The basic process: what happens when you close
Closing a joint account means the bank shuts it down and both account holders lose access. The money in the account must go somewhere before the closure is final — usually to one of the account holders, or split between you. Once closed, neither of you can use the account, make deposits, or write checks from it.
The process itself is straightforward: you contact the bank, tell them you want to close the account, settle what happens to the remaining balance, and sign paperwork. Most banks can close an account in a single visit or phone call, though some require written notice. The time it takes depends on your bank and whether both account holders agree on the closure.
Key Takeaways
- Both account holders usually must consent to close a joint account, though some banks allow one person to close it unilaterally if they remove their name first.
- Any money remaining in the account must be withdrawn or transferred before closure — the bank will not close an account with a balance.
- You will need to decide in advance how to split the remaining funds, or one person must take full responsibility for the balance.
- Automatic payments and direct deposits linked to the account must be redirected to a different account before you close it, or they will fail.
- The bank will send written confirmation of the closure, which you should keep for your records.
Before you call the bank: what you need to settle first
Do not contact the bank until you and the other account holder have agreed on three things: whether you both want the account closed, what happens to the money in it, and who will handle any outstanding checks or automatic payments.
If you disagree on closure, the bank will not close the account without both signatures. If you agree but disagree on the money, you will need to decide how to split it — whether one person takes the full balance, you each withdraw half, or the funds go to a third account you both control. If there are automatic payments still running (utility bills, insurance, subscriptions), you must redirect them to another account first, or they will bounce and create overdraft fees.
Check your account for pending transactions. If you have written checks that have not cleared yet, those will still process after closure — the bank will honor them from the account balance before it closes. If you are unsure whether a check has cleared, contact the bank and ask them to hold the closure until it does.
How to close the account: the steps in order
Call the bank's customer service line or visit a branch in person. In-person closure is often faster because the bank can verify your identity on the spot and process the paperwork when ready. If you call, have your account number ready and be prepared to answer security questions.
Tell the representative you want to close the joint account. They will ask whether both account holders are present or consenting. If only one of you is closing it, the bank may require written consent from the other person, or they may allow you to remove your name from the account instead (which is different from closing it — see the section below on removing your name).
Decide what to do with the remaining balance. The bank will offer you options: withdraw it in cash, transfer it to another account at the same bank, or transfer it to an account at a different bank. If both of you are present, you can split the money then. If only one of you is closing it, the bank will ask who the funds should go to — usually the account holder who initiated the closure, but you can direct them elsewhere if you have written authorization from the other person.
Sign the closure paperwork. The bank will give you a form confirming the closure. Keep this receipt — you may need it for tax records or if a payment fails after closure.
What to do if the other account holder will not agree to close it
If you want the account closed but the other person does not, you have two options: remove your name from the account, or contact the bank about your specific situation.
Removing your name is not the same as closing the account. The account stays open, but you are no longer responsible for it and cannot access it. The other person can continue using it alone. Most banks allow one account holder to remove their name without the other person's permission, though some require written notice or a visit to a branch. Ask your bank whether you can remove yourself unilaterally.
If you believe the other person is using the account fraudulently or you are a victim of abuse, contact the bank's fraud department or your state's banking regulator. These situations are handled differently, and the bank may close the account or freeze it without both signatures.
Redirecting automatic payments and direct deposits before closure
This is the step most people forget, and it causes real problems. Any automatic payment set up to come out of the joint account — a mortgage, car payment, insurance, utilities, subscriptions — will fail after the account closes. The same goes for direct deposits of paychecks or benefits.
Log into the account online or call the bank to see what is set up. Then contact each company or employer separately and give them the new account number where the payment should go. Do this at least one week before you close the account, so the change has time to process.
If a payment fails because the account is closed, you may face late fees, a drop in your credit score, or service interruption. The bank will not reverse the failed payment just because the account is closed — you will have to contact the company that tried to charge you and explain what happened.
After the account is closed: what to keep and what to expect
The bank will send you written confirmation of the closure, usually within a few days. This document shows the final balance, the date of closure, and where the funds were sent. Keep this for at least one year, in case you need to prove the account is closed (for example, if a company tries to charge the account after closure).
The account will no longer appear in your online banking. If you have old checks from the account, do not use them — they will be rejected. Shred them or destroy them so they cannot be used by someone else.
If you are closing the account because of a relationship ending, consider whether you need to notify anyone else — a lawyer, a creditor, or a government agency. Some situations, like child support or spousal support, may require you to report account changes.
Removing your name from a joint account instead of closing it
If you want out but the other person wants to keep the account open, you can remove your name instead of closing it. This means the account stays active, but you are no longer an owner and cannot access it.
Contact the bank and ask to remove your name as an account holder. The other person will usually need to be present or provide written consent, though some banks allow you to remove yourself without their permission. After removal, you are no longer responsible for overdrafts or debt on the account, and you will not see it on your credit report.
Removing your name does not affect automatic payments or direct deposits — those stay linked to the account and will continue to work. The other account holder becomes solely responsible for the account balance and any fees.
Frequently Asked Questions
Can I close a joint account if the other person will not sign?
Most banks require both account holders to consent to closure. If the other person refuses, you can usually remove your name from the account instead, which lets you walk away without closing it. If you believe the account is being used fraudulently or you are in an unsafe situation, contact the bank's fraud department or your state's banking regulator.
What happens to money in the account when it closes?
The money must be withdrawn or transferred before closure. You and the other account holder decide how to split it — one person can take it all, you can each withdraw half, or it can go to a third account. The bank will not close an account with a remaining balance.
Will closing a joint account hurt my credit?
Closing a bank account does not directly affect your credit score. However, if automatic payments fail because the account is closed, those missed payments could hurt your credit. Redirect all automatic payments before closure to prevent this.
How long does it take to close a joint account?
Most banks close an account the same day you request it, especially if you visit in person. By phone, it may take one to three business days. The bank will send written confirmation within a few days.
What if a check written on the joint account clears after it is closed?
The bank will honor checks written before closure, even if they clear after the account is closed. The funds come from the final balance. If you are worried about pending checks, ask the bank to hold the closure until they clear.