Closing a joint account requires both account holders to agree, and the bank will not process the closure if one person objects
You cannot unilaterally close a joint bank account. Both owners must consent, and most banks will not close the account if even one owner refuses. If you and the other account holder disagree about closing, you have limited options: you can remove yourself as an owner (if the bank allows it), withdraw your share of the money, or pursue a legal remedy if the account is being misused.
The process itself is straightforward when both parties agree. You visit the bank in person or call and request closure. The bank will verify both owners' identities, ensure all outstanding checks have cleared, and distribute the remaining balance according to your instructions. The account closes within a few business days to two weeks, depending on the bank and whether there are pending transactions.
Key Takeaways
- Both account holders must consent to close a joint account; the bank will refuse closure if one owner objects.
- Visit the bank in person or call to request closure, and bring identification and any documentation the bank requires.
- The bank will wait for all outstanding checks and automatic payments to clear before finalizing the closure.
- You can request the remaining balance be split between two separate accounts, sent as a check, or distributed another way.
- If the other account holder refuses to close the account and you cannot reach agreement, you may need to remove yourself as an owner or seek legal advice.
What happens to the money when you close
The bank will not close the account until all pending transactions have cleared. This means any checks you wrote that have not yet been cashed, any automatic bill payments scheduled to come out, and any pending deposits must settle first. This process typically takes three to seven business days, though it can take longer if checks are still in transit.
Once everything has cleared, you and the other account holder decide how to split or distribute the remaining balance. Most banks offer these options: deposit the full balance into one owner's separate account, split the balance between two separate accounts (one for each owner), receive a cashier's check, or wire the funds to another account. You must both agree on the distribution method before the bank will process it.
If there is a dispute over who owns what portion of the money, the bank will typically freeze the account and require written agreement from both owners or a court order before releasing any funds. This is why it is critical to settle the money question before you request closure.
Steps to close the account when both owners agree
Contact your bank and ask to speak with someone who handles account closures. You can do this by phone, by visiting a branch in person, or through online banking if your bank offers that option. Phone and in-person are faster because the representative can walk you through the process immediately and answer questions about your specific account.
Bring or have ready your account number, government-issued photo ID, and the Social Security number or tax ID associated with the account. If you are closing by phone, the bank will verify your identity by asking security questions. If you are closing in person, bring your ID and be prepared to show it.
Tell the bank representative that both account holders want to close the account and that you have agreed on how to distribute the money. The representative will confirm there are no pending transactions, explain any fees associated with closure (most banks charge nothing, but some charge a small fee if the account is closed within a certain period), and ask how you want the remaining balance handled.
The bank will provide written confirmation of the closure, usually by mail within one to two weeks. Keep this confirmation for your records. The account will stop accepting deposits and withdrawals immediately, though it may take a few days for the closure to appear on your credit report or in your online banking portal.
When the other account holder refuses to close the account
If the other owner will not agree to closure, the bank cannot close the account without a court order or written consent from both parties. You have three realistic options at this point: remove yourself as an owner, withdraw your share of the money and leave the account open, or pursue legal action.
Removing yourself as an owner is the simplest path if the bank allows it. Not all banks permit one owner to remove themselves unilaterally, so ask the bank whether this is possible on your account. If it is, you will sign a form authorizing your removal, and the other owner will retain full control of the account. You will no longer have access to the account or liability for overdrafts or disputes.
If the bank does not allow unilateral removal, you can withdraw your share of the money in full. Calculate what portion of the account balance belongs to you (this may be 50/50, or it may reflect different contributions), and request a withdrawal or transfer of that amount to a separate account in your name only. The other owner retains the remaining balance and the account stays open.
If you believe the other owner is misusing the account, committing fraud, or preventing you from accessing money that is rightfully yours, you may need to consult an attorney. A lawyer can advise you on whether to pursue a civil claim, file for an injunction, or take other legal steps. This is expensive and time-consuming, so it is a last resort.
Closing the account if one owner has died
If the other account holder has died, the bank will not close the account until it receives a death certificate and proof that you are authorized to act on the account. This proof usually comes in the form of a will, a court order naming you as executor, or a power of attorney document.
Contact the bank and provide the death certificate. The bank will freeze the account and may require you to provide additional documentation before releasing any funds. If the deceased owner left a will, the account may need to go through probate before it can be closed. If there is no will or if you are the sole surviving owner, the process is faster.
Once the bank has verified your authority, you can request closure and distribution of the remaining balance according to the deceased owner's wishes or according to state law if there is no will. The timeline for this process varies widely depending on whether probate is required and how quickly you can provide the necessary documents.
Fees and timing for account closure
Most banks do not charge a fee to close a joint account. However, some banks charge an early closure fee if you close the account within a certain period—often 90 days to one year after opening. Check your account agreement or ask the bank representative whether a fee applies to your account.
The closure itself usually takes one to two weeks from the date you request it. This timeline accounts for pending transactions to clear and for the bank to process the closure and distribute the funds. If you are waiting for a check to be mailed, add another five to seven business days for postal delivery.
If the account has a large balance or complex transaction history, closure may take longer. If there are disputes between the owners or if the account is involved in a legal matter, closure can be delayed indefinitely until the dispute is resolved.
What to do after the account is closed
Once the account is closed, update any automatic payments or direct deposits that were tied to the joint account. If you had automatic bill payments coming out of the joint account, set those up with your new individual account or with the other owner's account, depending on who is responsible for each bill.
If you had direct deposits going into the joint account, contact your employer or the organization making the deposit and provide your new account number. This usually takes one to two pay periods to take effect.
Keep the bank's written confirmation of closure for your records. If there are any disputes later about the account or the distribution of funds, this confirmation will serve as proof that the account was properly closed and that both parties agreed to the closure.
Frequently Asked Questions
Can I close a joint account online?
Some banks allow you to request closure through online banking, but most require at least one account holder to call or visit in person to verify identity and confirm that both owners consent. Check your bank's website or call to ask whether online closure is available for joint accounts.
What if there is still money owed on checks I wrote from the joint account?
The bank will not close the account until all checks have cleared. If you wrote a check that has not yet been cashed, the bank will hold the account open until that check clears or until you stop payment on it. Once all outstanding checks have cleared, the account can be closed.
Do I need a lawyer to close a joint account?
No, not for a standard closure when both owners agree. You only need a lawyer if the other owner refuses to close the account, if there is a dispute over the money, or if the account is involved in a legal matter like divorce or probate.
Will closing a joint account affect my credit score?
Closing a joint account does not directly harm your credit score. However, if the account had a positive payment history, closing it may slightly lower your score because you are reducing the age and diversity of your credit accounts. The effect is usually small and temporary.
What if the other account holder is missing or unreachable?
If you cannot locate the other owner, the bank will not close the account without a court order. You can petition the court for an order allowing you to close the account or remove yourself as an owner. This requires legal action and may take several months.