Single Again - Existing 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 number.
Make changes to a: Checking Account, IRA or Investment Account, Loan or Mortgage.
For more information about how to make changes to a checking account, IRA, Investment Account, Loan, Mortgage, or to open a new Savings Account, contact a Commonwealth Credit Union Member Service Representative at any branch, by phone, or via email.
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 by designating the account with one primary name. For personal assistance on death notifications, contact a Commonwealth Credit Union Member Service Representative at any branch, by phone, or via email.
IRAs & 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 Commonwealth Credit Union Member Service Representative for a free consultation regarding your options. Call us at 800.228.6420 or 502.564.4775 to set up your appointment today. You may also be able to obtain and apply for IRA accounts from our online IRA Service Center.
You may also wish to meet with a Commonwealth CU Retirement & Investment representative. To meet with Commonwealth CU Retirement & Investment Services representative Steve Tobin at no cost or obligation, click here today to set up an appointment at your convenience.
Making a change to an existing loan does not have to be difficult. We understand 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.
As you make decisions 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 by obtaining a free credit report. You can get one free credit report annually from each of the credit reporting agencies: Equifax, Experian and TransUnion. You may want to consider staggering your requests from each of these agencies so that you get one free credit report every four months (ex: Equifax in January, Experian in May, TransUnion in September). This will also help you identify any fraudulent credit requests made using your name or identity.