How to Close a Joint Bank Account

Q: Who owns the money in a joint bank account?

Each co-owner of a joint bank account has equal ownership of the deposits and account balance. This means that each joint owner would also be liable if the account gets overdrawn into a negative balance.

Q: Can I close a joint bank account without the other person?

Yes, you may close a joint bank account without the other person’s consent if your bank doesn’t require joint consent. The rules and regulations governing your deposit account agreement may specify whether you’re allowed to close the account all by yourself.

Q: How do I write a letter to close a joint bank account?

Your bank may have an account closure form that you may complete if you’re interested in writing and mailing a letter to close a joint bank account. Each joint owner on the account may have to sign the form consenting to the closure of the account. Some banks may require notarization of the document as an additional step.

Sulaiman Abdur-RahmanUpdated June 6, 2023

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.

Every bank has its own process for how you may close a joint checking or savings account. Closing a joint bank account is generally a straightforward process, and there are multiple ways on how to close a joint bank account.A joint bank account has two or more co-owners. This begs the question: Can one person close a joint bank account by themselves? It all depends on the bank’s rules and regulations governing your deposit account.Some financial institutions may allow you to close a joint bank account by yourself without getting your co-owner’s consent. Other banks may require that every owner of the joint account sign off on a closure request.Closing a joint bank account may be done in person, online, over the telephone, or via postal mail. One way on how to close a joint bank account without the other person present — if allowed — is to call the bank’s customer service phone number seeking to close the account. Below we highlight how to close a joint bank account in five steps.

Reasons to Close a Joint Bank Account

Here are some reasons for closing a joint bank account:

Divorce or End of a Relationship

If you’re going through a divorce or end of a relationship with a person you share a joint bank account with, that might be a reason to close the account. Joint accounts for married couples may not be right for you if you’re going through divorce.

Change of Circumstances

A major change of circumstances — such as moving across the country or the death of a joint account owner — might be a reason to close your joint bank account. You may determine that a joint bank account is not right for you after experiencing a major change of circumstances.

Ready for Change

Sometimes the co-owners of a joint bank account may simply be ready for a change. There are different types of bank accounts, and depositors are free to explore different banking options.Consider the following examples:

Perhaps you want to close a joint savings account and deposit those funds into a high-yield savings account.

Perhaps you want to close a joint checking account that doesn’t earn interest and open a joint interest-bearing checking account.

Perhaps you’re ready to close your joint bank account to pursue top savings accounts that are right for you.

Customer Dissatisfaction

You may consider closing your joint account if you’re an unsatisfied customer looking to switch banks. The Consumer Financial Protection Bureau (CFPB) receives numerous complaints from dissatisfied bank customers. You may file a CFPB complaint if you feel wronged by your bank, and you may open a new account elsewhere.

Methods To Closing a Joint Bank Account

Here are some methods to closing a joint bank account:

Visit Your Local Bank Branch

You may close a joint bank account in person if your bank has retail branches. This may not be possible if you have a joint online savings account. You may ask, “Can one person close a joint bank account, or do all co-owners need to be present?” A bank may require all co-owners to be present with photo identification in order to close a joint bank account in person.

Close the Account Online

You may close a joint bank account online or through a mobile banking app, particularly if it’s an online bank account. You may have to follow certain prompts on screen and answer a few basic questions to proceed with closing the account online.

Call Your Bank’s Customer Service Line

You may close a joint bank account via telephone by calling your bank’s customer service phone number and requesting to close the account. If allowed by your bank, this may be a method of how to close a joint bank account without the other person present.

Mail a Letter to Your Bank

You may close a joint bank account by mailing your bank with a request to close the account. The bank may require each co-owner on the account to sign the letter.

Can One Person Close a Joint Bank Account?

As mentioned earlier, every bank has its own process for how you may close a joint savings or checking account. One person can close a joint bank account if it’s permitted by the bank. Again, each bank may have its own rules and procedures for closing joint accounts.Some banks may allow a co-owner to close a joint account without getting the consent of any other joint owners. Other banks may require all co-owners to sign off on a request to close a joint account. Your deposit account agreement may explain the rules and regulations governing your account.

Steps to Close a Joint Bank Account

Below are five steps to close a joint bank account:

1. Check Your Account Balance

The first step to closing a joint banking account may begin with you ensuring that your account has a positive or zero balance. A bank may deny your request to close the account if you have a negative balance.

2. Stop Making Transactions

The next step to closing a joint bank account may require that you stop all automatic payments and transfers. You may also need to ensure that all transactions have been posted to the account and are no longer pending. You can transfer money from bank to bank before closing your joint account.

3. Contact or Visit Your Bank

At this stage you may contact the bank and request to close your joint account. You may visit your local banking branch, call the bank's customer service phone number, mail a letter to your bank, or use your online banking credentials to initiate the process.

4. Present Proof of Account Ownership

You may need to present photo identification and other personal information to proceed with a request to close the joint account. A driver’s license and ATM card or debit card associated with a joint banking account may serve as proof of identity and account ownership.

5. Request to Close the Joint Account

You may request to close your joint bank account after verifying your identity as a co-owner of the account. Some banks may require the consent of each co-owner to close a joint bank account. Your deposit account agreement may specify the process and procedures for closing joint accounts. The bank may grant your closure request if there’s no legal or compelling reason to deny it.Recommended: Guide to Joint Accounts

The Takeaway

Closing a joint bank account can be a simple process for depositors who are ready to make a change. You may have urgent reasons to close a joint bank account, and you may do so without getting the consent of a joint owner in some cases.If you’re looking to open a top savings account, Lantern by SoFi can help. Our online banking marketplace makes it easy to compare annual percentage yields (APYs) and choose a bank account that’s right for you.Compare today’s high-yield savings rates including fees and balance minimums.

Frequently Asked Questions

Who owns the money in a joint bank account?

Can I close a joint bank account without the other person?

How do I write a letter to close a joint bank account?

Photo credit: iStock/Szepy

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About the Author

Sulaiman Abdur-Rahman

Sulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and served as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.

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