4 Ways to Close Chase Account

When you have a bank account that you no longer use, you might think that leaving it there “just in case” might be the better thing to do. Who knows when you might need it, right? Well, if the account doesn’t come with any associated monthly fees, there’s no need to close it. However, if the bank does charge fees, you might want to consider closing that account.

However, some banks allow you to close your account, others don’t. What about Chase accounts? Can you close them – and if you do, will it affect your credit score in any way? What are the steps that you will have to take to close this type of account? This article will be your guide on how to close a Chase account.

Is It Possible to Close a Chase Account?

A Chase account is one that you open at the Chase Bank – one of the largest chains of banks in the United States. You use it like you would an account in any other bank, no matter if you are a native citizen or you need banking for immigrants – and obviously, you can close it in the same manner.

Each account takes a certain monthly fee in order to be maintained – but the good news is that if you choose to close it yourself, it is free. You can close the account by going to the bank yourself, by phone, online on their platform – even by sending them a mail. There are several ways for you to close the account, so if you do not want to hang on to it, you may easily have it closed.

How to Close a Chase Account

If you’re looking for a way to close your Chase account, you’ve got four fairly straightforward options. You can close your chase account:

• Online
• By phone
• In person
• By mail

Below, we’ll walk you through each of these four methods in more detail.

How to Close a Chase Account Online

The most straightforward way to close a Chase account is via the internet. Here’s your step-by-step guide:

• Visit the Chase Official Website.
• Log into your Chase online banking.
• Navigate to the Secure Message Center.
• Click on “New message”, select “Account Inquiry” for the topic, and choose “Close my account” for the subtopic.
• Draft a message expressing your intent to close your Chase checking or savings account. Remember to include your account number and name.
• Send the message. You can expect a response from Chase within two business days, detailing the next steps.

Sample Message to Close Your Account Online

Subject: Request to Close My Account

Dear Chase Customer Service,

I hope this message finds you well. I am writing to formally request the closure of my Chase [checking/savings] account. Below are my account details:

• Account Name: [Your Full Name]
• Account Number: [Your Account Number]

While I have appreciated the services offered by Chase, [optional reason for closure, e.g., “I have moved abroad and no longer have a need for a domestic account.”]

I kindly request you to provide confirmation once the account has been closed and inform me of any additional steps or requirements on my part.

Thank you for your prompt attention to this matter. I await your confirmation within the next business days.

Sincerely, [Your Full Name] [Your Email Address] [Your Phone Number]

How to Close a Chase Account by Phone

To close your Chase account over the phone:

• Dial Chase customer service: 1-800-935-9935 (checking or savings accounts) or 1-800-432-3117 (credit cards).
• Be ready with your personal details for verification, such as your name, address, SSN, debit card number, and balance.
• Inform the representative of your intention to close the account and follow any provided instructions.

How to Close a Chase Account In Person

Closing your Chase account can also be done face-to-face:

• Use the Chase Branch Locator to find a nearby branch.
• Head to your chosen Chase branch. Bring identification, your debit card, and any related account documents.
• Request to confer with a banker and convey your wish to close your Chase checking or savings account.
• The banker will guide you through the process, which may include transferring or withdrawing funds.

How to Close a Chase Account by Mail

If you prefer, you can mail in your closure request:

• Pen a letter clarifying your desire to close your Chase checking or savings account. Include pertinent details like your name, address, phone number, email, account number, and sign the letter.
• Mail it to: National Bank By Mail, P.O. Box 36520, Louisville, KY 40233-6520.
• Await confirmation from Chase regarding the receipt and processing of your request.

Alternatives to Consider Before Closure: If you’re having second thoughts about shutting down your Chase account, these options might be worth exploring:

• Account Modification: Think about transitioning to another Chase account that aligns better with your needs. You might find ways to dodge monthly fees or access more perks with a premium account.
• Engage in Dialogue with Chase: Discussing your concerns can sometimes result in a better arrangement. Chase might present offers such as reduced fees, competitive interest rates, or waiver of specific charges to retain you as a client.

Sample Letter to Close Your Account by Mail

[Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date]

Chase Customer Service National Bank By Mail P.O. Box 36520 Louisville, KY 40233-6520

Subject: Request to Close My Account

Dear Chase Customer Service,

I am writing to formally request the closure of my Chase [checking/savings] account. Please find the necessary account details below:

• Account Name: [Your Full Name]
• Account Number: [Your Account Number]

I have enjoyed the services and benefits provided by Chase during my time as a customer. However, due to [optional reason for closure, e.g., “personal financial restructuring”], I find it necessary to close this account.

Please ensure that all automatic payments, transfers, and any other scheduled transactions related to this account are ceased upon its closure.

I request a written confirmation once the account closure process is complete. Furthermore, if there are any additional forms or steps that I need to take on my end, kindly let me know at your earliest convenience.

Thank you for your understanding and prompt response to this matter.

