There's another reason to close this account and open a new one, especially if they are having financial difficulties. If they overdraw their accounts, the bank can come after your assets to make things right, because of that connection.

Years ago, my kids kept me on their accounts after they moved out, because it was convenient to move money back and forth to reimburse each other for expenses. Then my son's account was hacked, and it was left over overdrawn by over $6k. I learned that the bank could just take money out of any of my accounts because I was on his hacked account, and it could even take money from one of his brothers accounts because of my connection. It came out well in the end, thanks to the CFPB, but I removed myself from all their accounts, and we all use Venmo now.