How Can I Close My Chase Bank Account Online?

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)

Steps to Close Your Chase Account

Closing Chase accounts, or any accounts, can take longer than one might anticipate. This is because you need to prepare ahead of time before going through the process of closing. Please review its terms for more details. Chase is not responsible for (and does not provide) products, services, or content on any third-party site or apps. Chase only endorses products and services that have the Chase name on them.

Prepare to Close

Prepare your new bank account. You will need somewhere to transfer your money. It also is a smart idea for continuing good credit habits. Second, you will need to switch all of your automatic payments and direct deposits to your new bank account. This is important because if there are no money available and automatic payment overdrafts your account, this will cost and hurt your credit score. After all of your loan payments, living expenses, and memberships are accounted for, go ahead and close your account.

Close The Account

Go to the Chase website or mobile. The easiest way to close your account is to go to the Secure Message Center and request a closing form. You will send an e-mail, and Chase typically delivers responses within two business days. The response will ask follow-up questions and will probably require additional information. Make sure to have your materials ready and be quick to respond so that you can close your account promptly. If you correctly give your account number and details, your account should close within 24 hours. Once again, be prompt because if your account sits dormant without money for months, you will incur fees. Although everything can be completed online, you can also close your accounts via phone call or with a visit to your local Chase Bank branch. If you are having difficulty closing your account online, contact Chase directly. Customer service will be able to take care of your needs.

Keep Track of Everything

After closing your account, ensure the closure went through. Secure any physical cards or information that you have until everything is over with. Also keep a log of everything, including receipts, billing statements, etc. Then, dispose of your debit card and credit card safely. Also, it is important to keep documentation of the whole process of closing. Access old bank statements and make physical copies of them, because you will no longer have access to them online. Keep track of any conversations or correspondence you have for your safekeeping, with times and dates. You never know if you might need access to this information. Find the statement in the main menu by clicking on the main menu icon. Click on Statements & Documents, and select the Merchant Services account in the left pane. The statement for the Merchant Services account is available for download.

The Bottom Line

If you have prepared well to close your bank account with Chase, the process is easy. You can do it online with minimal verification steps to keep your information secure. Closing your Chase account may be a good way for you to find a bank account with better perks, consolidate your accounts, or ease your relocation. Whatever your situation is, Shiirs is here to help you improve your finances. We connect you with competitive offers for insurance, loans, credit solutions, investing, and more. Let us help you improve your financial well-being. Sign-up today.