Newly Single – Starting New on Existing Shared Accounts 

It can be challenging to figure out what to do on Existing Shared Accounts.  This checklist should be able to assist you in navigating through the changes you will need to make:

Existing Shared Accounts

If you are the primary member on the savings account, we may be able to remove the joint holder on a regular savings or sub savings account.  However, in many cases it may be beneficial to establish a new account to eliminate questions of ownership or tax liability.  If you are not sure which option is best for your needs, one of our staff can guide you through ownership questions.

If you are not the primary member you can continue your membership at the credit union by opening a new account with a new member/account number. 

 Existing Shared Accounts - Checking    

Checking accounts often have many unknown access options such as checks that have not yet cleared, automatic deposits or withdrawals, debit card purchases, and automatic bill payments which may be difficult to define on a joint account.  For this reason during separation or divorce, we recommend opening a new checking account to simplify the transition.  Changes to an account due to death can often be handled with a removal of a joint holder.  Please contact a credit union staff member for personal assistance on death notifications.

Existing Shared Accounts – IRA & Investments

If you have shared investments and retirement accounts set up or want to plan for your future, you may wish to meet with a Carolina Postal Credit Union Members Financial investment adviser for a free consultation regarding your options. Call Kim at 704.392.3418 ext 230 to set up your appointment with Bill Grifenhagen today.

Existing Shared Accounts - Loans  

Making a change to an existing loan does not have to be difficult.  Carolina Postal Credit Union understands that your finances will change as you become single again.  To make the process easier, we have developed a loan modification process that reduces the paperwork needed to remove a joint applicant so you can concentrate on what's important.

Existing Shared Accounts – Address Change Form

If your residence or email address is changing, please complete the Account Change Card and mail it to the credit union.

Existing Shared Accounts – Change Beneficiary

If you wish to change the beneficiary on your account, you may do so by completing an Account Change Card and mailing it to the credit union.

Existing Shared Accounts – Credit Report
Understanding and building your credit – As you make decision about what loan products to utilize it is helpful to understand how your decisions may impact your credit. Your credit score can directly impact the interest rate you will pay on virtually any type of loan. Closing old accounts and opening new accounts will impact your credit score. Review your credit report with a Carolina Postal Credit Union Account Manager before closing & re-opening accounts!