Before you close your Chase credit card, you should give it a lot of thought as to why you want to do this. In the meantime, you should also look into other steps you could take to change your credit game (for example, to avoid an annual fee) without all the problems that come with closing your account.
Even though getting rid of your card might make sense in the long run, the Chase 5/24 rule and other Chase rules can make it hard to get a rewards credit card if you’ve had one in the past.
This guide will tell you how to close a Chase account, as well as what you can do instead.
Chase Bank Account
Chase Bank is a full-service bank with more than 4,700 stores in all parts of the United States. And Chase Bank is the biggest bank in the United States in terms of assets. It is part of JPMorgan Chase & Co.
Chase offers a wide range of goods and services, from checking and savings accounts to loans and credit cards. Each account has a monthly fee, but if you close it yourself, it’s free. You can close the account in person at the bank, over the phone, or on their website. And You can also give them a letter. You can close the account in a number of ways, so if you don’t want to keep it, it’s easy to do so.
Steps for Closing a Chase Account
When you want to close your Chase account, you can do so in a few different ways. Here’s what you can do, based on what you want and what you can do:
- Send a message online
- Call by phone
- Visit a branch
- Mail a letter
Read on to find out more about each method.
Close It Online
If you can’t go to a Chase bank because it’s too far away or you don’t have time, you might want to try doing business online. Go to Chase’s website and set up a meeting with them there. In no more than two days, you’ll get a phone call where you can talk about the situation.
If you don’t want to be bothered by the phone call, you might want to send them a message instead and tell them that you want to close your Chase account. You will hear back from them in two days. No matter what, you will still be asked to prove that it’s your account. They have to be sure it’s you before they close it.
Give Them a Call
You can call 1-800-935-9935 if you want to talk about this over the phone. Make sure you have all of your account information on hand. Tell the person who answers the phone at the bank that you want to close your account. They will ask you questions about yourself and your account. If what you say is true, your Chase account will be closed within 24 hours.
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Visit the Nearest Chase Bank
The traditional way to close a Chase account is to go to the Chase bank branch that is closest to you. When you talk to the bank teller, you’ll need to show proof of who you are, so make sure you have your ID, social security number, PIN, address, and other information handy.
This is the most popular choice because it’s the easiest. Once you leave the bank, you won’t have a Chase account anymore. But if you don’t have a brick-and-mortar branch close, it might be inconvenient. In that case, you might want to try the next method.
If none of these choices work for you, you might want to write to Chase and tell them you want to close your account the old-fashioned way. On their website, you might find an ending form that you should fill out with the right information. If you still have money in your account, you should also write that down on the form. When everything is finished and packed up, send it to National Bank By Mail, P.O. Box 36520, Louisville, KY 40233-6520.
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What to Do Before You Close Your Account?
There are a few things you might want to do before you close your Chase account. Some of them are easier to see than others, but you might want to remember them. What you need to do is listed below.
Make Sure You Have a New Account
This is one of the clear steps: make sure you have another checking account before you close your Chase account. If you’ve been using another account along with your Chase account and you’re happy with it, keep using it. But if you’ve only been using Chase and want to switch banks, you should open a new account before you close the old one.
Zero out the Balance
The next step is to clear your account of all money. As we’ve already said, it’s best to move any leftover money to a different account. It’s always better to use a bank account than to carry around too much cash.
Negative Balance and Fees
If your account has a negative balance or pending or unpaid bank fees, you should pay them off before closing the account, because unpaid balances could hurt your credit score with major credit companies.
Review Recurrent Charges
You might want to look at your monthly statement to see if you have any charges that come out every month, like rent, energy bills, etc. You might want to move all of those charges to your new account at least 15 days before they are due. This is also true for any charges that happen every six months but may not show up on your regular bill.
Review Your Subscriptions
Do you have a subscription to Netflix, Spotify, or Apple Music that instantly takes money out of your Chase account? If so, you should make sure that those charges are moved to your new account.
Redirect Your Salary
If your pay has been going into your Chase account, you’ll need to take the steps to move it to your new account. You might want to make this move at least a week before you get paid.
Check Overdue Bank Fees
Check to see if you have any unpaid or late bank fees and take care of them. This step is important if you want to keep your credit score in good shape. Also, if you’re not a US citizen, this could make it harder for you to get a loan in the future.
How to Open a Chase Account?
If you want to start a new Chase account, you can choose from checking, savings, credit cards, and loans, among other things.
You can open an account online, over the phone, or in person. It usually only takes a few minutes.
Visit Chase’s website and choose the type of account you want to open to open a Chase account online. Give details about yourself, like your name, address, and social security number. You may also be asked if you have a job and how much money you make.
Once your application is accepted, you’ll get a confirmation email and your account will be set up.
You can also call Chase and start an account that way. Call 1-800-935-9935 to talk to Chase customer service and give them the information they need to open the account.
The agent will walk you through the process and answer any questions you may have.
If you’d rather go to a Chase branch, bring your government-issued ID and any other documents you need to start the account, like your social security card or passport. The bank employee will walk you through the process and answer any questions you may have.
It can be easy to open and close a Chase account, whether you do it online, over the phone, or in person. To close your account, move any money that is still in it and follow the bank’s directions. Visit their website, call their customer service, or go to a Chase branch to start a new account.
Before you open or close a Chase account, you should read the terms and conditions and make sure you understand them.
Does Closing Your Chase Account Affect Your Credit Score?
If you follow the steps on what to do before closing your account, you can close your Chase account without hurting your credit score. If your account is in good order and you don’t owe any money or have a negative balance, it shouldn’t hurt your score.
Chase doesn’t charge to close an account. But your account needs to be in good shape, with no unpaid fees or negative amounts. It’s important to have a new account set up and move your money from your old account to the new one. Make sure that all of your direct accounts and payments are moved.
Take your time and make sure you’ve taken care of all your business first. That will make the switch to a new bank account as easy as possible.
Frequently Asked Questions (FAQs) about How to Close a Chase Account
Why does Chase Close Accounts?
Chase may close an account because of a few important things. One of the most common reasons is that loans and credit cards held with Chase have not been paid back or have not been paid back well enough. A user’s account could also be closed if there are any suspicious or fraudulent actions going on with it.
Is there a fee for closing a Chase bank account?
There is no straight fee to close your account, but make sure it isn’t overdrawn and the balance is at zero.
How long does it take to close a Chase bank account?
If the account balance is good, it could take anywhere from one to two work days.
Can you reopen a closed Chase bank account?
Once a bank account is closed, it can’t be opened again. But you can fill out an application and open a new Chase bank account.
How to find my Chase account number?
You can call customer service or look at your account balance to find your Chase account number. Most of the time, you can also find it on your Chase checks.
How much does it cost to close a bank account?
If you plan well, you can switch to a new bank without having to pay any fees. But if you close an account that isn’t very old, you might have to pay an early account closure fee. And if your bank reopens your dormant account because you forgot to stop automatic transactions, you may have to pay a long list of fees. You should also watch out for minimum balance fees if you have to wait a while between moving money out of your account and closing it.
How do I get money out of a closed bank account?
You can make a withdrawal at any bank branch as long as you have a legal form of ID that is accepted by your bank’s Customer Identification Program (CIP). You might also be able to ask your bank to close your account by mail. At that point, any leftover funds will be sent to you in the form of a check.
Is Chase a good bank for a checking account?
Chase is a good place to open a checking account if you meet the requirements for an account that doesn’t charge a monthly fee. If you can’t get the fee waived but still want a free checking account, you might be better off going to a different bank.