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Removing a Joint Owner from an Account

Question: 
We occasionally have customers who request to remove a joint owner from an account. We don't do this unless the other customer being removed is deceased. We have learned that some banks will allow this. What is your take on this topic?
Answer: 

by Randy Carey:

Some banks may allow it, but it is a very poor business practice and fraught with danger.

Answer: 

by John Burnett:

If I went to my bank and asked them to remove the joint owner from my account, they would tell me that I must close the account and open a new, single-owner account, and that any checks or ACH debits presented after I did that would be returned unpaid (with agreed-upon exceptions to be charged to the new account).

First published on 07/28/2019

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