Can you ask to have your name removed from a loved one's banking or credit card account?

It is possible to have your name removed from a loved one's bank account or credit card. However, there are processes you must follow. For a bank account, you need to contact the bank and find out which process they use. Some banks will provide forms for everyone on the account to sign to remove one name. Other banks will require you to close the account and open a new one in your loved one's name only. Either way, you will no longer be responsible for the account.

Removing your name from a credit card is not as simple. It depends on whether you are a joint account holder or an authorized user. If you are an authorized user, contact the credit card company and ask for the required paperwork to remove your name. If you are a joint account holder, you signed an agreement stating that you share responsibility for the account. With some credit card companies, you may be able to get the forms that you need; both of you will have to sign. Or you may have to make your request in writing to them. The credit card company will look at the credit worthiness of the remaining card holder. He or she must be able to show the financial capacity to maintain the account. If the remaining card holder cannot demonstrate this capacity, the credit card company can deny your request. It will help if the balance on the card is zero.