Banking Banking Basics

Closing a Joint Bank Account: What You Need to Know

Closing a joint bank account is similar to closing a regular account, but you may need to have the permission of all account holders to do it.

By Christy Rakoczy

Edited by Sarah Fulghum

Updated Aug. 22, 2025

Joint bank accounts are co-owned by multiple people. Usually, they have two owners, although they can have more. Each owner has their name on the account and a legal right to the money in the account.

To close a joint bank account, you may need the permission of all account holders. You'll also need to contact your bank to find out the requirements to close the account. It may be as simple as a few clicks online, or you may need to visit a branch. It varies by bank and account type.

This guide will explain in more detail how to close a joint bank account when necessary, regardless of the reason for closure.

Key takeaways

Closing a joint bank account is similar to closing any other type of bank account.
You'll need to make sure all of the transactions clear and all the money is distributed elsewhere.
You'll have to follow your bank's policies for closing the account, which could allow you to close it online, via mail, or in person.

6 steps to close a joint account

To close a joint checking account, here are the steps you should take.

1. Talk with the account's co-owner

Typically, everyone who owns a joint account needs to be on board with closing the account, as the bank may need everyone's permission. Be sure the other account co-owners are willing to sign the required forms or follow the bank's process.

If the other owners are not willing to close the account, you may be able to have yourself removed from it by talking with the bank.

2. Wait for the current transactions to clear

You may have bill payments coming out of the account or checks coming in. It's important to wait for the current transactions to clear before closing the account. You don't want checks you wrote to bounce, payments to be late or missed, or a direct deposit to go to a closed account.

Check with the account's co-owner to make sure they don't have any pending transactions either before you act.

3. Withdraw the funds in the account

You'll have to take the money out of the account when you are closing it. Ideally, you and the co-owners will decide together how to distribute the funds you take out.

Just be aware that any party to a joint bank account can clear it out independently — although your state may protect you if your ex took your shared funds from the shared account, especially if you were married.

4. Apply for a new bank account

It's easier to close an old bank account if you have a new one. That way, you can redirect your deposits and bill payments to your new account before cancelling your existing one, making the process seamless. And, there are many bank accounts that can be easily opened online.

When you withdraw the funds from the joint account, you can send the money right to your new one.

Here are a few joint accounts we recommend:

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5. Find out your bank's process for account closure

Next, reach out to your bank and ask them how to close the account. Usually, banks allow you to close an account:

In person: You and your co-owners can visit the branch and request account closure.
Via mail: All of the co-owners will need to sign the documents requesting that the account be closed.
Online: You may be able to log in to your online account to close your joint account. Again, usually both parties have to sign off, even if you are online.

Your bank may require documentation, such as IDs from all of the parties on the account who are requesting account closure. You may also need to provide additional documents, such as a death certificate, if you are closing a joint account with someone who is deceased.

6. Submit the required forms and documentation

Once you know what your bank requires, submit the requested forms. Depending on the method you used, your account may be closed instantly, or it can take some time for the bank to act.

How to close a joint savings account

The process of closing a joint savings account is very similar to the process of closing a joint checking account. However, you may not need to take steps like waiting for direct deposits to clear or bills to pay if these types of transactions were not going on in that account.

When you close your joint savings account, be sure to decide what to do with the money.

You can move it into a different savings account to keep it safe if it is an emergency fund or if you will need it for short-term goals. If you won't need the funds for several years, you could also consider investing the money you withdraw.

FAQs

Can you close a joint bank account without the other person?

Some banks allow any one owner of a joint account to close the account. Others require the consent of all of the account holders. Find out what your bank's policy is by asking the bank.

Can I remove myself from a joint bank account online?

You may be able to remove yourself from a joint bank account online. Some banks only allow you to do this in person or only allow you to do this with the consent of the other account owners. Check your bank's terms and conditions to find out the rules.

Does closing a bank account hurt your credit?

Banks and credit unions do not typically report data to the credit reporting agencies. As a result, closing a bank account should not hurt your credit.

However, if you pay bills with the account and forget to make alternative arrangements and miss a payment, this could affect your credit score. Closing a bank account with a negative balance and not paying it could also damage your score.

Are there any disadvantages to closing a bank account?

Closing a bank account can be inconvenient. You'll need to change any direct deposits or bill payments you had linked to the account. If you forget to make a change or don't wait long enough, you risk bouncing a check or having a bill payment be late.

What are the disadvantages of having a joint bank account?

The biggest disadvantages of a joint bank account are that both parties are equally responsible for the account and have equal rights to the account. This means the co-owner could empty the account without your permission or could overdraft the account, and you may have little recourse and be on the hook for the negative balance.

Can you legally empty a joint bank account?

As a general rule, any owner of the account can withdraw funds at any time. However, some state laws protect you if this happens when a relationship is ending. If your spouse empties a joint bank account before divorce, for example, that could affect the outcome of divorce settlement proceedings.

Bottom line

Joint bank accounts can be very convenient, but they can also be complicated to close because you may need the consent of all parties. You also face risks because the actions of the account co-owner can affect your finances.

If you want to close a joint bank account, you should find out what your bank's policies are and, ideally, work with the account's co-owners to make sure you distribute the funds in an orderly way after all pending transactions have cleared.

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