How to convert a joint bank account into single account

Before converting joint account, ensure that all debts, overdraft fees, and loans on account are paid
A representational image. — Unsplash
A representational image. — Unsplash

If you share a joint bank account with someone and now you're keen to convert it to a single account for some reasons, there are ways you can opt for to get the conversion completed in an effortless manner. 

Before initiating the process, ensure that all the debts, overdraft fees, and loans on the account are paid, and put an end to all the automatic payments methods tied to the account to avoid additional fees. 

If you're seeking separation from a partner, fairly split the money in the account, either equally or based on contributions.

Read more: How to close a bank account — A step-by-step guide

Guide to converting joint account into single account

Pre conversion measures

  1. Clear debts: Pay off any outstanding debts, overdraft fees, and loans on the account to ensure it's in credit.
  2. Cancel automatic payments: If closing the account, cancel automatic payments to prevent overdraft fees. Set up alternative payment methods.
  3. Fair money split: If separating from a partner, divide the money in the account equally or based on contributions.

Converting joint account

  1. Visit the bank: Go to the nearest bank branch. If removing someone else, you may need to go together; if removing yourself, you can go alone.
  2. Request removal form: Speak to a bank employee and request a form to remove someone from the account. Some banks provide this form online.
  3. Fill out the form: Complete the form with necessary details such as account number, account holders' names, and addresses, and then sign the form.
  4. Submit the form: Return the completed form to the bank to initiate the change in account ownership status.

Safety measures

  • Before converting the account, agree on terms to fairly divide the money in the account.
  • Cancel any automatic payments to avoid fees after separating funds and settling debts.

Alternative method

Bank procedures may vary, so it is advised to contact your bank or visit their official website for specific information.

Apart from that, you can also close the joint account and open a new single account to avoid undergoing the hectic procedure of conversion.