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Bank of Spain: How to Cancel Bank Accounts as a Couple

The Bank of Spain provides useful information to citizens on topics such as maintenance fees and how to avoid losing money.

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Bank of Spain: How to Cancel Bank Accounts as a Couple

The Bank of Spain provides useful information to citizens on topics such as maintenance fees and how to avoid losing money. It now informs citizens on its official website how to unilaterally deregister as co-owners of joint accounts.

Customers often open savings or current accounts with roommates, couples, and other holders for a variety of reasons. This is a great way to save money on common expenses. But, you may eventually stop using them.

The Bank of Spain warns that there are situations in which a co-holder of an account may want to withdraw unilaterally without having to cancel it compulsorily. Yes, it is possible to do so without consenting of other holders or entities (except for just cause), because the resignation has the nature of a unilateral act. It is essential to understand how to proceed. These are some considerations when you decide to give up co-ownership of a jointly owned account with the central bank.

You must request in writing that you withdraw funds from the bank account opened. The bank will then communicate it to all holders.

The request should be made without the need to obtain the consent of any other co-owners. If the entity finds a reason to refuse to process your request, it can either deny processing your request or link the account to any other products (e.g credit cards) in your name.

After the withdrawal has been made, the entity retains the right to open a new account or modify the existing account. However, it must be aware of the preferences of all holders.

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