Have you made up your mind? We’ll teach you how to cancel a Chase checking, or savings account in this tutorial.
Before you terminate your Chase account, there are a few things you should know.
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The procedure for closing the account is straightforward. However, before canceling your Chase checking or savings account, there are a few things you should do first.
1. Open a new account to have a backup ready
It’s critical to have another account created before closing your current one so you can move your cash elsewhere. So before you start the closure procedure, see if you need to register a new account outside of Chase.
2.Zero out the balance
The next step is to clear your account’s balance. As previously stated, any leftover monies should be transferred to another account. Using a bank account is usually preferable to carrying large amounts of cash.
3.Review auto drafts, subscriptions, and deposits
Examine your statements carefully and move any auto drafts, such as utility bills or automobile payments, to a different account. Check that all of your subscription services, such as Netflix and Hulu, are still linked to Google Pay or Apple Pay.
Also, be sure to advise your employer or any clients of your new account details so that any money deposited goes to the right place. Again, this is where having a new account set up ahead of time might help.
4. Negative balance and fees
Suppose your account has a negative balance or outstanding or unpaid bank fees. In that case, you should pay them off before closing it, as tremendous amounts can negatively impact your credit score with major credit bureaus.
How to close your Chase checking or savings account?
Currently, these are your options available to close a Chase account:
Of course, the simplest way is to close the report online.
Log in to your account on Chase’s website and use the ‘Secure message center’ option to send an email asking the account to be closed. You should receive an answer with follow-up questions and instructions within two business days.
Go to a Chase branch and ask to speak with a banker
They may be able to assist you with closing the account. Verify your identity first using personal information such as your social security number, driver’s license, or identification card.
Call the Chase Bank customer service number at 1-800-935-9935
To validate your account details, follow the on-screen prompts. You can then talk with a banker and request that the account is closed.
Alternatively, submit a request via mail to:
National Bank By Mail, P.O. Box 36520, Louisville, KY 40233-6520.
Does Closing your Chase Account Affect Your Credit Score?
If you follow the guidelines on what to do before canceling your Chase account, you won’t have any adverse effects on your credit score. There’s no reason your account should hurt your score if it’s in good standing with no outstanding fees or a negative balance.
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Frequently Asked Questions
Is there a charge to close a Chase account?
There is no charge to terminate your account, but make sure it isn’t overdrawn, and the balance is zero.
What is the time frame for closing a Chase bank account?
If the account balance is in good standing, it might take anywhere from 1-2 business days.
Is it a terrible idea to shut a bank account?
It’s not a negative thing; there are many services available, like Wise.