Though Chase is one of the biggest banks in the USA, it doesn’t mean it should fit you to a tee by default. You might be disappointed in their services, minimum balance requirements, interest rates, or any number of other features. At some point, your financial circ*mstances can change, or you can simply decide to shift to another financial institution.
Whatever the reason, if you wonder how to close a Chase account, you should know that it is a straightforward process when approached with the right steps. In this review, you’ll find guidance on how to deactivate a Chase bank account, detailing the necessary information and procedures you'll need to follow.
Remove Funds From Your Account
Before asking yourself, “How do I cancel a Chase account?” you should get prepared for the closure. The first step is to open a new account in another financial institution to move your funds (unless you already have one). Alternatively, you can just withdraw your money and get it in cash.
Online Transfers
To transfer your money online, you should sign in to your Chase profile using a mobile app or website. For external transfers, the bank has a $25,000 per day limit for most accounts. For Chase Private Client and Sapphire Banking, this limit is increased to $100,000. The good news is that Chase doesn’t charge fees for outgoing transfers. Remember, though, that the receiving bank or institution may still impose such charges. Common processing time for such transactions is up to 3 business days, so take that into account when planning your expenses.
Wire Transfer
Wire transfers offer a quick way to send large sums domestically or internationally. While a standard limit for wires is $250.000 per day, you can contact the bank to increase it depending on your account balance, payment currency, and destination. Bank-to-bank transfers could entail fees of up to $50. The charge will vary by the transaction amount.
Domestic transfers are fast and can be credited on the same day, while international payments could take a few days, require you to provide identity details, and involve higher processing costs.
Cash Withdrawal
If the remaining balance on your Chase account is relatively low, you can withdraw cash using the ATM or visiting a local bank branch. ATM withdrawals are limited to $1.000 a day, or you can cash out in the bank branch up to $3.000 per day. No fees are charged in both cases.
Manage Automatic Payments and Deposits
When you consider how to delete a Chase account, don’t forget to cancel or transfer your existing automatic payments and deposits, such as:
- Bills and utilities;
- Loans and mortgages;
- Credit card payments;
- Recurring services;
- Contributions to investment accounts or retirement funds;
- Investment dividends;
- Automated transfers;
- Salary or wage deposits;
- Government payments and benefits.
Log into your Chase online account and go to the automatic payments section. Here, you can cancel, edit, or transfer these scheduled payments. You can contact Chase customer service or let a branch rep personally guide you through the process when visiting the bank. After making changes, verify with both Chase and the receiving institution or biller to confirm that the changes have taken effect.
How to Close a Chase Bank Account: Options and Methods
All in all, closing a Chase checking or savings account is not a difficult task. By getting prepared as stated above, you’ll ensure a quick and smooth closure. There are four methods of how to deactivate a Chase account.
1. Online
Though Chase doesn’t offer “click-of-a-button” convenience for closing your account, you still can do it remotely. In your online banking profile, locate the Secure Message Center and send a message explaining that you want to delete your account. In about 2 days, you’ll get a reply with detailed instructions on what you should do next.
2. By Phone
Call Chase customer service at (800) 935-9935. Inform the representative of your intention to close the account. They will take you through the necessary steps and may require additional verification for security purposes:
- Account number;
- Personal identification (driver's license, passport, etc.);
- Any remaining checks linked to the account;
- Debit/credit cards associated with the account.
3. In-Person Visit
Visit a Chase branch near you and speak with a bank representative personally. They will provide you with the necessary forms to finalize the closure and help you complete it as soon as possible.
4. By Mail
It isn't the safest or the most convenient method out there, but it is still available. You can write down a letter asking to cancel your current Chase account. Remember to note your personal details, including full name, address, account number, phone, and email, and put your signature. You should send your request to:
National Bank By Mail, P.O. Box 36520, Louisville, KY 40233-6520
Once the closure is complete, contact a Chase representative in person or through an online platform to make sure that your account has been deleted, and ask for a written confirmation if needed.
Final Thought
Now, you should be clear on how to delete a Chase bank account. Yet, it’s a decision that should be made after careful consideration of its consequences. While you might streamline your finances and avoid unwanted fees, it could potentially impact your financial history and credit score.
FAQ
How do you close a checking account in Chase?
You have four methods of how to cancel a Chase bank account: online deactivation, closure by mail, via customer service, or personally in a local branch.
How long does it take to close a Chase account?
It will depend on the preliminary arrangements you have to handle, such as transferring remaining funds and managing your automated payments. In most cases, the closure time is about a few days. However, when done in a bank branch, it can be near instantaneous.
Can I reopen my Chase account after it's closed?
In most cases, a deleted account can’t be reactivated, meaning you’ll have to open a new one. So, when contemplating how to close a Chase account, make sure you won’t regret the decision.
