Considering closing your Chase bank account? Whether you're moving, switching banks, or simply consolidating your finances, this guide will walk you through the process step-by-step to ensure a smooth transition. Let's get started!
Are you absolutely sure you want to close your Chase account?
Before we dive into the "how-to," take a moment to consider why you're closing it. Is it high fees? A lack of convenient branches? Or perhaps you found a better offer elsewhere? Sometimes, simply switching account types within Chase or adjusting your banking habits can resolve the issue. If you're certain, then read on!
How to Close Your Chase Bank Account: A Step-by-Step Guide
Closing a bank account involves more than just emptying it. It requires careful planning to avoid issues like bounced payments or forgotten direct deposits. Here's a detailed breakdown of the process:
Step 1: Prepare Your Account for Closure
This is arguably the most crucial step to prevent future headaches. Don't just drain your account and call it a day!
Sub-heading: Review Your Account Activity
Identify all recurring transactions: Log into your Chase online banking or review your statements for the past 6-12 months. Look for:
Direct deposits: Your salary, government benefits, refunds, etc.
Automatic bill payments: Utilities, subscriptions, loan payments, insurance, etc.
Linked accounts: Any external accounts or services that draw funds from or deposit funds into your Chase account (e.g., Venmo, PayPal, investment accounts).
Create a comprehensive list: Write down every single direct deposit and automatic payment. This will be your checklist for updating information.
Sub-heading: Update Direct Deposits and Automatic Payments
Contact your employer/payers: Provide them with your new bank account details (routing and account numbers) for your direct deposits. Give them ample time for the change to take effect – often a full pay cycle or two.
Update all billers: Go through your list of automatic payments and update your banking information with each service provider. This might involve logging into their respective websites or contacting their customer service. Don't forget those less frequent, quarterly or annual payments!
Transfer linked account funds: If you have services like Venmo or PayPal linked to your Chase account, transfer any remaining balances out and update the linked bank account information to your new bank.
Sub-heading: Transfer Remaining Funds
Move your money: Once you've updated all direct deposits and automatic payments, and you're confident no more funds will enter your Chase account, it's time to transfer your remaining balance.
Electronic transfer (ACH): This is often the easiest and cheapest method. You can typically initiate an ACH transfer from your new bank account, pulling funds from your Chase account. Be aware that ACH transfers can take 2-3 business days to clear. Chase also allows you to link external accounts and transfer funds digitally.
Wire transfer: For larger sums or urgent transfers, a wire transfer is faster but usually comes with a fee (Chase charges $35 for outgoing domestic wire transfers initiated by a banker, or $25 if done online).
Cashier's check: You can request a cashier's check for the remaining balance. There might be a fee for this.
Cash withdrawal: If the amount is small, you can withdraw the remaining balance as cash at an ATM or a Chase branch.
Sub-heading: Zero Out Your Balance
Ensure a $0 balance: Before proceeding, make sure your account balance is exactly $0. A negative balance will prevent closure and may incur fees. A positive balance will be returned to you, but it's cleaner to transfer it out yourself.
Step 2: Choose Your Closure Method
Chase offers a few ways to close your account. Pick the one that's most convenient for you.
Sub-heading: Option A: Closing In-Person at a Chase Branch
The most straightforward option: Visiting a branch is often the quickest and most secure way to close an account, especially if you have any lingering questions or complex situations.
What to bring:
Valid photo ID: Driver's license, passport, or state-issued ID.
Your Chase debit card and checkbook: While not always strictly required, it's good to have them for verification and to hand them over.
Your account number(s).
Speak to a representative: Inform them you wish to close your account. They will guide you through the necessary paperwork.
Get confirmation: Crucially, ask for written confirmation that your account has been closed and the date of closure.
Sub-heading: Option B: Closing by Phone
Convenient from anywhere: This is a good option if you can't get to a branch.
Chase Personal Banking Customer Service Number: Call 1-800-935-9935.
Be prepared for verification: You'll need to answer security questions to verify your identity. Have your account details handy.
Request closure: Clearly state your intention to close the account. The representative will walk you through the process.
Confirm closure: Ask for an email or mailed letter confirming the account closure.
Sub-heading: Option C: Closing Online (via Secure Message)
Remote, but may take longer: While Chase doesn't have a one-click "close account" button online, you can initiate the process through their Secure Message Center.
How to send a secure message:
Log into your Chase online banking account.
Navigate to the Secure Message Center (usually found under "Customer Service" or "Contact Us").
Compose a new message clearly stating your request to close your account(s). Include your account number(s).
Follow up: Be prepared for Chase to respond with further instructions or to request a phone call for verification. This method might take longer to complete compared to an in-person or phone call closure.
Step 3: Finalize and Confirm Closure
Don't assume it's done until you've verified!
Sub-heading: Get Written Confirmation
Essential for your records: Regardless of the method you choose, always request a written confirmation of account closure. This could be an email, a letter mailed to your address, or a printed document if you close it in person. This document serves as proof that you officially closed the account on a specific date.
Sub-heading: Monitor Your Accounts
Keep an eye on things: For a few weeks after closure, monitor your new bank account for all expected direct deposits and payments. Also, occasionally check your old Chase online banking access (if it still allows login) to ensure no unexpected activity occurs.
Related FAQs
Here are 10 frequently asked questions about closing a Chase bank account, with quick answers:
How to transfer money out of a Chase account before closing?
You can transfer funds via ACH transfer to another bank account (usually initiated from the new bank), a wire transfer (fees may apply), request a cashier's check, or withdraw cash at a branch or ATM.
How to avoid fees when closing a Chase account?
Generally, Chase doesn't charge a fee for closing an account. However, you must ensure your balance is $0 and there are no pending transactions or outstanding fees (like overdrafts) before closure, as these could prevent it or incur charges.
How to ensure all direct deposits are switched before closing Chase?
Review your Chase statements for the past 6-12 months to identify all direct deposit sources. Contact each payer directly (e.g., employer, government agency) and provide them with your new bank account details, allowing ample time for the change to take effect before closing your Chase account.
How to handle automatic payments linked to my Chase account?
List all recurring automatic payments by reviewing past statements. Log into each biller's website or contact their customer service to update your banking information with your new account details before closing your Chase account.
How to get confirmation that my Chase account is closed?
When closing in-person or by phone, explicitly request a written confirmation. If using the secure message center, save a copy of your message and their response. This can be an email or a mailed letter.
How to close a Chase account with a negative balance?
You'll need to deposit funds to cover the negative balance and any associated fees before Chase will allow you to close the account. If you don't, they may send the account to collections.
How to find my Chase account number and routing number?
You can find these on your checks, your Chase online banking portal, or by contacting Chase customer service.
How to reopen a closed Chase bank account?
Generally, once a bank account is formally closed, it cannot be reopened. You would typically need to open a new account if you wish to bank with Chase again in the future.
How to know if closing my Chase account will impact my credit score?
Closing a checking or savings account generally does not impact your credit score, as these accounts are not typically reported to credit bureaus. However, if your account was closed due to a negative balance that went to collections, that could negatively affect your credit.
How to close a Chase credit card account?
Closing a Chase credit card is a separate process from closing a bank account. You'll need to pay off any outstanding balance first, then contact Chase Credit Card Services to request closure. Be aware that closing a credit card can sometimes impact your credit score.
