There are lots of reasons why most persons want to remove someone from a joint chase bank account. It could either be because of a break-up, or because of an account that was opened with your parents when you were a kid. If removing someone from a joint chase bank account looks like a headache, make this article a must-read.
Sometimes it is best to have a chase bank account in your name alone. This way you can protect your finance from third parties, withdraw money and make deposits without accounting to anyone.
The best way to have sole ownership of your account is to have an account that has no one else accrued to it. Without further mouthing, here are practical ways to remove someone from your joint bank account chase.
Working with your chase bank
A lot of banks have individual requirements as to removing someone from a joint account. As does the chase bank account. Some banks would require that the owner of the joint account would go on to close the account, while others would want you to open a new personal account instead of removing one person from the joint account.
To be able to do any of the two options, you have to be in person at a chase bank branch location. The reason for this is that the joint account holders at chase bank both have rights to the money that is in the joint account. To do this in person, you would need to take a co-owner of the Chase bank account to the branch location.
Withdrawing your Money
You can also go about removing someone from your joint account in Chase by keeping a zero balance. This way, you would be allowed to keep a zero balance. What this implies is that the chase bank customer would need to withdraw all the amount of money in the account.
Also, if the account contains a negative balance, it would need to be repaid before any other proceedings are made.
Filling a Form for closing your joint Chase bank account
If you go to the Chase bank and demand that you want to remove someone from your chase account, you would be given a form to fill. The form would indicate that the account makes use of a social security number of the primary account holder for tax reporting use. What this entails is that the primary account holder of the chase account cannot be removed. The only person that can be removed is the chase joint account secondary account holder.
But in the case where the primary account holder is the one to be removed, there would be no need to use the form that would be issued by the Chase bank. Instead, the remaining account holder would need to submit an application for a new brokerage account.
The form also clearly states that both account holders would need to sign the form. And that if the chase current account has a margin, option privileges, or collateral, the request to remove someone would not be processed until a new margin, collateral, or option privileged is approved.
You would also need to provide a death certificate if peradventure one of the account holders is dead. Here is a sample of a form that is issued by the chase bank in other to remove someone from a joint account.
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