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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.
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.
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 circ*mstances.
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.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.
FAQs
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.
Can I kick my mom off my bank account? ›
The CFPB says that under state law or terms of an account, you usually cannot remove the joint account holder without the consent of the other person. One advantage to having a joint account at the same bank as your parents is the ease with which they could transfer money from their account to yours.
How do I remove someone from my bank account? ›
Individuals who have no desire to remain attached to the account in question can typically be neutralized during the course of a brief bank-branch meeting. You'll need to appear with the appropriate individual at a branch of your bank. You'll both require two forms of legal identification.
How can I remove my parents from my bank account Wells Fargo? ›
All joint owners remaining or being removed from the account must meet with a banker at Wells Fargo branch, and you can make an appointment online. Joint owners unable to visit the branch can provide the required notarized documentation to the person who will be present at the branch.
How do I remove my parents from Chase? ›
While you can add an authorized user to your Chase credit card account online, you can't remove an authorized user through your account management page. This means that if you want to take someone off your account as an authorized user, you'll have to call Chase using the number on the back of your credit card instead.
How do I remove my parents from my bank account at Bank of America? ›
In order to add or remove an owner on your Bank of America account, you'll need to schedule an appointment in a financial center. When adding an owner, all account owners will need to be present at the appointment and bring a valid government-issued photo ID.
Does a parent have to be on your bank account? ›
Those under 18 are often required to have a parent or guardian present, who may need to be an owner or co-owner of the account with the teen.
How long does it take to remove someone from a bank account? ›
Providing all paperwork is correct, it will normally take between 5-7 working days for a party to be removed from an account. Find your nearest branch using our branch locator (opens in a new window).
Why can't you remove someone from a bank account? ›
State law or the terms of the account often mean you cannot remove someone else from a joint bank account without their consent. But you should be able to remove yourself unless the bank specifically prohibits it.
Can a 17 year old open a bank account without a parent? ›
Generally, a child must be at least 18 years of age to open a bank account on their own, with some variability by state. However, there are several options that allow children and teens to access the banking experience before 18 with an adult cosigner or custodian.
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 circ*mstances.
Can I separate my bank account from my parents chase? ›
Your JPMS account uses the Social Security number of the primary account holder for tax reporting purposes. As a result, the primary account holder cannot be removed from the account.
Can your parents take your money at 18? ›
A: In most cases, if you are 18 years old and legally an adult, your parents do not have the right to take money that you have earned, even if they pay for your phone and related expenses.
What bank account can I open at 17? ›
Best Teen Checking Accounts Of April 2024
| Company | Forbes Advisor Rating | For Ages |
|---|
| Capital One MONEY Teen Checking | 4.8 | 8+ |
| Chase First Banking℠ | 4.3 | 6 to 17 |
| Alliant Credit Union Teen Checking | 4.0 | 13 to 17 |
| Connexus Credit Union Teen Checking | 3.7 | 10 to 17 |
1 more rowApr 2, 2024
Make Someone a “Joint Owner” of your Account
You can make someone a Joint Owner of any of your bank accounts while you are living. Any joint owner of a bank account has complete access and rights to the account while you are living and after your death.
Can someone remove you from a bank account without permission? ›
While most banks won't let you remove the other joint account holder without their permission, many will allow you to remove yourself. Your bank can walk you through removing yourself from a joint bank account. You may need to submit a written request or go in person for a scheduled appointment.
Can you stop someone from taking money from your bank account? ›
Call and write the company
Call the company and tell them you are taking away your permission for the company to take automatic payments out of your bank account. The company's customer service should be able to help you, and there might be an online form you can use. Then, follow up by writing a letter or an e-mail.
Can I remove my daughter from my bank account? ›
Adding a joint owner to your account is fairly easy; removing them could be a nightmare. If your child is added to your account and you later decide to want them removed, you have to get them to agree and sign to remove them as a joint account holder.
Can I remove someone from my bank account on Chase? ›
An authorized user can't change your account information, account password or request an increase/decrease of your total credit limit. To remove an authorized user from your account, call us using the number on the back of your card.
