Having a savings account is a good idea for most people. They allow you to accrue interest on assets and help you keep track of them. However, most banks offer incentives to bank with them, and in most cases, those incentives have an expiration date. What started out as a big business could eventually turn into a money pit.
JPMorgan Chase is the largest bank in the United States. If you bank with Chase and find that the relationship has soured, this article will cover some ways you can close your accounts.
Lay the groundwork
Before you close your account, there are a few things you can do to make it a painless experience. First, open a new account at another bank. It’s a good idea to open the new account before closing the Chase account. Make sure all automatic payment arrangements are transferred to the new account before closing. Bank-guaranteed charges will reopen a closed account even if they occur after closing.
Once you have a new account, transfer the money from your Chase account to it. He didn’t transfer all the money from her; leave a small cushion for bank 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 allow the Chase account to remain for one week for all debit card transactions to complete. If a charge comes in after you close the account, it will automatically reopen and you will be charged an overdraft fee for that transaction.
Close your account online
Perhaps the most convenient way to close your account is to do it online. First, visit the Pursue Online Banking website and sign in to your account. Use your secure Message Center to send an email to customer service explaining that you wish to cancel your account. You should receive a response within 24 hours from Chase requesting confirmation and some account detail.
Step
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 receive an email shortly confirming that the 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, fill in some personal information and an address where you want to receive the remaining balance. Chase will send a check for the balance within one week after the account is closed.
The completed form should be mailed to:
P.O. Box 36520
Louisville, KY 40233-6520
If you are sending certified mail or overnight packages, use this address instead:
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 conduct their financial transactions face to face. The surest way to make sure you don’t forget anything is to visit a Chase branch and ask to speak to an account manager. You can use a Chase locator to find a branch near you, but if there’s already a branch you visit frequently, we recommend talking to someone you know.
The account manager will walk you through the steps to close your account. Be sure to ask questions about your remaining balance and any potential fees. Also, please note that you cannot close an account with an outstanding balance. The account manager can also help you figure that out if needed. Your account will be closed before you leave the branch.
Close your account over the 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, prepare all the information you will need. Prepare your checkbook for account information and your social security number.
Once you’ve contacted an 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 in the next 24 hours.
Closing time
As you can see, Chase offers many great methods to discontinue 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 is no outstanding balance, and wait for all debit card transactions to settle.
If I need to close an estate account, will I need a death certificate?
Yes, or at least a legible photocopy of one. If you are managing someone else’s account after death, you will need the proper documentation to access the account. Although a photo or photocopy will work in most cases, the company reserves the right to refuse assistance if the documentation does not match their procedures.
Does Chase charge a fee to close an account?
You will be subject to a $25 fee if your account has not been open for 90 days. Beware of any other maintenance fees or overdraft fees that show up after you close chase saving account account.
What happens if I don’t close my bank account?
Generally, an account that is 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 still appear on the account. If the account closes negative, the financial institution may report the balance to the credit bureaus.
How satisfied are you with Chase banking? With many people transitioning to smaller banks or non-profit credit unions, is that something you would do too? Let us know in the comments below.