A Comprehensive Guide: How to Close Your Chase Bank Account
So, you've decided it's time to part ways with your Chase bank account. Perhaps you're moving, switching banks for better features, or simply consolidating your finances. Whatever your reason, closing a bank account, especially one with a major institution like Chase, requires a systematic approach to ensure a smooth transition and avoid any unexpected hitches. This guide will walk you through every step of the process, from preparation to confirmation, making it as easy as possible for you.
Step 1: Are You Absolutely Sure? Let's Assess Your Needs First!
Before you dive into the nitty-gritty of closing your Chase account, let's take a moment to confirm this is the right decision for you. Have you considered all your options? Sometimes, what seems like a need to close an account can be resolved with a simple account change or adjustment.
Why are you considering closing your account? Is it high fees? Lack of features? Poor customer service?
Have you explored other Chase account types? Chase offers a variety of checking and savings accounts. Could a different account with them better suit your current needs, potentially waiving fees or offering more benefits?
Are you sure you won't need this account in the near future? Closing an account, especially one with a long history, can sometimes have minor, indirect impacts, like affecting your relationship with the bank if you later seek a loan or other services. While direct credit score impact from closing a checking or savings account is rare, it's good to be certain.
If, after this quick self-assessment, you're still confident in your decision to close, then let's move forward!
Step 2: The Essential Pre-Closure Checklist – Don't Skip These!
This is arguably the most crucial phase. Proper preparation prevents headaches later on. Think of it like packing for a long trip – you don't want to leave anything important behind!
2.1: Transfer or Withdraw All Funds
This is a non-negotiable first step. You cannot close an account with a positive balance.
Open a new account: If you haven't already, open a new checking or savings account with another financial institution where you want your funds to go. This will be your primary account moving forward.
Transfer methods:
ACH Transfer (Electronic): This is often the most convenient. You can link your new bank account to your Chase online banking and initiate an electronic transfer. This typically takes 2-3 business days. Be aware of any daily transfer limits.
Wire Transfer: For larger sums or if you need the funds quickly, a wire transfer is an option, though it often comes with a fee. You can initiate these online or in-branch.
Check/Cashier's Check: You can request Chase to issue a cashier's check for your remaining balance. This is a secure option, but you'll need to deposit it into your new account.
Cash Withdrawal (In-Branch): If your balance is manageable, you can simply withdraw all funds in cash at a Chase branch.
Ensure $0 Balance: Double-check that your account balance is zero before proceeding. Leaving a small balance, even a few cents, can delay the closure process or result in unexpected fees.
2.2: Update All Automatic Payments and Direct Deposits
This is where many people run into issues. Neglecting this step can lead to missed payments, late fees, and bounced direct deposits.
Identify all recurring transactions:
Direct Deposits: Your salary, government benefits, or any other regular income.
Automatic Bill Payments: Utilities, rent/mortgage, subscriptions (Netflix, Spotify, gym memberships), loan payments, credit card payments, insurance premiums, etc.
Automatic Transfers: Any transfers you have set up to other accounts (e.g., savings, investment accounts).
Update with the originators: Contact each company or entity that sends you money or debits your account and provide them with your new bank account details. Do this well in advance of your desired closure date to allow for processing time. It's a good idea to keep your Chase account open for at least one full billing cycle after updating everything to ensure all transactions have successfully migrated.
Cancel within Chase: While you're updating with the originators, also log into your Chase online banking and cancel any recurring payments or transfers that you have set up directly through Chase.
2.3: Check for Outstanding Checks or Pending Transactions
Even in our digital age, checks can still be a factor.
Outstanding Checks: If you've written any checks that haven't cleared yet, do not close your account until they have. Contact the recipient if necessary to confirm the check has been cashed.
Pending Transactions: Ensure there are no pending debit card transactions, deposits, or transfers. Wait until all transactions have fully posted to your account.
2.4: Review Account Statements and Download History
It's always a good idea to have a record of your financial history.
Download past statements: Log into your Chase online banking and download at least the last 12-24 months of statements. This can be crucial for tax purposes or future financial reviews.
Transaction History: Consider downloading your entire transaction history if available.
2.5: Consider Joint Accounts
If you have a joint account, the process might be slightly different.
Both account holders' consent: Typically, both account holders must agree to and be present for (or provide written authorization for) the closure of a joint account.
Discussion with co-owner: Ensure you've discussed the closure with the other account holder and that they are aware of all the implications, especially regarding the transfer of funds and recurring payments.
Step 3: Choose Your Closure Method
Chase offers several convenient ways to close your account. Pick the one that best suits your needs and comfort level.
3.1: Closing Your Account Online (Secure Message)
This is often the most straightforward method for many.
Login to Chase Online: Go to Chase.com and log in to your online banking account.
Navigate to Secure Message Center: Look for "Secure Message Center" or "Messages" (it might be under a "Customer Service" or "Contact Us" section).
Compose a New Message:
Select the topic as "Account Inquiry" or similar.
Choose the subtopic "Close my account."
Draft a clear and concise message stating your intent to close your Chase checking or savings account.
Crucially, include your full name and the specific account number(s) you wish to close.
You can add a brief, optional reason for closure if you wish (e.g., "I have moved to another state and no longer require a local bank account").
Send and Await Response: Send the message. Chase typically responds within two business days with further instructions or confirmation. They may ask you to confirm your identity or ensure your balance is zero.
3.2: Closing Your Account by Phone
If you prefer to speak directly with a representative.
Gather Information: Have your account number, personal identification details (like your Social Security Number, date of birth), and perhaps your debit card handy.
