How To Remove Your Parent From Your Bank Account
Written by
Jami Farkas
Edited by
Susan Kim
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As a child, you probably marched into your first bank with a parent, holding the contents of your piggy bank or the $50 check that your grandma sent you for your birthday in your pocket to use to open your first bank account. You walked out so proud to have achieved this rite of passage — your account with your own money.
See: 3 Things You Must Do When Your Savings Reach $50,000
Since minors generally can’t open a bank account, a parent or guardian will be listed as a co-owner, making it a jointly owned account. As joint account holders, kids and parents can make banking transactions.Â
As you approach age 18, ask your bank what happens to your account on your milestone birthday. Does it automatically switch to an adult account with maintenance charges and minimum balances or convert to a student account with reduced or no fees? You can also ask your bank about its policies for how to remove your parent from your bank account.Â
Reasons To Remove Your Parent From Your Bank Account
At 18 years old, it’s time to consider severing your joint account and putting yourself in charge of the money. Why?
- No matter how old you are, your parent will have full access to your funds if they are a joint owner of your account. Only you can access the funds once you remove your parent from the bank account.
- Your money could be seized if your parent runs into financial trouble and a court issues a judgment in favor of a creditor.
- It’s time to establish financial independence. Hopefully, you learned good money habits under your parent’s watchful eye before your 18th birthday and won’t be tempted to spend recklessly once your parent no longer can monitor your account.
Removing a Co-Owner or Opening a New Account: What’s Easiest?
If you decide an individual account is right for you, the easiest thing to do is open a new account, then take the money out of the joint account and close it. The Consumer Financial Protection Bureau says it is permissible for either person on the joint account to either remove funds or close the account without the permission of the other account holder in most cases.
You don’t have to stay with the same bank if you choose this option. If you’d like, you can shop around for a bank that is closer to your home or work, offers better mobile banking options or offers maintenance-fee-free accounts. If you close the account, move any automatically deducted payments, such as car insurance, to the new account. Also, if your paycheck or student financial aid is directly deposited, you must update your direct deposit information so that the money goes to your new account.
In many cases, opening a new account is more straightforward than simply removing someone from your bank account. The CFPB says that under most state laws or bank rules, you usually cannot remove the joint account holder without the other person’s consent.
One advantage to having a joint account at the same bank as your parent is the ease with which they can transfer money from their account to yours. Don’t worry — you won’t lose that ability if you have an individual account at another bank. Many banks use Zelle for person-to-person transfers, plus there are always apps such as Venmo and PayPal, should you need a loan or advance from a family member.
Final Take
When you turn 18 years old, you can maintain a joint bank account with your parent or open a new one in your name. You can also ask for their consent to remove them as a joint account holder. Choose the option that makes the most sense for your circumstances.
FAQ
- Can you remove a parent from a joint bank account?
- You usually can't remove a parent from a joint bank account without their consent. However, you can withdraw the money from your account and open a new one in your name once you turn 18 years old.
- How do I remove my parent from my bank account at Wells Fargo?
- Wells Fargo requires all joint account holders to meet with a banking representative at their local branch if they want to change account ownership. However, a joint owner can also provide written, notarized consent to an account change if they cannot attend the appointment.
- How can you take someone off your bank account?
- If you'd like to remove a co-owner from a joint bank account, you'll likely need their permission. Ask your bank about its policies. You can also consider opening a new account in your name only.
Virginia Anderson contributed to the reporting for this article.
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- SoFi. 2023. "Joint Bank Accounts: What They Are and Are They Right for You."
- Experian. 2022. "How to Close a Bank Account."
