Financial organizations are competing fiercely these days. So if you’re thinking about closing your Chase checking account and switching to a better alternative, this guide will aid you immensely. Let’s learn how to close a chase checking account.
Eliminating a Chase bank account is a smart decision for many individuals. You’ve probably figured out by now that their flowery promises of free bank account and slightly elevated savings accounts were just a ruse to lure you into a labyrinth of hidden costs.
The cash reserve requirements, monthly processing fees, overdraft fines, and absurd money transfer fees are considered. To add to the confusion, the interest rate on your valuable deposits is usually between 0 and 0.01 percent, thereby giving you no return on your investment.
Have you ever heard the statement “your money should multiply while you sleep”? This is certainly not the case when you bank with some of America’s most prestigious financial institutions.
In the ancient history, big banks came together to levy you about $350 each year for the privilege of using your own tough cash. However, as the saying goes, let past be the past. You’re on the path to something larger and better.
Like any other separation, this may look to be a depression uphill fight. But, as always, we’re here to help. Below are the procedures for closing a Chase bank account.
Is a Chase Checking Account Possible to Close?
Yes. A Chase account is one that you create at Chase Bank, one of the country’s largest banking conglomerates. You can use it just like any other bank account, whether you’re a natural citizen or need banking for immigrants – and, of course, you can close it in the same way.
Each account requires a monthly cost to be maintained, but the good news is that you can close it at any time for no charge. You can close the account by visiting the bank, calling them, going online to their website, or even mailing them a letter. In addition, there are various options for closing the account, so you may easily do so if you don’t want to keep it.
What to Do Before Closing Your Chase Checking Account
There are a few things you should consider before closing your Chase account. Some are more evident than others, but they’re worth keeping in mind. What you’ll need to do is follow the steps below.
Make certain you’ve created a new account.
This is one of the more obvious procedures – make sure you have another checking account to fall back on before closing your Chase account. If you’ve been using another account in addition to the Chase one (and you’re happy with it), remain with it.
If you’ve been exclusively using Chase and want to switch banks, make sure you open a new account before closing the old one.
Transfer the remainder of the funds
This is an optional component, but you must move any residual amount from your old savings account to a current one. Again, you should do this a few days prior to actually closing your Chase bank account, since the transaction may require considerable time to finish.
Examine the recurring fees
You should check your account statement to determine recurring charges (e.g., utility bills, rent, etc.). Then, you can transfer all of those charges to your new account at least 15 days before they’re due. This also applies to any semi-annual recurring expenses that might not appear on your monthly statement.
Take a look at your subscriptions
Do you have a Netflix, Spotify, or Itunes subscription deducted from your Chase current account regularly? If that’s the case, ensure sure the charges are transferred to your new account.
Change your salary account
Take the necessary measures to shift your salary to your new account if you’ve received it on your Chase account. This transfer should be completed at least one week before your salary is due.
Examine any bank fees that have accrued owing to late payments.
If you have any past-due or late bank fees, you should check for them and address them as soon as possible. If you want to maintain your credit score, you must take this action. Furthermore, if you are a non-US citizen, this may have a greater impact on you if you want to take out a loan in the future.
How to Close the Chase Checking Account
You have a lot of options when it comes to closing a Chase checking account. Here are some options, based on your interests and resources:
Go to a Chase Bank near you.
The traditional method of closing a Chase checking account is to go to the nearest Chase bank location. However, you will need to present proof of identity when speaking with the bank teller, so make sure you have your I.D., social security number, PIN, address information, and so on.
Because it is the quickest, many people favor this alternative. You will no longer have a Chase account after you leave the bank. However, if you do not have a nearby branch, it may be inconvenient; in that case, you may choose to use the following procedure.
Get it off through the internet
If going to a Chase bank isn’t an option for you (it’s too far away or you don’t have the time), you might try the online option. First, visit the official Chase website to set up an appointment.
You will get a phone call within two days at the most to discuss the situation. If you don’t want to be bothered by the phone call, write them a message explaining the situation and informing them that you want to terminate your Chase account.
You will receive a response within two days. Regardless, you’ll be prompted to confirm that it’s your account because they need to make sure you’re genuine before closing it.
Make a phone call to them.
Suppose you prefer to resolve this issue over the phone, dial 1-800-935-9935. Make sure you have all of your account information on hand. Tell the bank teller or representative that you want to close your account when they pick up the phone. They will ask you questions about yourself and your account, and if the information you provide is true, your Chase account will be closed within 24 hours.
Write them a letter
If none of the above techniques and methodologies help you, you can always send Chase a note advising them of the plans to shut your accounts. Additionally, their webpage may provide a closure application that you must complete with the pertinent data.
If you have a value on your account, be certain to include that evidence in the form too. Send it to Federal Bank By Mailing, after you’ve finished and organized all of it.
Frequently Asked Questions
Is it possible for me to close my Chase checking account?
Yes. You can close your Chase checking account through the tips highlighted above.
Does closing a chase checking account impact your credit score?
No. If you observe the requirements, terminating your Chase checking account will not harm your credit rating. Credit reporting agencies have little power over you since they lack access to personal bank details; your operational behavior is meaningless to them.
Only when you have a bad overdraft balance – one that you haven’t paid in a long time – will it be a concern. However, if you pay the draft before closing your account, there should be no negative impact on your credit score.
Is closing a Chase checking account a bad idea?
No. Closing a Chase checking account may save you money on annual fees or lessen the chance of fraud.
What is the time frame for closing a Chase checking account?
Eliminating a Chase bank account is a straightforward procedure, but if you aren’t equipped, it might take awhile. The procedure might take one day, one week, or perhaps even some few months, depending on the circumstances.
To close a Chase bank account, what documentation is required?
Banks typically request that you return any unused checkbooks, debit and credit cards, passbooks, and other bank-issued documentation. Therefore, it would be best if you surrendered all of these along with the account closing form. The bank may even instruct you to discard these documents on your own in specific situations.
In conclusion, if you have a Chase checking account that you no longer use, you may believe that keeping it “just in case” is the preferable option. You never know when you’ll need it, do you? Furthermore, there’s no reason to close the account if it has no connected monthly payments.
If the bank does, however, charge fees, you may choose to close the account. At this point, the tips on how to close the Chase checking account above will aid you immensely.
Furthermore, you can effortlessly close a Chase checking account using several different techniques. Simply ensure that everything is in order initially and that you have the account information on hand before proceeding.
I am Lavinia by name and a financial expert with having a degree in finance from the University of Chicago. In my blog, I help people to educate by making wise choices regarding personal investment, basic banking, credit and debit card, business education, real estate, insurance, expenditures, etc.