Assets such as bank accounts, shares, bonds, mutual funds, FDs, insurance policies, etc can be held jointly. The bank account can be held jointly by more than two people. But at times, you may want to separate your joint account. And at this moment you may wonder can you separate a joint bank account. I will share with you how to separate a joint bank account.
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To separate the joint account holder’s name you need to delete the name of the second account holder. Here is the step-by-step guide on joint bank account separation.
After visiting the bank, the authorities will provide you with a form to delete the name of the other bank account holder. You can also download the form from the bank’s website. The deletion form should be signed and filled out by both account holders.
Details such as account number and type of account should be mentioned in the form. Guardian’s name is required if the account holder whose name should be deleted is a minor.
Account holders can also change the mode of operation to joint. Survivor, or single.
If the account holder’s name is being deleted, he/she should return the Debit/ATM cards or sign a declaration stating the cards have been destroyed.
The old cheque book won't remain valid. Therefore, the account holder must request a new chequebook. Unused cheques should be returned to the bank.
The first or primary account holder’s name cannot be deleted.
The answer to the question can joint account be separated is Yes! Joint bank accounts can be separated if required. I hope you know the process to the question ‘ can you separate a joint bank account’.
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Authors Of The Question
Can you separate a joint bank account?
Pankaj Rathore
1128Views
2 Year
2022-10-12T09:51:59+00:00 2022-10-12T09:52:05+00:00Comment
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