• Money
    • Budget
    • Shop
    • Travel
    • Stories
  • Career
    • Advice
    • Entrepreneurship
    • Freelance
    • Small Business
  • Investing
    • General
    • IRA + 401K
    • Stocks + Bonds
    • Retirement Planning
    • Estate
  • The Basics
    • Student Loans
    • Credit Cards
    • Debt
    • Taxes
    • More
  1. Home
  2. The Basics
  3. Saving
  4. How to Split Joint Bank Accounts

How to Split Joint Bank Accounts

By: Ciele Edwards
  • Share
  • Share on Facebook

Sharing a bank account with another individual may be convenient, but it can also be dangerous. As a joint account holder, you are legally responsible for any fees that are levied against the account regardless of whether you accrued the fees. In addition, both account holders have full access to all of the funds contained in the account at all times. Thus, whoever shares the account with you has the right to withdraw and spend your money. Even if you trust the person sharing the joint bank account with you, splitting it may be in your best interest should your financial situation change.

Step

Call the bank and ask to split the account. In most cases, a bank will require you to close the joint bank account. It will then permit you and your previous joint account holder to open up new personal accounts--provided that you qualify. Bank policies differ, however, depending on the bank.

Step

Wait for all current transactions pending to the joint bank account to clear. You can close a bank account regardless of whether transactions are pending, but doing so may leave you to pay fees for debits or checks that posted after your account was emptied and closed.

Video of the Day

Step

Withdraw the money in the joint bank account and allocate it between yourself and your joint account holder.

Step

Apply for a new bank account in your name only. Depending on the bank, you may need to undergo a credit check to open up a new account.

Show Comments

Related Articles

Banks That Open Checking Accounts for Kids

Banks That Open Checking Accounts for Kids

The Basics
Saving
By: Lindsey Thompson
How to Get Bank Accounts of Deceased Parents

How to Get Bank Accounts of Deceased Parents

The Basics
Saving
By: John Hewitt

PARTNER CONTENT

They Paid Off $218K of Debt—Without Windfalls or Six-Figure Salaries

They Paid Off $218K of Debt—Without Windfalls or Six-Figure Salaries

How to Live That "Golden Girls" Life in Retirement

How to Live That "Golden Girls" Life in Retirement

Investing
Retirement Planning
By: Fiona Tapp
How to Claim Deceased Bank Accounts

How to Claim Deceased Bank Accounts

The Basics
Saving
By: Jayne Thompson
Reasons to Freeze Bank Accounts

Reasons to Freeze Bank Accounts

The Basics
Consumer Rights
By: Nancy Wagner

Get Weekly Savings& Finance Tips.

  • Money
  • Career
  • Investing
  • The Basics
  • About
  • Contact Us
  • Terms
  • Privacy Policy
  • Copyright Policy
© 2019 Leaf Group Ltd. Leaf Group Media

Get Weekly Savings
& Finance Tips.

Money Made Easier.

Please enter a valid email.