Having a savings account is a good idea for most people. They allow you to earn interest on assets and help you track them. However, most banks offer incentives for banking with them, and more often than not, those incentives have an expiration date. What starts like a lot can eventually turn into a money hole.
JPMorgan Chase is the largest bank in the United States. If you are banking with Chase and find that the relationship has turned sour, this article will discuss some of how you can terminate your account.
Lay The Base
Before you close your account, there are a few things you can do to make it a less painful experience. First of all, open a new account at another bank. We recommend opening a new account before you close your Chase account. Make sure the automatic payment settings are transferred to the new account before closing. Charges guaranteed by the bank will reopen closed accounts even if they occur after closing.
Once you have a new account, transfer money from your Chase account to it. Don’t transfer all your money; leave a little bearing on any banking fees. Not all banks offer debit cards attached to savings accounts, but Chase does. If your account has a debit card, stop using it and leave the Chase account for a week so that all debit card transactions are completed. If a charge comes in after you close your account, the account will be re-opened automatically and you will be charged an overdraft fee for the transaction.
Close Your Account Online
Perhaps the most convenient way to close your account is to do so online. First, visit the chase online banking website and log in to your account. Use their Secure Message Center to send an email to customer support explaining that you want to terminate your account. You’ll get a reply within 24 hours from Chase asking for confirmation and some details about the account.
After you verify that you want to close the account, you can choose how the funds remaining in the account will reach you. You will soon receive an email confirming that your account has been closed.
Close Your Account by Mail
Chase offers an account closure form on its website. Forms are editable PDF documents that you can fill out and then print. On the form, fill in some personal data and the address where you want to receive the remaining balance. Chase will send a check for the balance within a week of closing the account.
The completed form is sent to:
PO Box 36520
Louisville, KY 40233-6520
If you’re sending certified mail or overnight packages, use this address instead:
National Bank via Mail
Mail Code KY1-0900
416 West Jefferson, Floor L1
Louisville, KY, 40202-3202, United States of America
Close Your Account Privately
Some people prefer to carry out their financial transactions face-to-face. The safest way to make sure you haven’t forgotten anything is to visit a Chase branch and ask to speak to an account manager. You can use the Chase locator to find a branch near you, but if there’s already a branch you visit frequently, it’s a good idea to talk to someone you know.
The account manager will tell you the steps required to close your account. Be sure to ask questions about your remaining balance and other possible fees. Please also note that you cannot close an account with a pending balance. The account manager can help you with this too if needed. Your account will be closed before you leave the branch.
Close Your Account by Phone
The Chase customer service hotline is available 24 hours a day, and the number to call is 1-800-935-9935. Before you call, have all the information you need ready. Have your checkbook ready for your account information and social security number.
After you contact the operator, explain that you want to close your account. They will ask for your personal information and help you understand the process. Your account will be closed within the next 24 hours.
As you can see, Chase provides lots of great methods to terminate 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. Remember to prepare for closing. Withdraw most of your funds, make sure there are no pending balances, and wait for all debit card transactions to complete.
If I need to close an estate account, do I need a death certificate?
Yes, or at least one legible photocopy. If you manage someone else’s account after death, you’ll need the proper documentation to access that account. While a photo or photocopy will work in most cases, the company reserves the right to refuse assistance if the documentation does not conform to their procedures.
Does Chase charge a fee to close an account?
You will be charged $25 if your account has not been opened for 90 days. Be aware of any maintenance fees or other overdraft fees that arise after you close your account.
What happens if I don’t close my bank account?
Generally, an account that is left open will be dissolved within 3-5 years. Any remaining funds in the account will be forfeited to the state. It is never a good idea to leave the account open as the monthly maintenance fee will continue to appear on the account. If the account is closed negative, the financial institution can report the balance to the credit institution.
How satisfied are you with Chase banking? With so many people turning to smaller banks or non-profit credit unions, is that what you’re going to do too? Let us know in the comments below.