's only 'one to sign', you can close your account online or in our app.
Each account owner can get a debit card, write checks and make purchases. Both account holders can also add funds or withdraw them from the account. 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.
No, only one owner is needed to close a joint account.