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Closing Joint Account

  • 23-09-2017 6:37pm
    #1
    BettyS
    Registered Users Posts: 689 ✭✭✭


    Hey,
    So my old flat-mate and I set up a joint account to pay the rent. We went our separate ways, and I have not spoken to him in over a year. I had to pay the annual fees incurred on the account. Is there a way of closing the account without his presence?

    Thanks a million!


Comments

  • #2
    bennyx_o
    Registered Users, Registered Users 2 Posts: 4,130 ✭✭✭bennyx_o


    It depends on how many signatures are required. If, when you opened the account, you ticked the box that said either of you could take money from the account without the others signature, you should be able to close it without their presence. A quick call to the bank will confirm


  • #3
    BettyS
    Registered Users Posts: 689 ✭✭✭BettyS


    bennyx_o wrote: »
    It depends on how many signatures are required. If, when you opened the account, you ticked the box that said either of you could take money from the account without the others signature, you should be able to close it without their presence. A quick call to the bank will confirm

    Thank you very much for the information! I will call TSB on Monday


  • #4
    bennyx_o
    Registered Users, Registered Users 2 Posts: 4,130 ✭✭✭bennyx_o


    No problem - If you can transfer money from it on your internet banking, you'll be able to close it without the other person, should save you a phone call


  • #5
    BettyS
    Registered Users Posts: 689 ✭✭✭BettyS


    bennyx_o wrote: »
    No problem - If you can transfer money from it on your internet banking, you'll be able to close it without the other person, should save you a phone call

    I can transfer the money online so what a relief! Thanks for the useful information! ðŸ˜


  • #6
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,921 Admin ✭✭✭✭✭Toots


    bennyx_o wrote: »
    It depends on how many signatures are required. If, when you opened the account, you ticked the box that said either of you could take money from the account without the others signature, you should be able to close it without their presence. A quick call to the bank will confirm

    To close a joint bank account you need signatures from both parties, regardless of how many signatures are required to withdraw money.


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  • #7
    Nervous Wreck
    Closed Accounts Posts: 16,115 ✭✭✭✭Nervous Wreck


    Toots wrote: »
    To close a joint bank account you need signatures from both parties, regardless of how many signatures are required to withdraw money.

    This.


  • #8
    brianomc
    Registered Users, Registered Users 2 Posts: 688 ✭✭✭brianomc


    Toots wrote: »
    To close a joint bank account you need signatures from both parties, regardless of how many signatures are required to withdraw money.

    Nope, I closed an AIB joint account in the last few months without the other parties signature. And I know my sister closed another joint account she had with her husband without him being there.


  • #9
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    brianomc wrote: »
    Nope, I closed an AIB joint account in the last few months without the other parties signature. And I know my sister closed another joint account she had with her husband without him being there.

    Why do people think all banks operate exactly the same? There can be numerous differences in terms and conditions and other aspects.

    It depends on the bank. AIB allows it, BOI dont

    OP, you should find a copy of T&C on website, check these and you should be able to confirm.


  • #10
    BettyS
    Registered Users Posts: 689 ✭✭✭BettyS


    Toots wrote: »
    To close a joint bank account you need signatures from both parties, regardless of how many signatures are required to withdraw money.

    Thanks a million! That is unfortunately not what I was hoping for! I have emailed my old house-mate several times, to no avail. I guess I will have to persist with the hounding!


  • #11
    brianomc
    Registered Users, Registered Users 2 Posts: 688 ✭✭✭brianomc


    368100 wrote: »
    Why do people think all banks operate exactly the same? There can be numerous differences in terms and conditions and other aspects.

    It depends on the bank. AIB allows it, BOI dont

    OP, you should find a copy of T&C on website, check these and you should be able to confirm.

    That's why I said AIB in my post, the post I quoted and the next one both said it wasn't possible at all. OP didn't specify which bank they were with.


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  • #12
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,686 ✭✭✭GerardKeating


    brianomc wrote: »
    That's why I said AIB in my post, the post I quoted and the next one both said it wasn't possible at all. OP didn't specify which bank they were with.

    OP mentions TSB is post #3


  • #13
    brianomc
    Registered Users, Registered Users 2 Posts: 688 ✭✭✭brianomc


    GerardKeating wrote: »
    OP mentions TSB is post #3

    Damn, i scrolled back and only checked the first post before I wrote it. Apologies all.