Call Chase Customer Service:
For personal banking, call 1-800-935-9935.
If you have a specific card number, the number on the back of your debit card can also connect you to the right department.
State Your Intent: Clearly inform the representative that you wish to close your checking or savings account.
Follow Instructions: They will guide you through the process, verify your identity, and confirm that all funds have been transferred or withdrawn. They may also ask for your reason for closing.
3.3: Closing Your Account In Person
For those who prefer a face-to-face interaction.
Find a Branch: Use the Chase Branch Locator on their website or app to find the nearest branch.
Bring Necessary Documents:
Government-issued Photo ID: Driver's license, passport, or state ID.
Debit Card: For the account you're closing.
Account Number: Though they can usually look it up with your ID, it's good to have it.
Any remaining funds (if withdrawing cash): If you haven't transferred all your funds out already.
Speak with a Banker: Inform the banker you wish to close your account. They will verify your identity, help you withdraw or transfer any remaining balance, and process the closure.
Obtain Confirmation: Request a written confirmation of the account closure before you leave the branch.
3.4: Closing Your Account by Mail
While less common and typically slower, this is an option if other methods aren't feasible.
Draft a Letter: Write a formal letter clearly stating your request to close your Chase checking or savings account.
Include:
Your full name
Your current address
Your phone number and email address
The specific account number(s) you wish to close
A clear statement that you want the account closed.
Your signature.
Mail to: National Bank By Mail P.O. Box 36520 Louisville, KY 40233-6520
Await Confirmation: It may take some time to receive confirmation. You might consider sending the letter via certified mail with a return receipt for proof of delivery.
Step 4: The Waiting Game & Final Confirmation
Once you've initiated the closure, it's time for a bit of patience and diligence.
4.1: Monitor Your Accounts
Check your new account: Ensure all expected direct deposits and automatic payments are now successfully going to and from your new account.
Monitor your old Chase account (briefly): While it should be zero, occasionally a stray transaction might come through. Chase may contact you if this happens.
Look for confirmation: Chase should send you a written or electronic confirmation that your account has been successfully closed. This might be an email, a letter in the mail, or a secure message in your online banking portal.
4.2: Retain Records
Keep a copy of your closure request.
File away the closure confirmation. This is your proof that the account is officially shut down.
Step 5: What If There Are Fees?
Generally, Chase does not charge a fee to close a checking or savings account. However, there are a few scenarios where fees might apply:
Early Closure Fee: If you close an account very soon after opening it (e.g., within 90 or 180 days), some banks might charge an early closure fee. Check your original account agreement or contact Chase to confirm.
Negative Balance: If your account has a negative balance due to overdrafts or unpaid fees, you will need to clear this balance before Chase will close the account.
To avoid fees, ensure your account has a zero balance, all pending transactions have cleared, and you've met any minimum account tenure requirements.
Step 6: What Happens to My Direct Deposits?
If a direct deposit is sent to a closed account, here's what typically happens:
Return to Sender: Most commonly, the direct deposit will be returned to the originator (your employer, government agency, etc.).
Bank Holds Funds (Rare): In some cases, Chase might hold the funds and attempt to contact you to re-route the deposit or give you the option to reopen the account (though reopening a closed account isn't always guaranteed).
Paper Check: The originator might then issue a paper check to you for the missed deposit.
The best practice is to update your direct deposit information with your employer/payor well in advance to prevent any disruption in your income.
10 Related FAQ Questions:
How to check my Chase account balance before closing?
You can check your Chase account balance by logging into your Chase Online Banking account, using the Chase Mobile app, calling the customer service number, or visiting a Chase ATM or branch.
How to transfer money out of my Chase account to another bank?
You can transfer money out of your Chase account via ACH transfer (linking your new bank account to Chase online banking), wire transfer (online or in-branch), requesting a cashier's check, or withdrawing cash at a branch.
How to find my Chase account number?
You can find your Chase account number by logging into your Chase Online Banking account and navigating to "Show details" for your specific account, checking a paper statement, or looking at the bottom of your checks.
How to update my direct deposits for my new bank account?
To update your direct deposits, you'll need to contact your employer's payroll department, the government agency providing benefits, or any other source of direct deposits, and provide them with the routing and account numbers for your new bank account.
How to cancel automatic payments linked to my Chase account?
Log into your Chase Online Banking, navigate to the bill pay or automatic payments section, and manually cancel each recurring payment. You should also update the payment method directly with the biller (e.g., utility company, subscription service) to your new bank account.
How to get a confirmation of my Chase account closure?
When closing your account, ask the Chase representative (in person or over the phone) for a written or electronic confirmation of closure. If closing online, they will usually send a secure message or email. Keep this document for your records.
How to avoid fees when closing my Chase bank account?
To avoid fees, ensure your account has a zero balance, all outstanding checks and pending transactions have cleared, and you haven't closed the account too soon after opening it (check your original account agreement for any early closure fees).
How to close a joint Chase bank account?
Typically, all joint account holders must provide consent for the closure of a joint account. It's often easiest to do this in person at a branch with all parties present, or by contacting customer service and following their specific procedures for joint account closures.
How to ensure all my funds are transferred before closing Chase account?
Make sure to initiate all transfers well in advance, allowing 2-3 business days for ACH transfers to clear. Do not close the account until you have confirmed that the full balance has been successfully moved to your new account and no pending transactions remain.
How to contact Chase customer service for account closure?
You can contact Chase customer service for personal banking inquiries, including account closure, by calling 1-800-935-9935. You can also send a secure message through your Chase Online Banking portal.
