How to Get Rid of Chase Savings Account
How to Close Chase Account
Posted by Frank Gogol
When you have a bank account that you no longer use, you might think that leaving it there "just in case" might be the better thing to do. Who knows when you might need it, right? Well, if the account doesn't come with any associated monthly fees, there's no need to close it. However, if the bank does charge fees, you might want to consider closing that account.
However, some banks allow you to close your account, others don't. What about Chase accounts? Can you close them – and if you do, will it affect your credit score in any way? What are the steps that you will have to take to close this type of account? This article will be your guide on how to close a Chase account.
Is It Possible to Close a Chase Account?
A Chase account is one that you open at the Chase Bank – one of the largest chains of banks in the United States. You use it like you would an account in any other bank, no matter if you are a native citizen or you need banking for immigrants – and obviously, you can close it in the same manner.
Each account takes a certain monthly fee in order to be maintained – but the good news is that if you choose to close it yourself, it is free. You can close the account by going to the bank yourself, by phone, online on their platform – even by sending them a mail. There are several ways for you to close the account, so if you do not want to hang on to it, you may easily have it closed.
What to Do Before You Close Your Account
Before you close your Chase account, there are several things that you may want to do. Some of them are more obvious than others, but you may want to keep them in mind. Here's what you'll need to do.
Make Sure You Have a New Account
This is one of the more obvious steps – before you go and close your Chase account, make sure that you have another checking account to fall on. If you've already been using an account in parallel with the Chase one (and you are happy with it), stick to that account. However, if you've been using Chase exclusively and want to change your bank, make sure that you open a new one before you close the old one.
Transfer Remaining Balance
This is yet another obvious step, but if you have any remaining balance in your checking account, you should transfer it into the new account. You might want to do this a couple of days before closing your Chase account, as it might take a while until the transfer processes fully.
Review Recurrent Charges
You may want to review your monthly statement to see if you have any recurrent charges (e.g. utility bills, rent, etc.). You may want to transfer all of those charges to your new account at least 15 days before they're due. This goes for any semi-annual recurring charges as well, which may not show up on your monthly statement.
Review Your Subscriptions
Do you have a Netflix, Spotify, or Apple Music subscription that automatically charges from your Chase account? If so, make sure that you transfer those charges to your new account.
Redirect Your Salary
If you've been getting your salary on your Chase account, take the steps needed to redirect it to your new account. You may want to do this transfer at least one week before you are to receive your salary.
Check Overdue Bank Fees
If you have any overdue or late bank fees, you may want to check for them and resolve them. This step is crucial if you wish to protect your credit score. Plus, if you are a non-US citizen, this might affect you even more if you plan on taking a loan in the future.
Steps for Closing a Chase Account
When you close a Chase account, you may choose to do so through a couple of different ways. Here is what you can do, depending on your preferences and your possibilities:
Visit the Nearest Chase Bank
The classic way to close a Chase account is to visit the nearest physical Chase bank point. When you talk to the bank teller, you will have to provide proof of your identity, so make sure that you have your ID, social security number, PIN, address details, and so on.
Many people prefer this option because it's the fastest. Once you get out of the bank, you will no longer have a Chase account. However, it might feel rather inconvenient if you do not have a brick-and-mortar branch nearby – in which case, you may want to opt for the following method.
Close It Online
If going to the actual Chase bank does not feel convenient for you (too far or can't get the time to do so), you may want to try the online option. Go to the official Chase website and schedule a meeting with them. You will receive a phone call in two days at most where you will be able to discuss the matter.
If you don't want to be disturbed by the phone call, you may want to send them a message instead and explain the matter – telling them that you wish to close your Chase account. Within two days, you will receive a reply. Regardless, you will still be asked to provide confirmation that it's your account – they have to make sure you're you before they close it, obviously.
Give Them a Call
If you wish to resolve this over the phone, you may call the number 1-800-935-9935. Make sure that you have all the details of your account on hand. When the bank teller or representative picks up, tell them that you wish to close your account. They will inquire about information regarding you and your account, and if what you tell them is correct, your Chase account will be closed within 24 hours.
Send Mail
If none of those options work for you, you may want to send the Chase authorities an old-fashioned mail and tell them that you wish to have your account closed. You may find a closing form on their website that you should fill in with the right data. If there is any balance in your account, make sure that you mention that in the form as well. Once everything is done and packaged, mail it to the following address: National Bank By Mail, P.O. Box 36520, Louisville, KY 40233-6520.
Does Closing a Bank Account Affect Your Credit Score?
As long as you do everything by the books, closing your Chase bank account won't affect your credit score. Since credit bureaus aren't privy to the information you have on your account, they can't do anything to you; your transactional activity is not relevant to them.
The only time when it might be an issue is when you have a negative overdraft balance – one that you haven't paid in a long time. However, if you pay the draft before you close your account, it shouldn't leave any black marks on your credit score.
Final Thoughts
A Chase account may easily be closed – and you can do so through a variety of methods. Just make sure that everything's been put in order first and that you have the account information at hand when you finally do it.
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Frank Gogol
I'm a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
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How to Get Rid of Chase Savings Account
Source: https://www.stilt.com/blog/2020/10/how-to-close-chase-account/