How to Close a Chase Account in 2024: All To Know

Joseph Wenani
8 Min Read

Need to say goodbye to your Chase bank account? You’re in the right place. I’m here to guide you through the process, which is free and pretty straightforward. You’ll need to ensure your account isn’t in the red, though, as a negative balance can complicate things.

Closing your Chase account doesn’t require any notice or reason, and if you’re in good standing, it won’t affect your credit score. However, it’s not as simple as just pulling the plug. There are a few essential steps to take care of first, like canceling subscriptions and ensuring all payments are complete.

Remember, once you close your account, there’s no reopening it. You can, however, open a new one. So, are you ready to navigate the closure process? Let’s dive in.

Is It Possible to Close a Chase Account?

Absolutely, it’s very much possible to close your Chase bank account. Of course, like anything else, it requires a bit of preparation and understanding.

There are several ways to close your Chase bank account, giving you the flexibility to choose the method that best suits you.

  • Send a message online
  • Call by phone
  • Visit a branch
  • Mail a letter

Closing your Chase account should be free of any charges, provided you settle any outstanding fees before proceeding. Keep in mind that before you close your account, all recurrent payments or direct deposits should be redirected to another account. Failing to do so might result in missed payments and potential subsequent fees. Choose a method that suits your needs best, and remember, closing a Chase account can be simple and manageable as long as you have the right information and processes in hand.

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Before you close your Chase account

In the banking world, being prepared can make the difference between a successful transition and a slew of unexpected complications. As part of your preparation, it’s essential to settle any outstanding fees, address recurrent payments, and ensure your funds are in a safe place. Depending on your unique situation, you have three primary options when it comes to relocating your money—transferring your funds online, opting for wire transfers, or withdrawing the total in cash.

Transferring Funds Online

For the majority of account holders, the simplest method to move your funds is by accessing your Chase account online via the mobile app or website. Chase imposes a daily transfer limit of $25,000 on most accounts, which is a crucial factor you need to consider. However, for those with Chase Private Client or Sapphire Banking, this limit expands to a generous $100,000.

While Chase doesn’t levy fees on outgoing transfers, it’s important to note that the institution receiving your funds might not extend the same courtesy. You are advised to check with your new bank regarding possible incoming transaction charges. Online transfers typically take up to three business days to process, so plan to initiate your fund transfer a few days in advance.

Opting for Wire Transfers

Sometimes, regular online transfer methods may not suffice—perhaps the amount you’re transferring is more significant than normal, or you need the transfer to occur more swiftly than the typical three business days. In such situations, opting for wire transfers can be a reliable solution. It’s important to note that wire transfers may also incur fees—both from Chase and from the receiving institution—so pay these charges before closing your Chase account to avoid future complications.

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Withdrawing Cash

If you prefer to handle the transition of your funds personally and deal with less ‘digital noise,’ it’s entirely plausible to withdraw your account balance in cash. While this method is the least preferred due to safety reasons, you can certainly close your account, withdraw the money, and then deposit it into your new account at another institution. By using this hands-on approach, you’re able to bypass any digital transaction delays, fees, and daily transfer limits. However, keep in mind that carrying large amounts of cash can be risky, and it’s generally advised to proceed with caution.

Whichever method you choose, being informed, prepared, and strategic will help establish your financial security and peace of mind during this transitionary period. Giving the proper attention to your fund-safekeeping plan will enable a smoother pathway toward finally closing your Chase account.

How to close a Chase checking or savings account?

Closing a Chase bank account is manageable, as there are multiple options available. Here is how to get started

Online

  • Log into your Chase online banking account.
  • Navigate to the “Secure Message Center.”
  • Compose a message stating your intent to close your account. Include your account number and any specific instructions.
  • Expect a response from Chase within 2 business days with the next steps and confirmation.

By Phone

  • Call Chase customer service at 1-800-935-9935.
  • Have your account number, Social Security Number, and other identifying information ready.
  • Inform the representative of your desire to close the account.
  • Follow their instructions and answer any security questions.

In-Person

  • Find your nearest Chase branch using the online branch locator (https://locator.chase.com/).
  • Ask to speak with a banker and clearly request to close your account.
  • Provide necessary identification and follow their process.
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By Mail

  • Draft a letter stating your intent to close your account. Include your account number, full name, address, and contact information.
  • Mail the letter to: National Bank By Mail P.O. Box 36520 Louisville, KY 40233-6520

Does Closing a Bank Account Affect Your Credit Score?

Closing a checking or savings account does not directly affect your credit score, as these are not reported to credit bureaus. However, be mindful of the following:

  • Automatic Payments: If you miss a payment on a credit card or loan due to the account closure, it will negatively impact your score.
  • Overdraft Charges: If your Chase account is linked for overdraft protection and charges incurred, it could lead to collections activity, which harms your credit score.

To avoid such predicaments when closing your Chase account, ensure that all your automatic payments and deposits are switched to another financial institution. This will help you prevent any late charges or missed payments; it also serves as a reminder of how crucial it is to maintain vigilance through the account closure process.

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