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How are Monies Given when Joint Account is Closed?
I opened a joint savings account with a relative. No other names or beneficiaries are listed on it. I've contributed 65% of the amount that was initially deposited and my relative deposited the rest. No other monies were deposited or withdrawn, except interest, since the account was opened. My relative and I are not getting along well these days, and we would like to close the account. How would the monies be distributed between the two of us when we close it?
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 The typical joint bank account belongs 100% to any or all of the joint owners. In other words, each of the owners can withdraw all the funds and close the account, and it would be up to him or her to share the funds with the other owner. The bank would not be involved in the split of the funds, unless the withdrawing owner requested that the funds be disbursed by the bank in two checks in amounts dictated by that owner.
If both of you go to the bank at the same time to ask that the account be closed, the bank will ask you how you want the funds. If you both agree that you'll get 65%, that's the way the bank will issue the checks, or it will issue a single check, and together you can cash it and split the funds on your own. If you can't agree on the split of the funds, the bank will back away from the discussion and issue a single check payable to both of you and let you sort it out elsewhere.
Published on BankingQuestions.com 12/08/09
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