How to Close a Joint Bank Account?

Joint bank accounts are great when two or more individuals or entities want to open a bank account together. Usually, the business partners and close relatives open this kind of account. Well, that is one part of the story. Today I will tell you the process to close a Joint Bank account.

Here you should understand that there is no special thing that you need to do. Everything remains that same as that of closing an individual account. But here all the holders of the account need to provide consent to the bank. And the other very important thing is you can not close the joint bank account online.

All or any one of the account holder has to personally visit the branch of the bank with the signature of all the holders of the account. However if possible I would recommend all the holders of the visit to the nearest branch of the bank. So this means there is only an offline method to do this.

The first thing I would like to tell you is to make sure you have an alternative bank account. In case you don’t have one thing you should open a new bank account. All you have to do is find a bank which you feel is the right one for you. And open an account with that bank.

But before you start the process to open the account with the bank. Consider asking these questions to the bank. When you ask these questions you will find the answer to the question “Is this Bank Right for Me?”. If you are satisfied with the answers of the bank then you can go ahead and start the process.

Also, make sure that you don’t have any dues pending or negative balance in your joint bank account. In case there is a negative balance. Then speak with all the holders of the account and get it cleared. Because until and unless you clear all the dues the bank is not going to allow you to close the account.

Steps to Close a Joint Bank Account

Now you know the preliminary things you need to take care of. Now assuming you are ready with the preliminary things. Let me tell you the steps you need to follow.

Conclusion

Please note that if you have brought down your account balance to Zero. Then it does not mean your account is closed. So please follow the proper steps to avoid any issues in the future. Once the bank starts the account closing process your bank account number will no more be longer and you will not be able to use the account in any way. For more details I recommend you contact the customer care of your bank.