How To Close A Chase Bank Account – So, you’ve made up your mind to close your Chase account. At this point, you’ve realized that their unrealistic promises of free checking accounts and high-yield savings accounts were gimmicks into a labyrinth of hidden fees and charges:
- Monthly service fees.
- Minimum balance requirements.
- Overdraft penalties.
- Ridiculous wire transfer fees.
- An interest rate that is between 0 and 0.01%
Things like these above, makes you effectively zero income on your precious deposits.
But it’s time to let bygones be bygones. You are moving to something better.
Things You Have To Do Before You Close a Chase Bank Account
It is necessary we put you through some essential thing you should do before going to How to close a Chase bank Account
- This is a no brainer, make sure you have a new bank account set up prior to closing your Chase account.
- Review your most recent monthly statement for any recurring charges like water, electricity, gas and rental bills. Ensure that you transfer over all these essential charges to your new account at least 15 days before they are due.
- Take note off your online subscriptions such as Apple Music, Netflix and Spotify and transfer them over to your new account.
- Take note of any annual or semi-annual recurring charges that may not be reflected on the monthly statement and transfer them as well.
- Transfer your salary’s direct deposit to your new bank at least a full working week before it is expected.
- Look out for any overdue or recurring bank fees and resolve them. This is important to protect your credit score (explained later).
- Move any remaining balances over to your new account.
Here Is How To Close A Chase Checking Or Savings Account
- The easiest way to close your 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.
- 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.
- If you don’t have access to a local branch, call the Chase support center and request for account closure.
- You can also submit your request in writing to National Bank By Mail.
Does Closing Your Chase Bank Account Affect Your Credit Score?
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.
This is why it is essential that you clear all bank dues prior to closing your account.