You need both account holders to agree, then contact the bank to withdraw the balance and shut it down
Closing a joint savings account requires consent from every person on the account. The bank will not close it or release funds based on one person's request alone. You will need to decide together how to split any remaining balance, then contact your bank with both signatures or both account holders present. The process itself takes a few days to a few weeks depending on whether the account has pending transactions or holds.
If you and the other account holder cannot agree, or if one person is unreachable, the account stays open. You cannot unilaterally remove the other person's name or access rights. Your only option then is to stop using the account and let it sit dormant, or pursue a legal remedy through a family law attorney if the account is tied to a divorce or separation.
Key Takeaways
- Both account holders must consent to close the account; the bank will not process a closure request from one person alone.
- You must decide in advance how to divide the remaining balance, because the bank will not split it automatically.
- Bring a government ID and the account number when you visit the bank, or call and request a closure form if you cannot visit in person.
- The account closes within a few business days if there are no pending transactions, holds, or overdrafts.
- If one account holder refuses or is unreachable, the account cannot be closed without a court order.
Decide how to split the balance before you contact the bank
The bank will not divide the money between you. You and the other account holder must agree on who gets what before you initiate the closure. Common approaches include splitting the balance 50/50, assigning it all to one person if the other has already withdrawn their share, or moving portions to separate individual accounts first.
If you cannot agree on the split, do not proceed with closure. An open account with both names on it means both of you retain access and rights to the full balance. Closing it forces a decision. If you are in the middle of a divorce or separation, consult a family law attorney before closing any joint account, because the balance may be considered marital property and closing it could complicate settlement later.
Visit your bank in person or request a closure form by phone
Call the customer service number on the back of your debit card or visit a branch in person. Tell them you want to close the joint savings account and provide the account number. If you visit in person, bring a government-issued ID. If you call, the bank will mail you a closure form or may process it over the phone if both account holders are on the call together.
Some banks require both account holders to sign the closure request in person at a branch. Others allow one person to sign if the other has authorized it in writing. Ask your specific bank what their policy is, because it varies. If one account holder lives far away or is unavailable, ask whether they can sign a power of attorney or authorization letter that you can bring to the branch on their behalf.
Withdraw the full balance or transfer it before closure
The bank will close the account once you have submitted the closure request, but you need to move the money out first. You can withdraw it in cash, transfer it to individual accounts, or request a cashier's check. Do this at the same time you submit the closure request, or the bank may hold the funds while the account is being closed.
If the account has a negative balance (an overdraft), you must pay that amount before closure. The bank will not close an account with money owed. If there are pending transactions or holds on the account—such as a pending check or a fraud investigation—the closure may be delayed until those clear.
What happens if one account holder refuses to close the account
The bank will not close a joint account without consent from all account holders. If the other person refuses or cannot be reached, you are stuck. The account remains open and active, and both of you retain full access to the balance and the ability to withdraw funds.
Your options are limited. You can stop using the account and let it sit dormant, though the bank may charge monthly maintenance fees or eventually close it due to inactivity (this varies by bank and can take months or years). You can also pursue a court order through a family law attorney if the account is part of a divorce, separation, or inheritance dispute. A judge can order the account closed and the balance divided, but this requires legal action and is expensive.
Confirm the closure in writing and check your credit report
Ask the bank for written confirmation that the account has been closed. This confirmation should show the closure date and the final balance. Keep this document for your records. Some banks send it by mail; others provide it at the branch or via your online banking portal.
Closing a savings account does not affect your credit score because savings accounts do not appear on credit reports. However, if the account had overdraft protection linked to a credit card or line of credit, closing the account may affect that credit product. Check your credit report a few weeks after closure to make sure the account is listed as closed and that no errors appear.
Frequently Asked Questions
Can I close the account if the other person owes me money from the joint account?
No. You cannot close a joint account unilaterally. If the other person owes you money, you would need to settle that separately—either by agreement or through small claims court. Closing the account requires both signatures, so the debt issue must be resolved first or handled outside the account closure process.
What if the other account holder is deceased?
Contact the bank with a death certificate and your ID. The bank will freeze the account and may require probate documents or a will before releasing the funds. If you are the surviving spouse or named beneficiary, the process is faster. If not, the bank will direct the balance to the deceased person's estate. Do not attempt to withdraw funds before notifying the bank.
Will closing the account affect my credit score?
No. Savings accounts do not report to credit bureaus, so closing one has no impact on your credit. Only credit products like credit cards, loans, and lines of credit affect your score. If the joint account had overdraft protection tied to a credit card, closing it may affect that card's available credit.
How long does it take to close a joint savings account?
Usually three to five business days if there are no pending transactions or holds. If the account has outstanding checks, pending transfers, or a fraud investigation, closure may take two to four weeks. Ask your bank for an estimated timeline when you submit the closure request.
What if I already withdrew my share and want to close my half?
You cannot close half of a joint account. The account is either open or closed for both people. If you have already taken your share, you can ask the other person to close the account, but you cannot force closure. If they refuse, the account stays open with their remaining balance in it.