Fate of Joint Bank Accounts on Divorce?

Question

Can the First Holder close Joint Account in which the former spouce was an authorised user ?

Answer 1

No. You need her signature for closure. Not otherwise

Answer 2

Joint ownership of a Bank account, or a home generally means that each joint owner has an interest in the whole. Thus , if one owner dies the other owner owns EVERYTHING automatically - not just half , but the whole thing.

A joint bank account is subject to the provisions of the contract between the Bank and it's depositors. A party to a joint bank account may withdraw and use the funds from the account depending on the instructions to the Bank at the time of account openning. Typically, :
(i) Either party may withdraw or
(ii) Both parties must sign for the withdrwal
For ATM usage of the Account, automatically it is either can withdraw arrangement.

If a joint owner has the right to withdraw money unilaterally, in other words, without the consent of the other party to the account, the courts will not consider the exercise of such a right -wrongful, unauthorised, improper or unlawful.

You should be sure to read all account agreements with your bank so that you understand the terms under which withdrawals may be made and by whom.

N.B -- The answer is Yes ! -IF the account is not a joint account , but yours alone but merely gave instructions to the bank to allow your husband access to the account. You are at liberty to withdraw that instruction to the bank or even close the account unilaterally.

Good luck

Answer 3

Either joint account holder can close the account (or withdraw some or all of the money) at any time without the permission of the joint account holder.

*Added later: You would only need the signature of the joint account holder if you wanted to REMOVE him/her from the account. However, you can definitely walk in and close the account on your own, no question. Different banks do not have different policies on this. Think of it like this... You don't need the joint account holder's permission to withdraw, right? So what is stopping either joint account holder from withdrawing all the money, and ultimately closing the account? (I am assuming we are talking about a deposit account here, like a checking or savings, and not a credit account. Please clarify if this is about a credit account.)

Answer 4

I had a joint bank account with my ex husband, and when we split up I couldn't close the account without his signature. He would not do as he was bitter and twisted . But I spoke to the bank and explained the situation and they told my I could freeze the account thank god.

Answer 5

No - most banks will not allow you to do this. When you opened your account you will have signed an agreement which made you both responsible for the account and as such you need both parties agreement to close.

You can however cancel DDRs and Standing orders, arrange to have all cards and chq books cancelled and mark the account 'both to sign' to prevent the account from being used without your approval

Answer 6

Once the divorce is filed, the money belongs half to each, it is possible for one or the other to withdraw all the money, but they would have to account for this at the divorce. In some UK banks, you need both to agree to close the account, but the account can be down to zero.

Answer 7

I think this depends in which bank you have the account. Most banks will close the joint account & re-open one in your name. Phone, or go into a branch of your bank & speak to someone. There may be direct debits or standing orders that are hers, & will continue to be paid until she cancels them.

Answer 8

Yes if the account requires only one signature, thats why ive got a joint account so when my leaves me she can have the lot.

Answer 9

Yes, but you will have to account for the money in the settlement.
You should ask your lawyer for advice before doing this. I closed mine and we divided the money 50/50 first. I live in Illinois so it may be different in different states.

Answer 10

It is legal but not moral. Whatever she may have done to you there is no need to be vindictive. And under no circumstances have a joint account, ever, with anyone.

Answer 11

depends what country you're in and your bank's policies.

my husband closed our joint US bank account without my authorization. i thought for sure he'd have to have my permission, but i guess not.