Warm regards,

[Your Signature (for the physical letter)] [Your Full Name]

Preparing to Close Your Chase Bank Account

Before you jump into the process of closing your Chase bank account, it’s crucial to have a plan for your funds. The initial step involves either opening a new account with a different financial institution to transfer your money or opting to withdraw the total amount in cash if you don’t have an alternative account ready.

Transferring Funds Online

For those looking to move their money digitally, accessing your Chase account through the mobile app or website is the way to go. Chase imposes a daily transfer limit of $25,000 on most accounts, but if you’re a Chase Private Client or have Sapphire Banking, this cap expands to $100,000. Fortunately, Chase doesn’t levy fees on outgoing transfers. However, it’s worth noting that the institution receiving your funds might charge you. Typically, these online transactions take up to three business days to process, so plan accordingly.

Opting for Wire Transfers

Wire transfers are an efficient solution for transferring large amounts of money, either domestically or internationally. The standard daily limit for wire transfers is $250,000, but this can be increased based on factors such as your account balance and the transfer’s destination. Keep in mind that wire transfers may come with fees up to $50, depending on the transaction size.

Domestic wire transfers are swift, often credited on the same day, whereas international transfers require additional identification details and come with higher processing fees and extended transfer times.

Withdrawing Cash

For those with a lower balance looking to close their account, withdrawing cash is a straightforward option. You can withdraw up to $1,000 daily from ATMs or up to $3,000 daily by visiting a Chase branch, with no fees applied to these withdrawals.

Managing Automatic Payments and Deposits

In the process of closing your Chase account, it’s essential not to overlook your automatic payments and deposits. These can include various commitments such as utility bills, loan payments, credit card dues, subscriptions, investments, and even your salary.

To handle these changes, log into your Chase online banking and navigate to the section for automatic payments. There, you can cancel, modify, or transfer these arrangements as needed. If you need assistance, Chase customer service is available, or you can seek help in person at a Chase branch. After adjusting your automatic payments and deposits, confirm with both Chase and the new receiving entities to ensure everything is set up correctly.

Does Closing a Bank Account Affect Your Credit Score?

As long as you do everything by the books, closing your Chase bank account won’t affect your credit score. Since credit bureaus aren’t privy to the information you have on your account, they can’t do anything to you; your transactional activity is not relevant to them.

The only time when it might be an issue is when you have a negative overdraft balance – one that you haven’t paid in a long time. However, if you pay the draft before you close your account, it shouldn’t leave any black marks on your credit score.

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Read More

• How to Cash a Check Without an ID
• Where to Get a Cashier’s Check Without a Bank Account
• How To Sign Over a Check
• How to Close Bank of America Account
• What is the Chase ATM Withdrawal Limit?

Final Thoughts

A Chase account may easily be closed – and you can do so through a variety of methods. Just make sure that everything’s been put in order first and that you have the account information at hand when you finally do it.

Frequently Asked Questions (FAQ)

How Can I Close My Chase Account Online?

Currently, Chase does not offer the option to close accounts directly online. You will need to contact Chase either in person at a branch, by phone, or by sending a written request to close your account.

Can I Close My Chase Account Over the Phone?

Yes, you can close your Chase account over the phone. Call Chase’s customer service number and provide the necessary account verification information. The representative will guide you through the closure process.

What Information Do I Need to Close My Chase Account?

To close your Chase account, you’ll need your account details, personal identification, and possibly some additional information depending on your account type and the method of closure.

Are There Any Fees for Closing a Chase Account?

Chase does not typically charge a fee for closing an account. However, it’s important to check for any outstanding fees or charges that need to be settled before closing your account.

What Happens to My Recurring Payments When I Close My Chase Account?

Before closing your account, ensure that all recurring payments or direct deposits are redirected to another account. Failure to do so could result in missed payments and potential fees.

Can I Close a Chase Account with a Negative Balance?

You cannot close a Chase account with a negative balance. You must first settle any outstanding overdraft or fees before you can close the account.

How Long Does It Take to Close a Chase Account?

The time it takes to close a Chase account can vary. If you close it in person or over the phone, the closure is often immediate. For written requests, it might take a few days to process.

What Should I Do with My Chase Debit Card After Closing the Account?

After closing your Chase account, destroy your debit card by cutting it up or using a shredder. This prevents any potential misuse or fraud.

Can I Reopen a Closed Chase Account?

In some cases, a closed Chase account can be reopened if it’s done shortly after closure. Contact Chase as soon as possible if you change your mind about closing your account.

What Steps Should I Take Before Closing My Chase Account?

Before closing your Chase account, ensure all checks have cleared, cancel any automatic payments, transfer remaining funds to a new account, and obtain written confirmation of the account closure.

Rohit Mittal

Rohit Mittal is the co-founder and CEO of Stilt. Rohit has extensive experience in credit risk analytics and data science. He spent years building credit risk and fraud models for top U.S. banks. In his current role, he defines the overall business strategy, leads debt and capital fundraising efforts, leads product development, and leads other customer-related aspects for the company. Stilt is backed by Y Combinator and has raised a total of $275M in debt and equity funding to date.

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