How to Change a Joint Bank Account to a Single

 

There are a number of reasons you may have a joint bank account with someone. For example, maybe you share an account with a significant other or business partner. Other times, groups of roommates or siblings decide to open a joint account for shared expenses. Whatever your case may be, if you end a relationship with some kind of partner or go your separate way from a group of people, you’ll want to change your joint bank account to a single one. Don't worry if you're not in a good place with an ex-significant other because you don't necessarily have to see them to change the account's status. Just make sure to pay off any debts and divide the remaining money fairly before you remove yourself or someone else from the account.

 

 

1. Getting the Account Ready to Change

v Pay back any debts on the account.

v Cancel any automatic payments if you're closing the account

v Split any money in the account fairly if you’re separating from a partner

v Divide money in the account by contribution if you share it with a group.

 

 

2. Removing Someone from the Account

v Visit the nearest branch of your bank.

v Fill out a form to request the removal of someone from the account.

v Return the form to the bank to change the account ownership status.

READ MORE: Easy Ways to Change a Joint Bank Account to a Single: 7 Steps (wikihow.com)