Personal Finance
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3 mins read
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July 16, 2020
How to Close a Chase Account - Tips, Tricks and More
You can close your Chase account by visiting the online banking website, visiting a branch, calling the customer support line, or by mailing in.
`So you’ve made the decision to close your Chase account. By this point, you’ve probably realized that their rosy promises of free checking accounts and high-yield savings accounts were just leading you into a labyrinth of
. Minimum balance requirements. Monthly service fees. Overdraft penalties. Ridiculous wire transfer fees. And to add insult to injury, an interest rate that hovers between 0 and 0.01%; making you effectively zero income on your precious deposits.
Ever heard the phrase, “your money should generate returns as you sleep"?. This is clearly not the case when you bank with America’s most illustrious financial institutions. At some point in the distant past, large banks ganged up to charge you over
just for the privilege of using your own hard earned money.
But let bygones be bygones. You’re moving on to better things. As with any break up, this may seem like an anxiety-inducing uphill battle. But as always, we’re here to help.
Things To Do Before You Close Your Chase Account
1. This may seem obvious, but make sure you have a new bank account set up before you close your Chase checking account.
2. Review your most recent monthly statement for any recurring charges like water, electricity, gas and rental bills. Make sure that you transfer over all these essential charges to your new account at least 15 days before they are due.
3. Take note off all your online subscriptions like Netflix, Apple Music and Spotify and transfer them over from your Chase checking account to your new account.
4. Highlight any annual or semi-annual recurring charges that may not be reflected on the monthly statement and transfer them as well. This is an essential step to complete before you close your Chase account.
5. If your salary's direct deposit is attached to your Chase checking account, transfer it to your new bank at least a full working week before it is expected.
6. Check for any recurring or overdue bank fees and resolve them. This is essential to protect your credit score (explained later).
7. Transfer any remaining balances over to your new account and go make that evening margarita. You're now ready to close your account.
How to Close a Chase Checking or Savings Account
1. The easiest way to close your Chase checking account is to log onto the Chase online banking website and head to the Secure Message Center, where you can send an email requesting account closure. You should receive a response within 2 working days with follow up questions and account closing confirmation.
2. Visit your local Chase branch and speak to an account executive. You will need to provide identity proof, so carry along your social security number, valid ID, address details, pin numbers etc. You can find the closest branch to you on this
.
3. If you don't have access to a local branch, call the official support center at 1-800-935-9935 and request them to close your Chase account.
4. You can also submit your request in writing to
National Bank By Mail, P.O. Box 36520, Louisville, KY 40233-6520
. For rush delivery, send to
National Bank By Mail, Mail Code KY1-0900, 416 West Jefferson, Floor L1, Louisville, KY, 40202-3202
.
Will My Credit Score Be Affected if I Close My Chase Checking Account?
No, it doesn't! Credit bureaus are not privy to your bank account information and hence cannot report your transactional activity to the credit bureau. The only case where your credit score might be affected is if you have negative overdraft balance and haven't repaid in a long time. Banks will pass on the overdue amount to collection agencies, who can report to credit bureaus, thus affecting your credit score.
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