Can I Close a Joint Checking Account Without the Other Person Knowing?
When you open a joint bank account, you and the other account owner have equal control over the account. The Uniform Commercial Code, which forms the basis of state banking laws, states that either owner of a joint account can place a stop payment on a check or close the account at any time. Therefore, you could close the account without the other owner knowing.
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Closing Process
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To close a bank account, you must go in person to the bank and show a bank representative a form of government-issued identification, such as your passport or driver's license. Technically, you can only close an account with a zero balance, but if you have a remaining balance you can first make a withdrawal and then instruct the banker to close the account. The account closes overnight after all transactions have been posted.
Complications
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A bank can reopen an account that you closed if incoming or outgoing transactions attempt to post to the account within a few weeks of the closure. If you or the co-owner have a direct deposit that comes into your account each month, the bank can return the deposit to the sender, but typically the bank will credit the deposit to the account, which causes it to reopen. Additionally, if the other account owner transacts on the account on the day that you close it, those transactions will prevent the account from actually closing.
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Adding and Removing Signers
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Account holders often add people to their accounts if they are going out of the country or undergoing medical treatment and cannot go to the bank themselves. While you can add a signer to your account at any time, with the exception of a deceased account owner, you cannot remove a signer without closing the account. To avoid adding someone permanently to your account you can obtain a durable power of attorney, which enables another person to transact on your behalf for a limited period of time.
Tenants in Common
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Some states have tenant-in-common laws that govern ownership rights. Whereas both owners of a standard joint account have equal access to deposited funds, in a tenants-in-common account you each own a certain portion of the account. When you die, your share of the account goes to your estate rather than the other account owner. Consequently, to avoid legal issues, banks in states with tenants-in-common laws usually only close joint accounts if both account owners are present.
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