Many people open a joint account with their parents in order to open their first checking account. When in college you may have a joint account with your parents, because it easier for them to deposit money into your account when you need it. There may come a point when you no longer need or want them on your account. The easiest way to remove your parent's name is to close the account and open a new one.
Step 1
Make a list of any direct deposits or automatic payments that come out of your checking account. This list allows you to transfer the transactions to your new account once you open it.
Step 2
Open a new bank account. It is easy to do this at the same bank, but shopping for a new account may save you money and time. If you moved to a new city, you may not have a branch in your new area. A credit union often offers better deals than most banks.
Step 3
Transfer your direct deposit and automatic payments to your new account. Contact your human resources department to change your direct deposit. You will need to change your account information at each business that automatically withdraws payment individually.
Step 4
Tell your parents you are closing the joint account. Legally you do not need to do this, but it is a courtesy to let them know that the account will no longer be open. If they want to send you money they will need to mail a check.
Step 5
Stop using the account for about a week to allow all transactions to clear.
Step 6
Close the account at the bank. The bank issues you a check or gives you cash for the remaining balance and close the account that day. They only need the signature of one joint owner to close the account. If you are no longer in the same state or city of the bank, you can close the account with a letter. Include the forwarding address for them to mail the check for your remaining balance.
Tip
Make sure you close all related accounts to this account as well. Any cash reserve or overdraft accounts will need to be closed, and the bank may not close them if you do not request them to. If you have a savings account there you may want to close it as well and transfer the funds to your new bank, since it is easier to have your accounts at one bank.
Warning
If your account is overdrawn, the bank will not close the account for you until you bring it back into good standing or up to a zero balance. The bank can close the account on you, but they report you and your parents to ChexSystems until the balance has been paid off.