Having a savings account is a good idea for most people. They allow you to accumulate interest on assets and help you keep track. However, most banks offer contract incentives, and more often than not, these incentives have an expiration date. What started very ended up becoming a money pit.
JPMorgan Chase is the largest bank in the United States. If you bank with Chase and find that the relationship has gone sour, this article will cover some ways you can terminate your accounts.
Lay the groundwork
Before you close your Chase account, there are a few things you can do to make it a painless experience. First, open a new account at another bank. It is a good idea to open the new account before closing one. Make sure any automatic payment arrangements are transferred to the new account before you close it. Bank-guaranteed charges will reopen a closed account even if they occur after closing.
Once you have a new account, you would transfer the money from the Chase account to it. Don’t transfer all the money from him; leave a small cushion for any bank fees. Not all banks offer debit cards linked to savings accounts, but Chase does. If your account has a debit card, please stop using it and let it sit for one week so that all debit card transactions are completed. If a charge comes in after the account is closed, it will be automatically reopened and you will be charged an overdraft fee for this transaction.
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Close your account online
Perhaps the most convenient way to close the account is to do it online. First of all, visit the chase online banking website and log in to your account. Use your secure Message Center to send an email to customer support explaining that you want to cancel your account. You should receive a response within 24 hours from Chase asking for confirmation and some account details.
Once you have verified that you wish to close the account, you can choose how the remaining funds in the account will reach you. You will shortly receive an email confirming that the account has been closed.
Close the account by mail
Chase offers an account closure form on its website. The form is an editable PDF document that you can fill out and print. In the form, fill in some personal information and an address where you want to receive the remaining balance. Chase will send a balance check within a week after the account is closed.
The completed form should be mailed to:
CAP 36520
Louisville, KY 40233-6520
If you send certified mail or packages overnight, use this address:
National Bank by mail
Mail code KY1-0900
416 West Jefferson, L1 Floor
Louisville, KY, 40202-3202, United States
Close your account in person
Some people prefer to do their financial dealings face-to-face. The surest way to ensure you don’t forget anything is to visit a Chase branch and ask to speak with an account manager. You can use a Chase locator to find a branch near you, but if there’s already one you visit often, it’s a good idea to talk to someone you know.
The account manager will communicate the steps necessary to close the account. Be sure to ask questions about the remaining balance and possible fees. Also, please note that an account with an outstanding balance cannot be closed. The account manager can help you fix it if necessary. Your account will be closed before you leave the office.
Close your account over the phone
Chase’s customer service line is available 24 hours a day and the number to call is 1-800-935-9935. Before you call, prepare all the information you need. Prepare your checkbook for account information and social security number.
Once you have contacted an operator, explain that you want to close the account. They will ask for your personal information and help you understand the process. Your account will be closed in the next 24 hours.
Closing time
As you can see, Chase provides very good methods to suspend your account with them. For convenience, you can call or close your account online. If you feel more comfortable doing it in person, visit a Chase branch. Just remember to prepare for closing. Withdraw most of your funds, make sure there are no outstanding balances, and wait for all debit card transactions to clear.
If I need to close an estate account, will I need a death certificate?
Yes, or at least a legible photocopy. If you manage someone else’s account after death, you will need the proper documentation to access the account. Although photography or photocopying will work in most cases, the company reserves the right to deny assistance if the documentation does not match their procedures.
Does Chase charge a fee to close an account?
If your account has not been opened for 90 days, a fee of 25 USD will be charged. Account for any other maintenance fees or overdraft fees that appear after closing the account.
What happens if I don’t close the bank account?
Generally, an account left open will dissolve within 3-5 years. Any funds remaining in the account will be forfeited to the State. It is never a good idea to leave an account open, as monthly maintenance fees will continue to appear on the account. If the account closes in the negative, the financial institution may report the balance to the credit bureaus.
