Having a bank account shared with one or more people is not something strange. It happens when there are several co-owners who can be siblings, members of a couple or a married couple…in short, circumstances that presume a good relationship between those co-owners. But what if one of them wants to unsubscribe? Can do it?
The answer is expensive and simple: yes. A co-owner of a bank account can unsubscribe without having to notify the other co-owners and without needing their permission. You only have to do this process in accordance with the rules imposed by your bank.
The Bank of Spain states that any co-owner can unsubscribe because the nature of this resignation is unilateral and, therefore, does not need authorizations or permissions from the rest of the co-owners or from the bank in which the account is. Quite simply, the only thing that matters is the user’s willingness to unsubscribe as co-owner.
The first step to be able to unsubscribe is to formally communicate that intention to leave the account. It must be done in writing, by sending a text to the corresponding bank. With the communication in its possession, the bank will inform the rest of the co-owners, who will not be able to claim anything to reject the cancellation.
According to the Bank of Spain, this intention of the user must be addressed by the bank through the usual channels. The entities, however, have the power to prevent the client from unsubscribing whenever the situation is exceptional.
Thus, if the account of which the customer is the co-owner is in the red or, for example, that customer has more products associated with it outside of the bank account, the bank can reject that cancellation request. At least until the account balance is positive or until the separations from the rest of the entity’s products are resolved.
What about the rest of the co-owners?
Once this aspect has been resolved, the co-owner of the account may cease to be one once the bank executes the relevant procedures, but… what happens with the rest of the clients who are co-owners of the bank account in question?
These people are left in a strange situation, but it is by no means delicate. When the goodbye of the person who wanted to be removed as co-owner is certified, the bank will decide if everything simply remains the same or, on the contrary, it is inclined to make changes to the bank account or, directly, close the existing account and open a new one with the rest of co-owners.
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