How to Get Rid of a Chase Account: So you’ve decided to shut down your Chase account. You’ve probably realized by now that their rosy promises of free checking accounts and high-yield savings accounts were nothing more than a ruse to draw you into a web of secret charges. Align criteria at a minimum. Service charges are charged every month. Penalties for overdrafts. Wire transfer fees are insane. To add insult to injury, the interest rate on your valuable deposits is usually between 0 and 0.01 percent, essentially giving you no return on your investment.
Have you ever heard the expression “your money can make money while you sleep”? When you bank with America’s most prestigious financial institutions, this is not the case. Large banks banded together in the distant past to charge you over $329 a year for the privilege of using your own hard-earned money.
But, as they say, let bygones be bygones. You’re on the way to bigger and better stuff. This can seem to be an anxiety-inducing uphill battle, much like every other breakup. However, as always, we’re here to assist.
Before you close your Chase account, there are a few things you can do.
It can seem simple, but before closing your Chase checking account, make sure you have a new bank account set up.
Check your most recent monthly statement for any recurring costs, such as water, power, gas, or rent. Ensure that all of these important charges are moved to your new account at least 15 days before they are due.
Make a list of all your online subscriptions, such as Netflix, Apple Music, and Spotify, and transfer them from your Chase checking account to your new one.
Any annual or semi-annual recurring costs that aren’t expressed on the monthly statement should be highlighted and transferred as well. Before you close your Chase account, you must complete this move.
If your paycheck is paid directly into your Chase checking account, move money to your new bank at least one full week before it is due.
Check for any recurring or past-due bank fees and take care of them as soon as possible. This is important to retain your credit score (explained later).
Move any unpaid balances to your new account and get ready to enjoy the evening margarita. Your account is now ready to be closed.
How to Cancel a Chase Savings or Checking Account
Logging into Chase online banking and going to the Safe Message Center, where you can send an email demanding account closure, is the best way to close your Chase checking account. Within two working days, you should obtain an answer with follow-up questions and confirmation of account closure.
Speak with an account executive at your local Chase branch. You’ll need to display proof of your identity, so bring your social security number, valid ID, address information, and PINs, among other items. This online locator will help you find the branch that is closest to you.
If you don’t have access to a local branch, you can request that your Chase account be closed by calling 1-800-935-9935.
You may also write to National Bank By Mail, P.O. Box 36520, Louisville, KY 40233-6520, with your submission. Send to National Bank By Address, Mail Code KY1-0900, 416 West Jefferson, Floor L1, Louisville, KY, 40202-3202 for expedited delivery.
Can closing my Chase checking account affect my credit score?
No, Since credit bureaus do not have access to your bank account records, they are unable to disclose your transactional behavior. And if you have a negative overdraft balance and haven’t paid it off in a long time will your credit score be affected. The unpaid sum will be passed on to collection agencies, which will report it to credit bureaus, decreasing your credit score.