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How Can I Close My Chase Bank Account Online?
There are many reasons why you might need to close your bank account. Perhaps you are moving to a new city and don‘t want to take your account with you. Maybe you are switching to a new bank. Or maybe you just don‘t need a bank account anymore.
Whatever the reason, you don‘t need to worry – closing your bank account is a relatively easy process.
To close your bank account, you first need to contact your bank. You will likely need to provide your account number and other personal information in order to close the account. In some cases, you may be able to close your account online or over the phone.
What if your account is a Chase bank account?
When you are wondering how to close your Chase bank account, there are two ways to do it.
One way is to go into a local Chase branch and speak with a customer service representative. The representative will be able to help you close your account and provide you with the necessary paperwork.
It may be quite inconvenient if you do not have a brick-and-mortar shop in your area. In that case, you may want to opt for one following ways.
Another way to close your Chase bank account is to call the bank’s customer service line and speak with a representative. The representative will be able to help you close your account and provide you with the necessary paperwork.
For the second option, it is fairly simple. It can be done completely online, without the need to go in person or physically mail anything. However, there are things to consider and steps to perform before closing your Chase account online.
Should I Close My Chase Bank Account?
Closing your bank account is not something you should do without a good reason. This is because it could potentially affect your credit score. Still, there are some potential benefits of closing a bank account. You are not the first one who is trying to close your Chase Bank account. Some people are closing their Chase accounts and switching to banks that do not require that people keep a minimum balance requirement in their savings and checking accounts. If you‘ve found another payment solution and no longer need to use Chase, you can cancel your Chase account. Some payment solutions that are simple to use, fast, secure, and more readily available to merchants and customers around the world might around the corner and, bingo, you’ve actually found it.Will It Affect Your Credit Score?
Yes, it will impact your credit score. But sometimes it can be worth it if you are no longer using the account and incurring a monthly fee while no money is sitting there. Some people wonder whether they can close Chase credit card that has an outstanding balance. You can also cancel a credit card with an outstanding balance. In the United States, credit scores are independently run systems that let lenders know how good of a borrower an individual is. There are several factors that determine your credit score: how many credit cards you have, how promptly you pay off loans and credit cards, credit utilization, etc. Closing a checking account can impact your score in a couple of ways. One, there is a length factor in determining your credit score. If you only have had your account for a short time, it will damage your credit to close the account. If your account has been over-drafted, it also will hurt your score to close the account. Another factor to consider is your credit utilization rate, which will naturally go up after closing a Chase account. If you have other accounts, the amount of available credit you have will go down, altering your utilization rate. When you empty your account and wait for it to be closed, you may also be liable for a balance cap fee. That is the minimum balance that you should have if there is a long gap between transferring money out of your account and officially closing the account. Make sure that there are no recurring payments set up that you take from your checking account, whether manual or auto payments. If you have a bill that is automatically paid through your checking account, make sure that you have enough money saved in your account to cover the payment. If you don‘t have enough money saved, you may be charged a fee by your bank. Be sure to review your monthly statement to see if there are any recurring charges (e.g. utility bills, rent, etc.). Also, make sure that you don’t have any semi-annual recurring charges that aren’t listed on your monthly statement. In the case of a Chase First account, the parent who opened and managed the account will receive a check, plus the balance of the account, after two statement cycles, if no other linked accounts are identified. If there are balances on your account that are negative, pending, or unpaid, it’s important that you pay those balances before closing your account, because unpaid balances may affect your score with major credit bureaus. If your account is in good standing and there are no unpaid fees or a negative balance in your account, there is no reason why that would affect your score. Reasons To Close a Chase Bank Account Now that you have considered your credit score, there are plenty of good reasons to close a checking account. These include:- Avoiding high fees
- Switching to a different bank or different account type
- Finding better interest rates
- Gaining better features, rewards, and services
- Moving to a different place without many branches (this is unlikely in the U.S., as Chase has over 4,700 branches)
