I have a joint savings account at a credit union. Do I have to sign a form to get my name off of that joint account?
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The preferred method is for one of the joint owners to close out the account and use the proceeds to open a new account. If Sam and Joe have a joint account, and Sam will remain as owner, it's preferable for Sam to close the account and open a new one (if Sam is not available and Joe has to close the account, Joe can ask that the account proceeds be issued in the form of a check payable to Sam).
The alternative method, which is not recommended, because it doesn't provide a clean break from the old account, is for the departing owner to sign a document surrendering ownership of the account to the other owner. Then the bank or credit union gets a new signature card from the remaining owner. The institution has to make sure it updates its records to ensure that tax reporting, etc., is done correctly after the change.
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