  • #14
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,921 Admin ✭✭✭✭✭Toots


    BettyS wrote: »
    Thanks a million! That is unfortunately not what I was hoping for! I have emailed my old house-mate several times, to no avail. I guess I will have to persist with the hounding!

    I think what you're best off doing is explaining the situation to PTSB, and if their policy usually is that 2 signatures are required then maybe they'd agree to make an exception under the circumstances.


  • #15
    Nervous Wreck
    Closed Accounts Posts: 16,115 ✭✭✭✭Nervous Wreck


    Toots wrote: »
    I think what you're best off doing is explaining the situation to PTSB, and if their policy usually is that 2 signatures are required then maybe they'd agree to make an exception under the circumstances.

    From experience, they won't.


  • #16
    BettyS
    Registered Users Posts: 689 ✭✭✭BettyS


    Nervous Wreck wrote: »
    From experience, they won't.

    Thanks to everybody for all the information, it is much appreciated! I will call PTSB on my lunch break tomorrow and ask their advice. I will let you know what they say! Thanks for your help! ðŸ˜


  • #17
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    BettyS wrote: »
    Thanks to everybody for all the information, it is much appreciated! I will call PTSB on my lunch break tomorrow and ask their advice. I will let you know what they say! Thanks for your help! ðŸ˜

    It would be much easier to check the terms and conditions on the website. Actually have just done it. Their T&C specify that as long as you have given them an instruction for one to sign, probably done at account opening then "all acts" can be carried out with one to sign. So you should be able to close it OK.


  • #18
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,686 ✭✭✭GerardKeating


    BettyS wrote: »
    Thanks to everybody for all the information, it is much appreciated! I will call PTSB on my lunch break tomorrow and ask their advice. I will let you know what they say! Thanks for your help! ðŸ˜

    If they demand both sig to close the account, would they let you remove yourself from the account?


  • #19
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    GerardKeating wrote: »
    If they demand both sig to close the account, would they let you remove yourself from the account?

    I don't see why not, unless there is money owing on it through an overdraft


  • #20
    bennyx_o
    Registered Users, Registered Users 2 Posts: 4,130 ✭✭✭bennyx_o


    Toots wrote: »
    To close a joint bank account you need signatures from both parties, regardless of how many signatures are required to withdraw money.

    As above, this is incorrect. It's in the T&C's that if you only require 1 signature you can close it.


  • #21
    BettyS
    Registered Users Posts: 689 ✭✭✭BettyS


    Permanent TSB require us both to go in to a branch together to close the account. This is infuriating as he is uncontactable and we don't even live in the same county. So now I have the predicament: continue to pay quarterly fees for an account that is dormant or run the risk of wrecking my credit rating. I feel that there should be a clause for situations like this. The account has been dormant for 6 years! I will take a deep breath and try to think of a solution. Thanks to everybody for all the advice (I felt well-informed when I was on the phone to TSB)


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  • #22
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    BettyS wrote: »
    Permanent TSB require us both to go in to a branch together to close the account. This is infuriating as he is uncontactable and we don't even live in the same county. So now I have the predicament: continue to pay quarterly fees for an account that is dormant or run the risk of wrecking my credit rating. I feel that there should be a clause for situations like this. The account has been dormant for 6 years! I will take a deep breath and try to think of a solution. Thanks to everybody for all the advice (I felt well-informed when I was on the phone to TSB)

    I'd challenge that in a branch, with a copy of the t&c in your hand. All respect to phone service/call centre but they often get those things wrong, more so than a branch.


  • #23
    bennyx_o
    Registered Users, Registered Users 2 Posts: 4,130 ✭✭✭bennyx_o


    BettyS wrote: »
    Permanent TSB require us both to go in to a branch together to close the account. This is infuriating as he is uncontactable and we don't even live in the same county. So now I have the predicament: continue to pay quarterly fees for an account that is dormant or run the risk of wrecking my credit rating. I feel that there should be a clause for situations like this. The account has been dormant for 6 years! I will take a deep breath and try to think of a solution. Thanks to everybody for all the advice (I felt well-informed when I was on the phone to TSB)
    This is 100% incorrect. If you go into a branch, they will close it for you. Where are you located?


  • #24
    BettyS
    Registered Users Posts: 689 ✭✭✭BettyS


    Letterkenny. My former housemate lives in Dublin (At least that is what his LinkedIn profile says). It is not like we left on bad terms. He is just impossible to contact! Thanks so much for all your information! I will go empowered with all the knowledge to TSB when I get a free moment. Thanks guys!


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