Rowe Law Offices, P.C.
Call us for a free initial consultation
610-816-0935 Local
866-232-1913 Toll Free

Closing joint bank or credit card accounts

If Pennsylvania residents want to close a joint bank account, they may be wise to get permission from the joint account holders. Good communication prior to closing the account may reduce the possibility of a misunderstanding as to where the money goes. When a couple has a joint account and decides to end their marriage, it will likely be necessary to split the money.

This is because money inside of a joint account belongs to both parties. In most cases, an individual will be required to close the account in person, but it may be possible to fax or email such a request to a bank or credit union. Closing the account is generally as easy as showing a valid photo ID and filling out a request form. If the account is used to pay any bills, it may be a good idea to cancel any payments that are pending.

It may also be a good idea to cancel any pending deposits as it could result in the account being reopened. If this happens, a bank could start to charge service and other fees again. To close a joint credit card account, it may be necessary to first pay off the existing balance. This may be done by transferring half of the balance to cards in each person's own name.

During a divorce, marital property is generally divided in an equitable manner. This means that one person may get more of the money in that account depending on his or her financial needs and other factors. However, the decision does not necessarily have to be made by a judge. The parties are often able to negotiate a settlement with the help of their respective attorneys.

No Comments

Leave a comment
Comment Information
Get in touch

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Wyomissing Office
1200 Broadcasting Road
Suite 101
Wyomissing, PA 19610

Toll Free: 866-232-1913
Phone: 570-362-6837
Phone: 610-478-7725
Wyomissing Office Location

Lancaster Office
8 N. Queen Street
Suite 1102
Lancaster, PA 17602

Toll Free: 866-232-1913
Phone: 717-207-8375
Lancaster Office Location

610-816-0935 Berks County 717-345-3208 Lancaster County 570-362-6837 Schuylkill County 866-232-1913 Toll Free
610-478-8365 Fax
BBB Accredited Business Facebook