Having a savings account is a good idea for most people. They allow you to accrue interest on your assets and help you keep track of them. However, most banks offer incentives to bank with them, and most often these incentives have an expiry date. What started out as a great deal could eventually turn down money.
JPMorgan Chase is the largest bank in the United States. If you are using Chase banking and find that your relationships have sunk, in this article we will discuss a few ways in which you can close your accounts.
Lay the foundation
Before you actually close your account, there are a few things you can do to make it a painless experience. First of all, open a new account with another bank. It’s a good idea to open a new account before closing your Chase. Please ensure any automatic payment arrangements have been transferred to your new account prior to closure. Bank guaranteed fees will re-open a closed account, even if it occurs after closing.
Once you have a new account, transfer money to it from your Chase account. Don’t spend all your money; leave a little pillow for any bank charges. 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 your Chase account for a week to complete all debit card transactions. If a fee occurs after your account is closed, it will automatically reopen and you will be charged the overdraft for that 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 into your account. Use their secure message center to send an email to customer service explaining that you want to close your account. You should receive a response within 24 hours from Chase asking for confirmation and some account details.
Step 1
After verifying that you want to close your account, you can choose how the funds remaining on the account will be delivered to you. You will shortly receive an email confirming that your account has been closed.
Close your 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 then print. In the form, provide some personal data and the address to which you want to receive the remaining balance. Chase will send you a check for your balance within one week after your account is closed.
The completed form should be sent to the following address:
P.O. Box 36520
Louisville, KY 40233-6520
If you’re sending certified mail or overnight packages, use this address instead:
National Bank by mail
Postal code KY1-0900
416 West Jefferson, Floor L1
Louisville, KY, 40202-3202, United States
Close your account in person
Some people prefer to conduct their financial transactions face to face. The safest way to make sure you don’t forget anything is to visit the Chase office and ask to speak to your account manager. You can use the Chase locator to find a branch near you, but if there is already a branch that you visit frequently, it’s good to talk to someone you know.
The account manager will guide you through the steps to close your account. Be sure to ask questions about your remaining balance and possible fees. Also, note that you cannot close an account with a pending balance. A customer manager can also help with billing if needed. Your account will be closed before leaving the branch.
Close your account over the phone
Chase’s customer service helpline is available 24 hours a day and the telephone number is 1-800-935-9935. Before you call, have all the necessary information ready. Have a checkbook ready for your account information and social security number.
After contacting 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.
Closing Time
As you can see, Chase provides many good methods for canceling your account. For the sake of convenience, you can call or close your online account. If you feel more comfortable doing this in person, visit the Chase branch. Just remember to be prepared for closing. Withdraw most of your funds, make sure there are no outstanding balances, and wait for all debit card transactions to settle.
If I need to close my probate account, will I need a death certificate?
Yes, or at least a readable photocopy of one. If you are managing someone else’s account after your death, you will need the appropriate documentation to access the account. While a photo or photocopy will work in most cases, the company reserves the right to refuse assistance if the documentation does not meet its procedures.
Does Chase charge a closing fee?
You will be subject to a fee of $ 25 if your account is not opened for 90 days. Watch out for any other maintenance or overdraft fees that appear after you close your account.
What happens if I don’t close my bank account?
Generally speaking, an account that remains open will be terminated within 3-5 years. Any funds left in the account will be forfeited to the state. It’s never a good idea to leave your account open as the monthly maintenance fees will continue to show up in your account. In the event of negative account closure, the financial institution may report the balance to credit agencies.
How satisfied are you with Chase banking? If a lot of people move to smaller banks or non-profit cooperative credit unions, would you do that too? Let us know in the comments below.
