Chase requires that you maintain a minimum balance if you have a savings or checking account with them. If you fail to maintain this minimum balance or meet other requirements, the bank will charge you a monthly fee. If you have a “Premier Savings”, “Premier Plus Checking”, or “Sapphire Checking” account, this fee is $25 per month. If you have “Chase Savings” the fee is $5 and the fee is $12 with the “Chase Total Checking” account.
This means that if you were to frequently keep a very small balance in your bank account each month, you could end up paying as much as $300 by the end of each year. There are alternatives to this. Some people are closing their Chase accounts and switching to banks that do not have minimum balance requirements on savings and checking accounts.
Of course there are many other perfectly valid reasons for wanting to close a bank account other than fees. Common reasons include poor customer service, dislike of their web or mobile app, lack of local branches and ATMs, or you may have too many accounts to manage. If you no longer need your Chase account and would rather become a customer of a different bank, then you should take steps to cancel your account. There are multiple methods available for closing your savings or checking account. You just need to choose the option that is most convenient for you.
Before you begin the process of closing the account, you should first have a new bank account readily available with a different financial institution. This way, you can transfer the existing money in your Chase account over to your new bank.
Once you get the balance in your Chase account to $0, start updating the autopay information on file with your creditors, lenders, utility companies, and any other companies that you automatically pay every month through your bank. Switch all direct deposit payments from your employer, pension, or social security to your new bank. Change all payment info on your subscription services such as Netflix, Amazon, Blue Apron, and Stitch Fix. And finally, make sure to not write any new checks using your old bank’s checkbook.
There will now be nothing linked to your old account and no money in it. If needed, you can instead leave $100 or so in the account to cover any unexpected charges. This can be a good idea if you’re not sure whether or not you will need to cover any transactions or bank fees during the account move.
Next, go to the Chase website and download any monthly bank statements from your old account. You may need a record of your financial transactions in the future. Bank statements for a closed account can be difficult to obtain, so be sure to download these while your online login’s username and password still work.
Close Chase Bank Account Over the Phone
After completing the above steps, you are prepared to start the closing procedure at the time of your choosing. If you prefer the fastest and most convenient way to cancel your Chase bank account, then you can call their 24/7 toll-free support service for current customers at 1-800-935-9935. One of their representatives will take steps to close your account upon request. You will need to answer security questions and provide them with your account information, including name, account number, and physical address.
If you are closing a Chase personal credit card, call 1-800-432-3117 and if it is a business credit card, call 1-888-269-8690.
Close Chase Account via Mail
According to Chase account terms when an account is opened, the customer can provide a written request if they wish to close the account:
Unless otherwise agreed, either the Bank or the Customer may close an Account or terminate a Service by giving the other party not less than thirty (30) calendar days’ prior written notice of intent to close or terminate.
Mail your signed written closure request to Chase’s address at:
National Bank By Mail
P O Box 36520
Louisville, KY 40233-6520
Close Chase Bank Account at a Branch
Lastly, you can always visit your local Chase branch and close your account in person. Bring your ID and be prepared to provide personal information to verify your identity. If you have it, it could also be wise to bring along your checkbook or a recent Chase statement. The banker will likely ask for your SSN, address, birthday, PIN, and any other sensitive information that only you would know. This is a security measure to ensure that you’re the true account holder.
Close Chase Account Online or with App
There is currently no option to close your Chase account over the internet at chase.com or through their iPhone/Android phone app.
This is a security precaution taken to avoid third parties from having the power to close your account without your permission. Even though it might be less convenient, it is better to be safe than sorry.