Please note that each account the joint owner is being removed from will be closed and a new account opened.
A joint owner cannot be removed from a Money Market Certificate without consent. You must send a written request to close the certificate with an acknowledgment of penalty. If you choose to leave your certificate unchanged, the joint may withdraw the funds.
To remove a joint owner from your deposit accounts with PenFed you will need to complete the following forms:
Form 834, Joint Owner Removal Without Consent – The forms listed below must also be completed and submitted for each account type you are updating.
Form 13, Membership Application – This form must be completed to update the ownership of any existing Share Savings Accounts.
Form 151, Checking Account Application – This form must be completed to update the ownership of any existing PenCheck Checking Accounts
Form 400, Money Market Savings Account Application – This form must be completed to update the ownership of any existing Money Market Savings Accounts.