by Dawn Hawkins

Created on: February 26, 2010

If you got a joint checking account when you got married or there was another reason you got a joint account with someone, there may be a time that you want to close the account so that you no longer share it with that person. It doesn’t matter what the reasons are, you just want the account closed. It isn’t difficult to close the account but how you do it depends on how the account is set up.

Here is how to close a joint checking account:

Talk to the Joint Owner

You should always talk to the joint owner about closing the checking account. You have to be sure that no checks were written on the money that is left in the account. Once all the checks have cleared, you are free to close the account out. The money that is left over in the account should be split between the two of you.

Visit the Bank

When you are ready to close the account, you and the co-owner should go to the bank to close the account. Both people don’t have to be there as long as both of you don’t have to sign the checks that are written, but it is good practice that both parties be there when the account is closed.

Withdraw

The first thing you will do is withdraw any money left in the account. The bank will do this for you when you go to close the account. Again, the money should be split between both owners of the account.

Sign Paperwork

There may be paperwork that you will need to sign with the bank to show that you came in to close the account. Once you have done that, you are free of the joint checking account. The account can no longer be used by either party.

Once you have closed the account, any checks that were outstanding will bounce. The bank cannot cash a check on a closed checking account. If you feel that you have missed anything when making sure all checks cleared, contact the person whom the check is written to them to explain what happened. You can then make other arrangements to pay the bills.

It is wise to start a checking account in your name only when you close your joint account. This will allow you to continue your banking needs without too much interruption. If you know far enough ahead that the joint checking account will be closed, you can start the new bank account a couple weeks before closing the other account. This gives you time to get the new checks in. Don’t forget to destroy any blank checks that are left from the joint checking account so that there are no errors made in using the wrong checks.

Learn more about this author, Dawn Hawkins.
Click here to send this author comments or questions.