Having a savings account is a good idea for most people. They allow you to accrue interest on assets and help you keep track of them. However, most banks offer incentives for banking with them, and more often than not, those incentives have an expiration date. What started out as a great deal could eventually turn into a money pit.
JPMorgan Chase is the largest bank in the United States. If you’re banking with Chase and find that the relationship has turned sour, this article will cover a few ways in which you can terminate your accounts.
- Lay the Groundwork
- Close Your Account Online
- Step 1
- Step 2
- Close Your Account by Mail
- Close Your Account in Person
- Close Your Account by Phone
- Closing Time
- If I need to close an estate account, will I need a death certificate?
- Does Chase charge a fee for closing an account?
- What happens if I don’t close my bank account?
Lay the Groundwork
Before you actually close your account, there are a few things you can do to make it a painless experience. First of all, open a new account at another bank. It’s a good idea to open the new account before you close your Chase one. Make sure any autopay arrangements are transferred to the new account prior to closing. Charges guaranteed by the bank will reopen a closed account even if they occur after the closure.
Once you have a new account, transfer the money from your Chase account to it. Don’t transfer all your money; leave a small cushion for any banking fees. Not all banks offer debit cards attached to savings accounts, but Chase does. If your account has a debit card, stop using it and let the Chase account sit for a week so all the debit card transactions are completed. If a charge comes in after you close the account, it will automatically reopen and you will be charged an overdraft fee for that transaction.
Close Your Account Online
Perhaps the most convenient way to close your account is to do it online. First, visit the Chase online banking website and log in to your account. Using their Secure Message Center to send an email to customer support explaining that you wish to terminate your account. You should get a reply within 24 hours from Chase asking for confirmation and some details about the account.
After you have verified that you wish to close the account, you can choose how the funds remaining on the account will reach you. You will receive an email shortly confirming that the account has been closed.
Close Your Account by Mail
Chase offers an account closing form on their website. The form is an editable PDF document that you can fill in and then print. On the form, fill in some personal data and an address where you want to receive the remaining balance. Chase will send a check for the balance within a week after closing the account.
The filled out form should be mailed to:
National Bank by Mail
PO Box 36520
Louisville, KY 40233-6520
If you’re sending certified mail or overnight packages, use this address instead:
National Bank by Mail
Mail Code KY1-0900
416 West Jefferson, Floor L1
Louisville, KY, 40202-3202, United States
Close Your Account in Person
Some people prefer to conduct their financial dealings face to face. The safest way to make sure you don’t forget anything is to visit a Chase branch and ask to speak with an account manager. You can use a Chase locator to find a branch near you, but if there is already a branch you often visit, you’re well-advised to speak with someone you know.
The account manager will talk you through the steps needed to close your account. Make sure to ask questions about your remaining balance and any potential charges. Also, be aware that you can’t close an account with a pending balance. The account manager can help you settle that as well if needed. Your account will be closed before you leave the branch.
Close Your Account by Phone
Chase’s customer service hotline is available 24 hours a day, and the number to call is 1-800-935-9935. Before you call, prepare all the information you will need. Get your checkbook ready for account information and your social security number.
Once you’ve reached an operator, explain that you wish to close your account. They will ask for your personal information and help you understand the process. Your account will be closed within the next 24 hours.
As you can see, Chase provides many good methods to discontinue your account with them. For the sake of convenience, you can call or close your account online. If you feel more comfortable doing it in person, visit a Chase branch. Just remember to prepare for the closure. Withdraw most of your funds, make sure there’s no pending balance, and wait for all debit card transactions to clear.
If I need to close an estate account, will I need a death certificate?
Yes, or at least a legible photocopy of one. If you’re managing someone else’s account after death you will need the proper documentation to access the account. Although a photograph or photocopy will work in most cases, the company reserves the right to refuse assistance if the documentation doesn’t match their procedures.
Does Chase charge a fee for closing an account?
You will be subject to a $25 fee if your account has not been open for 90 days. Beware of any other maintenance fees or overdraft fees that appear after you’ve closed your account.
What happens if I don’t close my bank account?
Generally, an account that is left open will be dissolved within 3-5 years. Any funds that are left in the account will be forfeited to the state. It is never a good idea to leave an account open as monthly maintenance fees will continue to appear on the account. If the account closes in the negative the financial institution may report the balance to credit agencies.
How satisfied are you with Chase banking? With many people transitioning to smaller banks or non-profit credit unions, is that something you would do, too? Let us know in the comments below.