The basic steps to close a joint account
Closing a joint account requires agreement from all account holders and involves notifying the bank, settling any outstanding balance, and having each person's name removed from the account. The process typically takes one to two weeks, though some banks complete it faster if you close in person. You will need to decide beforehand whether to pay off any remaining balance from a shared account, transfer funds to individual accounts, or split the money between holders.
The exact steps depend on the account type — checking, savings, or credit card — and the bank's procedures. Most banks let you start the process online, by phone, or in a branch, but some require at least one account holder to appear in person with identification.
Key Takeaways
- All account holders must agree to close the account; one person cannot unilaterally close a joint account at most banks.
- You will need to settle any outstanding balance, pay off credit card debt, or transfer remaining funds before the account closes.
- Contact your bank directly to confirm their specific process, as procedures vary by institution and account type.
- After closing, each person may need to update automatic payments, direct deposits, and linked services that used the joint account.
Checking and savings accounts: the standard process
To close a joint checking or savings account, contact your bank and confirm that all account holders agree to the closure. Most banks will ask you to verify the account number, provide identification, and confirm that you want to proceed. If the account has a positive balance, you can request a check, transfer the funds to another account, or withdraw the money in cash.
If the account is overdrawn or has a negative balance, you will need to deposit funds to cover the shortfall before the bank will close it. Some banks allow one account holder to make this deposit; others require all holders to contribute. Ask your bank about their policy when you call.
Once you have settled the balance, the bank will close the account. You should receive written confirmation within a few business days. If the account had automatic payments or direct deposits set up, you will need to update those arrangements with your new account information before the closure takes effect.
Joint credit cards: paying off the balance first
Closing a joint credit card is different from closing a deposit account because you must pay off the full balance before the card can be closed. Contact the card issuer and ask about their process for closing a joint account. Some issuers will let you close over the phone; others require a written request or a visit to a branch.
Before you close, make sure all charges have posted and you have paid the full statement balance. If there are pending transactions, wait for them to appear on the statement and pay them. Some issuers will not close an account with an outstanding balance, even if you have made a payment — they may require the payment to clear first, which can take several business days.
After the account is closed, the card will no longer be usable, but the account history will remain on both holders' credit reports for seven years. This can be helpful if the account was in good standing, since it shows a long history of on-time payments.
What happens if account holders disagree
If one account holder wants to close the account and the other does not, most banks will not close it without consent from all holders. This is a legal protection: the bank cannot unilaterally remove someone's access to money they have a right to use. If you and the other holder cannot agree, you have a few options.
You can ask the bank to remove your name from the account, which converts it to a sole account in the other person's name. This requires the other holder's consent and may take longer than a standard closure. Alternatively, you can ask the bank to freeze the account, which prevents new transactions but keeps it open — this is sometimes used as a temporary measure while the holders work out a solution.
If the account holds funds that belong to both of you and you cannot agree on how to split them, you may need to involve a lawyer or mediator. Some banks will not release funds until the dispute is resolved.
Removing your name without closing the account
If you want to remove yourself from a joint account but the other holder wants to keep it open, you can ask the bank to remove your name. This converts the account to a sole account in the remaining holder's name. The bank will transfer any funds that belong to you to a separate account or issue a check.
This process also requires consent from the other account holder, since removing someone's name changes the account's legal structure. If the other holder refuses, the bank cannot proceed. Some banks charge a fee for this service, though many do not.
After your name is removed, you will no longer be responsible for overdrafts or debt on the account, and the account will no longer appear on your credit report for future activity. However, the account history up to the point of removal will remain on your credit report.
Updating automatic payments and direct deposits
Before the account closes, identify all services linked to it. Check your email for recurring charges, review your pay stub to confirm where your paycheck is deposited, and look at your bills to see which accounts are set up for automatic payment. Many people forget about subscriptions, gym memberships, or insurance payments that are tied to the old account.
Contact each company and provide your new account information. For payroll, contact your employer's human resources or payroll department and submit a new direct deposit form. For automatic payments, log into each biller's website or call them directly. Some companies let you update online; others require a phone call or written request.
Do this at least one week before the account closes. If a payment attempts to process after the account is closed, it will be rejected, and you may face late fees or service interruptions. The bank cannot redirect payments to a new account automatically.
Timeline and what to expect after closure
The closure process usually takes one to two weeks from the date you request it. Some banks complete it the same day if you close in person; others take longer if you close by phone or online. During this time, the account remains open and usable unless you ask the bank to freeze it.
After the account closes, you will receive written confirmation from the bank. Keep this confirmation for your records. The account will no longer appear as active on your credit report, but the history will remain visible to lenders for seven years (for credit cards) or until the account ages off your report (for deposit accounts).
If you closed a joint credit card in good standing, the closed account can actually help your credit score by lowering your overall credit utilization ratio. If the account had late payments or high balances, the impact may be negative, but the account history will still be visible to lenders as a reference.
Frequently Asked Questions
Can one person close a joint account without the other person's permission?
No. Banks require consent from all account holders before closing a joint account. If one holder wants to close and the other does not, you can ask to remove your name instead, which converts it to a sole account — but this also requires the other holder's consent. If you cannot agree, contact the bank about freezing the account as a temporary option.
What happens to the money in a joint account when it closes?
The bank will issue a check, transfer the funds to another account, or allow you to withdraw the money in cash. If the account is overdrawn, you must deposit funds to cover the shortfall before closure. If the holders cannot agree on how to split the money, the bank may hold the funds until the dispute is resolved.
Will closing a joint account hurt my credit score?
Closing a joint credit card may lower your score slightly if the account was in good standing, because it reduces the length of your credit history. However, if the account had late payments or high balances, closing it may help your score. For deposit accounts like checking or savings, closure does not affect your credit score at all.
How long does it take to close a joint account?
Most banks complete the closure within one to two weeks. If you close in person at a branch, some banks can do it the same day. If you close by phone or online, it typically takes longer. Always confirm the timeline with your bank when you request the closure.
Do I need to visit a branch to close a joint account?
Not always. Many banks let you close by phone or online, though some require at least one account holder to appear in person with identification. Call your bank to ask about their specific process — it may vary by account type and location.