Joint account on separation: what to watch out for
After a separation, the joint account quickly becomes a problem: who may withdraw what, who owns the balance, who is liable for the overdraft? With the right steps you avoid nasty surprises.
Reach your next steps and the matching ready-made texts in just a few minutes, free of charge:
Sort out the account →Your chances of getting your money back
What you should do now
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1. Clarify the account type
Is it an 'either-or account' (each authorized alone) or a 'joint-signature account' (only together)? Your need to act depends on that.
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2. Adjust the power of disposal
For an either-or account, you can revoke the sole disposal so that only joint dispositions are possible. This protects against one person clearing it out.
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3. Check standing orders and direct debits
Stop or move ongoing payments and set up your own account.
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4. Settle the balance and overdraft
Clarify the division of the balance (in doubt equally) and who settles any overdraft, ideally in writing.
Frequently asked questions
Who owns the balance on the joint account?
With a joint account, the balance is, in the relationship of the account holders to each other, attributed equally in case of doubt, regardless of who paid in how much. Differing agreements or proof of the origin can change this.
How do I protect myself from 'account raiding' after the separation?
With an either-or account, each person can dispose of the entire balance alone. To prevent this, you can revoke the sole power of disposal toward the bank (after which only joint dispositions are possible) or cancel or convert the account and set up your own.
Take action now
We put together the ready-made texts and the right places to contact for you.
General information for self-help, not legal advice (RDG). In case of a high loss or uncertainty: contact a consumer advice center or a lawyer.