FG Trade / iStock.com
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Trusted by
Millions of Readers
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
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.
How do I remove my parents from my bank account? ›
Once a person has agreed to become a joint owner or signer on a checking, savings, or credit card, they can't be removed from the account. If you want an account in your name only, you'll need to close the account and apply for a new one.
How do I get my parents removed from my 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.
Can I kick my parent 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 can I remove someone from my bank account? ›
To remove someone from a joint account, initiate contact with your bank, obtain the necessary forms, provide identification and secure consent from all account holders. Follow your bank's procedures and be prepared for potential account closure and reopening if required.
Can I take my mom off my bank account when I turn 18? ›
Check with the bank holding the account for the forms needed to remove your parents as custodians now that you are 18. But the forms will require their signatures. The bank can assist you in talking to them, or you can use the Find a Lawyer tab to retain a local attorney if that doesn't work.
Can I remove my parents from my bank account 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 parents take your money at 17? ›
It's not illegal to take money from your kids in most cases, although, of course, there are exceptions, like if the child's money is in a specific trust and you abuse the funds.
Can your parents take your money at 18? ›
Bank account ownership: If the bank account is solely in your name, your parents should not have access to it. However, if it's a joint account with your parents, they may have the right to withdraw funds.
How to remove my parents from my bank account 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.
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.
Can I open a bank account at 17? ›
Parents – opening with a teen? Remember, teens 13 - 17 years old must open at a branch and bring a state-issued ID or passport. Teens without ID need both a Social Security card and a birth certificate.
What happens to a minor bank account when they turn 18? ›
UGMA and UTMA accounts are custodial accounts set up for minors that can hold cash, investments, and, in some cases, collectables. These accounts are controlled by a custodian, usually the parent. Depending on state law, when the child attains age 18 1 or 21 2, he or she assumes control of the account.
Why can't I remove someone from my bank account? ›
In Most States, Banks Do Not Let You Remove a Spouse Without Their Consent. The vast majority of banks do not allow account holders to remove a spouse from a joint checking account without their consent, though there are some exceptions, depending on your state and the nature of the account.
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.
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.
Why can my parents still see my bank account? ›
Until you are old enough to have your own account, your Parent is the owner or co-owner of your account. This means they can check your activity and see how you spend your money.
Can I switch a joint account to a single account? ›
Talk to a bank employee and let them know you want to take someone off your joint account. Complete and sign the form they give you. You'll just have to fill out basic info like the account number and the account holders' names and addresses. Some banks have this form available to download online.
Why can my parents access my bank account? ›
If you and a parent have a joint bank account, that means you both are owners of the account. You both have access to the account, can make transactions and write checks from the account. Technically, the cash in the account belongs to both of you—even if only one of you if depositing money into the account.
