Having a savings account is a good idea for most people. They allow you to earn interest on assets and help you track them. However, most banks offer incentives for banking with them, and more often than not these incentives have an expiration date. What started as a good deal could eventually turn into a money pit.
JPMorgan Chase is the largest bank in the United States. If you do business with Chase and find that the relationship has turned sour, this article will cover a few ways you can terminate your accounts.
Lay the foundation
Before you close your account, there are things you can do to make it a painless experience. First, open a new account at another bank. It’s a good idea to open a new account before closing your Chase account. Make sure all auto-pay agreements are transferred to the new account before closing. Bank-guaranteed charges will reopen a closed account even if they occur after 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 possible bank charges. Not all banks offer debit cards tied to savings accounts, but Chase does. If your account has a debit card, stop using it and let the Chase account rest for a week so that all debit card transactions are complete. If any changes occur after the account is closed, it will automatically reopen and you will be charged an overdraft fee for that transaction.
Close your online account
Perhaps the most convenient way to close your account is to do so online. First, visit the hunt online banking site and log in to your account. Use their secure message center to send an email to customer support explaining that you wish to terminate your account. You should receive a response within 24 hours from Chase requesting confirmation and some account details.
After verifying that you want to close the account, you can choose how the remaining funds in the account will come to you. You will shortly receive an email confirming that the account has been closed.
Close your account by email
Chase offers an account closure form on its website. The form is an editable PDF document that you can fill out 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 one week of account closure.
Close your account in person
Some people prefer to conduct their financial transactions face to face. The surest way to make sure you don’t forget anything is to visit a Chase branch and ask to speak to an account manager. You can use a Chase locator to find a branch near you, but if there’s already a branch you visit often, you’d better talk to someone you know about it.
The account manager will walk you through the steps needed to close your account. Be sure to ask about your remaining balance and potential charges. Also, be aware that you cannot close an account with a pending balance. The account manager can also help you sort this out 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, have all the information you’ll need ready. Prepare your checkbook for account information and your social security number.
Once you have reached an operator, explain to them that you want 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 terminate your account with them. For your convenience, you can call or close your account online. If you feel more comfortable doing it in person, visit a Chase branch. Don’t forget to prepare for closing. Withdraw most of your funds, make sure there are no pending balances, 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 are 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 does not match its procedures.
Does Chase charge a fee for closing an account?
You will be subject to a $25 fee if your account has not been opened for 90 days. Beware of other maintenance fees or overdraft fees that appear after you close your account.
What happens if I don’t close my bank account?
Generally, an account left open will be dissolved within 3 to 5 years. Any funds remaining 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 can report the balance to the credit reporting agencies.
Are you satisfied with Chase Banking? Since many people are transitioning to smaller banks or non-profit credit unions, is this something you would do too? Let us know in the comments below.