If June dies unexpectedly after Henry’s name is added to her bank account, this rights-of-survivorship joint account bypasses her will entirely. Joint bank account pros and cons. To remove someone from a joint account we require written instructions, signed by all parties on the account. How to Take a Wife's Name Off a Joint Checking Account Step 1. Review your account documents to determine your rights to remove a name from the account. How to Remove a Secondary Person From a Joint Account. The Law Dictionary: How Do I Remove Someone’s Name Off of a Joint Bank Account? It's also easy to remove a willing participant from a joint bank account. Closing a joint bank account. To take a minor child off of a custodial account, you can simply call your bank and request that they be removed from the account. For new bank accounts: Add your co-applicant during the application process. Your bank will require you to fill out a form that gives the bank permission to close your account. You’ll also need to agree how you’ll pay off any overdraft. Explain that you want to remove your wife from your joint checking account. Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Present identification for both you and your wife. Step 1 Make a list of any direct deposits or automatic payments that come out of your checking account. Pros. Most, like Wells Fargo and TD Bank, require you to close the joint account and reopen a new, personal account instead of just removing one person from the joint account. Once your joint account is closed, you can put the money that was previously in your joint account into a personal checking account bearing only your name. Can I Do That? Scotiabank’s Deposit Account Agreement contains the terms and conditions associated with joint accounts, and can be found in the Day-to-Day Banking Companion Booklet. It could be done with two or even more people together. Carabelli earned a bachelor's degree in communications from Seton Hall and has worked in banking, notably commercial lending, since 2001. There can be legal ramifications if you manage to remove her name without consent, especially in a contentious situation such as divorce. details of any outstanding lending facilities connected to the account (s) such as an overdraft, loan or … Rules for Closing a Joint Checking Account→, Find Out If You Have Bank Accounts Under Your Name→. Date… Branch manager, Bank/Institute name… Branch Name… Sub: Request Letter to Remove Name from Joint Bank Account. Keep in mind the following: Both account holders must be aged 18 or over. How to Remove a Deceased Person's Name From a Bank Account Obtain the Death Certificate. This is mainly done in cases where people want to accumulate their earnings and savings at … Otherwise, your bank can help you set up a new personal checking account under your name. As you each make payments from the account, pay attention to each other’s spending so you know how much you have left and therefore don’t risk an overdraw. However, many banks will not allow the removal of one name from the account due to the complexity of joint bank accounts. 5  4  Some, however, limit you to less convenient methods of closure; reading your account agreement can help you identify the right approach. This means that you will need to withdraw the total amount of money in the joint account before you can close it. Some seniors also do this because they want to avoid probate. It doesn't matter if you're the only one depositing money, the other account holder could withdraw it all. Sovereign Bank: Personal Deposit Account Agreement, Bankrate.com: Son Can't Flee Bank Checking Account. 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