How to Make a Joint Bank Account Single: There are many reasons why you and someone else might share a bank account. For instance, you might share an account with your lover or a business partner. Sometimes, friends or relatives decide to open a joint account so they can pay for things together.
No matter what your situation is, if you break up with a partner or leave a group of people, you will need to change your shared bank account to a single one. Even if you’re not getting along with an ex-significant other, you don’t have to see them to change the state of your account.
Just make sure to pay off any bills and split the rest of the money fairly before you or someone else gets kicked out of the account.
How to Make a Joint Bank Account Single
1. Getting the Account Ready to Change
Pay back the account’s bills. Pay back any overdraft fees, credit loans, or home loans that you owe on the account. This is the only way you’ll be able to change who the account belongs to.
Basically, the account needs to be “in credit” before you can change it to a single account. This means that you don’t owe the bank any money through that account and that the amount is $0.00 or more.
2. Cancel any automatic payments if you’re closing the account
Make sure to stop any automatic payments from the account, such as rent, phone plans, energy bills, and anything else. This will keep the account from getting any overdraft fees or other fees that could cause the amount to go below zero.
Don’t let yourself miss a bill payment by forgetting to set up automatic payments from another account or to pay your bills in person.
This only needs to be done if the account won’t be used to pay bills anymore. If you’re breaking up with a partner and you both have cards for the account, talk to them and agree that neither of you will use the cards anymore. This is true for both work partners and friends in a relationship.
3. Split any money in the account fairly if you’re separating from a partner –
- If it seems fair, split the money in half between the two of you. If it’s more fair to do so, split the money based on how much each person has given.
- For example, if you put 2/3 of the money in the account each month, you and your partner might agree that you will only give them 1/3 of the money in the account.
- If you are splitting money with a business partner, it might be best to split the money in half. If you’re breaking up with a partner, it might make more sense to share the money based on how much each of you put in.
- If you and your ex-partner can’t agree on how to split the money after you break up, you will have to let the courts decide before you can move on.
4. Divide money in the account by contribution if you share it with a group –
If you share the account with other people, such as family, friends, or neighbors, figure out how much money each person put in. Before you change who owns the account, give each person their share of the money in the account.
For example, if you share the account with two brothers and each of you puts in the same amount each month, you can just split the money among the three of you.
5. Removing Someone from the Account
Go to the bank office that is closest to you. Most banks require you to go in person if you want to remove someone from an account. If you only want to get rid of yourself, you usually don’t have to go with the other person or people on the account. If you want to get rid of the other person but leave the account in your name, you have to talk to both of them.
Keep in mind that each bank has its own rules about how to change the state of an account. You can get more detailed information from your bank’s website or by calling their customer service line.
When you go to the bank, bring your picture ID with you.