Having a bank account is necessary as it allows you to keep track of your assets. Most banks come up with inducement and luring offers for banking with them.
But this relationship can get bitter if you find out their rosy promises are costing you huge money of hidden charges.
Chase bank is one of the most illustrious financial institutions among the Bank of America. If you have an account with them and want to close it to save your hard-earned money, then this is high time.
This article will clear all your doubts on how to close chase account.
Here is What You Should Bear in Mind Before Closing Chase Account
Before actually closing your chase account, there are few steps you must follow to avoid several fees that you could get stuck with. You can make the experience as easy as pie by taking the following steps:
Having a New Account is a Must
Sign up for a new account before you close your chase account. You might have another account coequally, if you’re satisfied with that then switch to that. If you don’t have then make another one.
Transfer Remaining Balance
After opening a new account, transfer the money to it leaving a tiny amount for any banking fees. Chase bank allows debit cards attached to saving accounts. so if you have one, give a pause to it and allow the chase account to complete all the debit card transactions.
Review Recurrent Charges
You may have some recurrent charges in your monthly statement like utility bills and rents. You’ll need to switch all the charges to your new account at least 14-15 days before you close your chase account. Some of the semi-annual recurring charges may not be visible in the monthly statement. So make sure you’ve checked properly.
Review Your Subscriptions
If you are using Spotify, Netflix, Apple Music and other online subscriptions like these, which are connected to your Chase account for the charge. Then you need to transfer them as well to your new account.
Redirect Your Salary
Redirect your new account from Chase account to receive salary accurately. You might need to do this 7 or 8 days before your inheritance.
Check Overdue Bank Fees
Check for your overdue or delayed unpaid fees to secure your credit score and resolve if there’s a problem. This might affect you if you’re not native and about to take a loan in future for some purposes.
Steps For Closing A Chase Account
There are a variety of methods by which you can close Chase account. You can cancel it anytime by picking any of the following according to your scope and your advantage:
Close Chase Account at Branch/Person
Many people want to deal with their financial affairs face to face. If you are one of them, then you can choose the typical way of closing your chase account by going there physically. You can look for the nearest chase branch on the online locator.
At the bank, the representative will ask to verify your identity by checking your ID, PIN, address, social security number, and so on. Then, you will get an account closure form asking for your contact information, account number, account type, and preferences.
If you have a joint account, anyone between you can fill-up the form. Once you are done, the representative will explain to you further procedures. Thus your account will be closed after this.
Close Chase Account Online
If it is inconvenient for you to go to the bank, then the online option is the most convenient way. You can use free wi-fi for this work. First of all, you have to get access systems to the chase online banking website. Then after logging in to your account you can close it by following the easy 2 steps:
Send an email to their Secure Messaging Center explaining your plan to close your account. You will receive a response within 24 hours via the secure message center. They will then verify some of your details.
After your verification about the confirmation, they will ask you to choose ways about how you want to receive the remaining fund. Shortly after that, you will get an email that will confirm that your account has been disabled.
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Close Chase Account Over Phone
If you don’t want any hazard and want this to be done over the phone, you can call their customer service number which is 1-800-935-9935. This is available 24/7. Before making the call, make sure to avail all the average credit history of your account.
Once you have dialed the number, the system will ask for your bank account or debit card number to process your pin. To speak with a live agent you have to dial 0. Once you have reached a bank teller, let them know the reason for your call.
They will dig into your personal information like your name, birthday, address, and other questions to confirm your identification. Once they are confirmed, they will let you know the further process. You will get your account closed within 24 hours.
Close Chase Account by Mail
If you don’t find any of those options convenient for you, then you can go for the ancient styled mail. There you will tell them that you want your chase bank saving account closed. They will provide you a closing form which is an editable PDF document. You will have to fill-up the form with your personal information.
You also need to mention there if you have any balance left on your account and leave an address where you will collect it. Once you are done with every detail, send the mail to the following address:
National Bank By Mail
P.O. Box 36520
Louisville, KY 40233-6520.
How Much Closing a Bank Account Can Damage Your Credit Score?
Due to the process of determination of credit scores, the closure of your account can affect your credit score. The main reason behind this is if you close your credit account, it will shorten your credit history up to 15 percent of your FICO score. Your credit utilization rate, when closing your account is the biggest concern for you as this makes up 30 percent of your FICO score.
Say your utilization ratio is 30% when you have a limit of $1,000 and a balance of $300. Now your credit utilization would be 15% if you keep the card open. Now your credit utilization rate would be 20 percent if you owe $4,000 and a total credit limit of $20,000.
However, your credit utilization rate would increase to 40 percent overnight, if you close your Chase credit with $10,000 in total credit limits. How to close chase account is going to be just a question to you if you put everything in order first. All you need to do is to choose the best option for you and you are on your way.