How to Cancel a Shared Bank Account

Separate accounts and manage your own finances.

If you once shared a bank account with a spouse or parent, but now want your own account, you can close the joint bank account and open your own. The process for ending a joint bank account varies and each bank has its own requirements. Talk to your bank first to learn the process and then take steps to dissolve shared accounts.

Things You'll Need

• Identification

Instructions

1. Keep the bank account open and remove one name. If you're only a signer on the account and the primary account holder added your name after opening the account, you can request that the bank take your name off the account to get rid of a shared account.

2. Wait until checks have cleared. If canceling a shared bank account and closing the account as well, take action only after all checks written on the account have cleared and you've spoken with creditors to stop automatic withdrawals.

3. Gather two forms of identification. The bank will require identification from both parties before closing a shared bank account. Acceptable forms of identification include a driver's license, state-issued identification card, passport or military identification.

4. Go to your bank to close the account. You cannot close a bank account over the phone. Visit your bank with the other account holder and tell the representative that you want to close the shared account. Present your identification, sign the necessary documentations and remove funds from the bank account.

Tips & Warnings

• If the other account holder cannot visit the bank to close the account, have this person submit a notarized letter requesting cancellation of the shared bank account. If the other account holder has died, present the bank with a copy of the death certificate to close the account.

References

• Bankrate.com: Closing a Bank Account Can Open Up a Can of Worms; Michelle Samaad; July 2004
• MadeMan: How to Cancel a Joint Bank Account; Lee Grayson