How to Get Rid of a Joint Account With My Parents

Once you have established yourself financially, you may no longer want a joint account with your parents.
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Parents often open joint bank accounts to teach their children about money. However, there comes a time for most adult children when this structure needs to be changed, but how can one go about doing that? If you want to remove a parent from a Wells Fargo bank account, or do the same thing with another bank, the best way is to close the account down and open up a new, individual one. Every bank has its own rules for this, but this procedure is one of the most common.


Remove Parent from Wells Fargo Bank Account

Wells Fargo offers student and teen checking accounts, designed for ages 13 to 24. State regulations apply, and a $25 deposit is required to open the account. In some cases (but not all) an adult co-owner is required. There may be fees involved as well, but the monthly service fee is usually waived.

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When a parent opens a joint banking account with a child, both parties can access the funds, meaning they can make deposits and withdrawals. There are many reasons for wanting to remove someone from a joint account, like the child being independent and ready to handle their own finances. Besides all that, monthly bank statements include information about ATM withdrawals, debit card transactions and other details that an account holder might want to keep private.


To remove a parent from a Wells Fargo bank account, both parties will need to go to their local branch and do it in person. Other financial institutions like TD Bank have the same rules. This must be done because both of the joint account holders are entitled to the money. Do not expect to be able to do this over the phone in a matter of minutes.

Best Business Account Bank

Perhaps you have just closed your bank account with your parents and would like to open a new account. Maybe you have since started your own business and would like to open a new account that is specific to your business.


Business owners open up business checking accounts to manage their everyday finances, and these accounts allow businesses to keep their personal and business expenses separate. Business checking accounts establish a company's financial presence and also help them prepare for tax time. All the major banks offer business checking accounts, with different fees and perks. You should never have a parent on your business bank account, unless they are an employee or have a financial role in the company.

NerdWallet lists their top choices for business checking, including Wells Fargo, Chase and Bank of America. Money Under30 likes Bank Novo, Lili and Radius Bank Tailored Checking. The best business account banks offer interest-earning capabilities, online and mobile banking, ATM accessibility, low fees and other desirable services.


Balancing a Checking Account

Many bank account holders do not bother balancing their bank accounts every month, but with today's security issues, this is more important than ever. This is especially true if your account is an old one that your parents were listed on and that hasn't been touched in years. Bankrate points out that balancing accounts is one of the best ways to prevent fraud. If you notice a difference between your records and what the bank shows, there could be an outside party causing the problem.


There could also be legitimate unexpected charges on the account, like overdraft, ATM and monthly fees. These should be recorded into the register if they were not there already. Doing this prevents overdrafts, and you better believe that those fees can be pretty hefty.

To balance (reconcile) a checking account, add up all of the deposits that the bank has not credited to the account yet. Then, subtract every payment, withdrawal and fee that has not yet been cleared. Compare this to the bank's online account summary to see if the numbers match up. If there is a discrepancy, see if you can figure out how it arose. Otherwise, contact the bank as soon as possible.