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If a bank acct is jointly owned can one owner close the acct without the other persons knowledge?

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asked Aug 7, 2012 in Personal Finance by anonymous
retagged Sep 4, 2012 by Drake Peters
   

1 Answer

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It depends on a lot of things and can vary from bank-to-bank, so you really have to check with your bank to know for sure.

But what you need to think about is that either person on a joint account has full control of the money in it. So one person CAN withdraw or spend all the money, even if they can't actually close the account.

If you're going through a divorce and the other person drains the account, you may be able to get some of that back as you go through the legal divorce processes. But if you have a joint account with someone you're not legally coupled, with you may be out of luck
answered Aug 30, 2013 by bbrown Inquisitive Expert (97,580 points)

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