How To Close a Chase Checking Account?: Methods, Reasons, and Considerations

Even though Chase is one of the biggest financial institutions in the USA, that doesn’t mean it can fulfill your needs. When compared to the features provided by other banking institutions, the checking bank account service of Chase fails to satisfy its account holders. Due to these disparities, customers are continuously figuring out how to close Chase checking accounts.

This has led to customers deciding to close Chase account without considering its other aspects, like the risk involved, possible hindrances, and its impact on credit score. Thus, we have come up with a guide to help you learn how to close Chase checking account and the possible implications it may have on your credit score.

How to Close Chase Checking Account?

To close a Chase account, customers must follow any one of the following steps: 

The quickest and easiest way to close a Chase account is through their online banking service. You just need to log in to your Chase account and navigate to the “Secure Messages” center. After heading to secure messages, a Chase authority representative will connect with you to resolve your issues. Share your concerns regarding closing the bank account, and later, they will guide you through the process. The authority might take up to 2 days to respond, as they get thousands of messages per day. 

If your Chase bank account does not support the online banking feature or facility, you can contact the authority through their customer service number, 1-800-935-9935. Verify your identity by providing your personal and bank information to the representative. Share your reason for closing your account, and they will guide you through the process. 

The following is the commonly asked information by the bank representative: 

• Account number.
• Personal identification (driver’s license, passport, etc.).
• Any remaining checks linked to the account.
• Debit/credit cards linked to the account.

You can also close Chase Account by directly visiting the nearest branch. Go to “Google Maps” and search for Chase Bank near me, and it will direct you to the nearest branch. 

Rather than just randomly visiting the branch, it is preferred to schedule your appointment at https://www.chase.com/meeting-scheduler/getstarted.

Make sure to keep the following documents with you to the branch:. 

• A government-issued ID. 
• Your social security number.
• Address detail.
• Associated debit card. 

You can also mail your request to the National Bank, P.O. Box 36520, Louisville, KY 40233-6520, containing your full name, address, account number, phone number, and email, and include your signature. 

Once the Chase Bank closing process is complete, contact a Chase representative to confirm the deletion of your checking account. 

We hope that now you understand how to close Chase account and take care of your finances. Furthermore, these steps are not only limited to Chase’s checking account but apply to all kinds of Chase accounts. 

Reasons to Close Chase Checking Account

As per the closing requests of the account holders, the following are the majority of reasons for closing the Chase checking account: 

• Low Annual Percentage Yield (APY): One of the biggest reasons to close Chase account is the low or near-to-zero APY. Of the 4 types of checking Chase accounts, only 2 provide returns with an APY of 0.01%.

• High Monthly Service Fee: Even though the account holders don’t earn anything from their checking Chase account, they still get charged $12 per month until their monthly direct deposit reaches $500.   

• Wire Transfer Fees: Chase’s checking account charges $35 to transfer funds from one account to another, whereas other banks charge $30 for offering the same.

• High Out-of-Network ATM Fee: Whereas the Out-of-Network ATM fee of other banks in America ranges between $0 and $3 for each transaction made from another ATM, Chase charges $3 to $5 for the same. 

Things to Do Before Closing Chase Checking Account

Before closing your Chase account, make sure to do the following to avoid any potential hindrances and risks: 

• A New Bank Account: Before closing your Chase account, account holders must ensure that they have a new account. Neglecting this might result in issues with struggling to transfer deposited funds. 

• Transfer Salary Account: If your salary gets directly deposited into a checking Chase account, you should transfer your account to your new one a full working week ago before opting to close your Chase account. This will safeguard you from salary processing issues like delays, mismatched data, technical errors, etc. 

• Transfer Your Recurring Bills and Charges: If your recurring bills, like electricity, water, rent, and gas bills, are deducted directly from your account, transferring them to your new account is essential. This also includes your OTT services, such as Netflix, Apple Music, and Spotify. Review your bank statements and transfer all such bills’ records to your new account. 

• Resolve All Overdue Charges: There are times when overdue bank charges negatively affect the credit scores of the account holders. So, it is preferred to compute all the outstanding charges through the bank statement and clear them up before deciding to close Chase account. 

Does Closing a Chase Account Affect Your Credit Score? 

No, closing a bank account can’t directly influence the credit score of the account holders, but it could indirectly impact if you used to pay credit with the account. The credit score is only impacted if the creditor makes a delay, partially pays, or misses the payment date. If your account is set on automatic payments, closing the account can result in the cases mentioned above and negatively impact your credit score.  

Final Thoughts 

Chase has seen various account closing requests in the past few years, all mentioning low APY, high monthly fees, wire transfer fees, and high out-of-network ATM fees as the reasons for closing their account. The closing process of the Chase checking account might take a few days, irrespective of the chosen closing method. Moreover, confirm the status of your account with a bank representative once the account is successfully closed. 

Remember to think twice before considering how to close Chase checking account, as you can’t reopen the account once it gets deleted from the records.