What's a joint bank account?
A joint bank account is an account taken out by people who usually live together to pay shared bills.
Some joint accounts can only be opened with one other person, whilst some banks allow you to have more than two people as account holders.
Joint account holders have equal access to money in a joint account and to the money that might be in overdraft or credit.
How do I take my name off a joint bank account?
If you're thinking about taking a name off of a joint account, it's important to look at other related things like any insurance, bills or loans that might be affected alongside the joint account.
It's always better to discuss the removal of a name first with a whoever is also on the joint account, instead of going ahead without the other joint account holders knowing what's happening.
Outstanding overdrafts that were part of your joint account could be asked to be paid back and having debt left on your joint account could affect your personal credit score. It's also important to look at the way your joint account has been set up, so you agree on things like the overdraft limit being increased or money being withdrawn. If bills, direct debits or standing orders also come out of your joint account, you'll need to agree on how this will work too.
The first thing to do would be to contact your bank, as different banks might have different ways to go about this. Most banks will require written instructions that need to be signed by all parties on the account and some banks require all account holders to be present when removing an account holder. With a Monzo joint account, this can be done through the app.
How do I remove a joint account holder from a credit account?
If you're closing a credit joint account, the balance will need to be sorted out first. Payment might be expected from everyone in the joint account, despite the fact only one person might've been responsible for the debt on the credit card.
It's usually more difficult to remove a joint account holder from a credit account (instead of a current account or savings account). This is because members of the joint account would have received credit based on the income and personal credit scores of all account holders.
The best thing to do would be to get in touch with your bank or building society directly and see what options you have. Some banks will ask for the account balance to be paid off, before allowing the joint account to close.
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