Simple steps for closing your Chase bank account in the year 2022
Quickly: You can terminate your Chase account in a number of ways, including via telephone and electronic mail. There is a monthly charge for each account, but no penalty for closing the account voluntarily.
People often feel it's safer to leave money in a dormant bank account rather than withdraw it. And you never know when you might need that, right? If there are no ongoing charges on the account, there's really no reason to cancel it. However, you should think about closing that account if the bank does charge fees.
To be sure, you can close your account with some banks but not with others. If you have a Chase bank account, what do you do with it Is it possible to close them, and how would doing so affect your credit rating? Where do you start when deciding to terminate this type of account, and what paperwork is required? Learn everything you need to know about closing your Chase account right here.
How Do I Terminate My Chase Account?
If you live in the United States, you've probably heard of Chase Bank, one of the largest banking conglomerates. Whether you're a native-born U.S. citizen or an immigrant in need of banking services, you can use the account and, when the time comes, close it just as you would with any other bank account.
There's a monthly charge for each account, but closing an account on your own dime is completely free of charge. Whether you prefer to close your account in person, over the phone, or online, or even by mail, you have several options. The account can be closed in a number of ways, so if you decide you no longer need it, you can do so without much hassle.
Requirements Prior to Account Closure
There are a few things you should consider doing before you close your Chase account. Some of these considerations may be more subtle than others, but it is still important to think about them. The necessary steps are as follows.
Start Fresh With a New Account
One of the more obvious things to do is to make sure you have a backup checking account set up before you close your Chase account. For those who have been using a different account in tandem with their Chase account and are content with it, continuing using that account is encouraged. If you have only ever banked with Chase, however, and now want to switch, you should open your new account before closing your old one.
Remit Remaining Balance
Another obvious step is to move any money left in your checking account into the new account. You should do this a few days before closing your Chase account to ensure a smooth transition of funds.
Look Over Your Recurring Billings
Any recurring costs (e.g., a monthly subscription) should be checked against your billing statement. g costs of living such as rent, utilities, etc. ) It is recommended that you move all of the payments to the new account at least 15 days before they are due. Likewise, if you have any semi-annually recurring charges that don't appear on your monthly statement, you should be aware of them now.
Think About Your Subscriptions
Do you have an ongoing subscription to a streaming service like Netflix, Spotify, or Apple Music that is charged to your Chase account? If that's the case, you should move the associated fees to your new account.
You Should Redirect Your Paycheck
You should change your direct deposit from your Chase account to your new account. You should probably make this transfer no later than seven days before your paycheck is due.
Expired Bank Charges: A Must-Check
You should probably check for and settle any late or overdue bank fees. If you care about keeping your credit score safe, you must take this action. In addition, this may have even more of an impact on your ability to get a loan in the future if you are not a US citizen.
Process for Closing Your Chase Account
There are several options available to you when closing your Chase account. Here are some options to consider, each with its own set of pros and cons:
Check Out Your Neighborhood Chase Bank
You can close your Chase account the old fashioned way by going to any Chase branch. Bring your identification documents (driver's license, passport, social security card, PIN, etc.) to the bank teller with you.
It's the most popular choice because it's the quickest to complete. If you leave the bank, your Chase account will be closed. However, this could be a hassle if there is no physical location near you; if this is the case, the following alternative may be more convenient for you.
Put a virtual stop to it
You may want to try Chase's online banking services if visiting a physical branch is inconvenient for you due to distance or a lack of free time. Meet with Chase by setting up an appointment on their website. In no more than two days, you'll get a phone call in which you can air your grievances.
Rather than answering the phone and explaining that you want to close your Chase account, you can simply send a message explaining the situation. A response will be sent to you within the next two days. It's only fair that they verify it's really you before closing your account, so be prepared to show some form of identification.
Just Give Them a Ring
Please dial 1-800-935-9935 if you prefer a telephone resolution to this matter. Gather your account information and have it ready. If a bank employee or teller answers the phone, inform them that you want to cancel your account. Within 24 hours, your Chase account will be closed if the information you provide them with is accurate.
If none of those are viable options, you can always send a letter to Chase requesting that your account be closed. There could be a closing form on their site that you need to fill out correctly. Make sure to include the amount of your account balance on the form. When you're ready to send everything in, use the following address: National Bank By Mail, P O Mail Stop 36520, Louisville, KY 40231-6520
What Happens to Your Credit Score When You Close a Bank Account?
Closing your Chase bank account will not have an adverse effect on your credit score if you follow the proper procedures. Since credit bureaus don't have access to your account information, they have no leverage over you and your financial transactions are of no interest to them.
The only time this could be a problem is if you have an outstanding overdraft that you haven't paid off. If the draft is paid before the account is closed, however, there should be no negative effects on your credit report.
Any Chase account can be closed quickly and in a number of different ways. Just make sure that everything is in order and that you have access to the relevant account information before you do it.
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