How To Close A Chase Savings Account?

Read this article and find out how you can close a chase savings account the proper way.

Here’s the deal, not all banks are the same, and there is not enough precise data on the best way to close a financial account. Like many of us in banking associations with enormous banks, you most likely had a decent beginning, and everything worked out positively. But then, things began to get cluttered and costly. There were overdraft charges, month-to-month support expenses, minimum balance charges, and so on. Furthermore, maybe the most exceedingly terrible part is that you felt you were giving up more than you were getting.

You do not have to stress out about this; there is still time, and many other no-fee bank accounts in the sea fit your requirements. In this article, we cover how to close a Chase savings account. So let us get straight into it; you must keep reading to find out.

Things To Do Before You Close Your Chase Account

Things To Do Before You Close Your Chase Account
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If you’re thinking of closing your Chase account, here are some things to consider and steps to take:

  • Empty your account: Before closing your account, ensure you’ve withdrawn or transferred all the funds from your Chase account. You can do this by transferring the funds to another account or withdrawing them in cash.
  • Update automatic payments: If any automatic payments are set up, update them with your new account information before closing your Chase account. This will help avoid any missed payments or fees.
  • Cancel automatic deposits: If you have any automatic deposits set up, such as your paycheck, cancel them before closing your Chase account. This will ensure that your funds are not deposited into a closed account.
  • Check for outstanding checks: Ensure all written checks have been cleared before closing your Chase account. If there are any outstanding checks, they could bounce and result in fees.
  • Cancel linked services: If you have any linked services, such as bill payment or direct deposit, cancel them before closing your account. This will help avoid any future charges or complications.
  • Contact customer service: Before closing your account, don’t hesitate to get in touch with Chase customer service to ask if there are any outstanding fees or charges you need to address before closing your account.

How To Close A Chase Savings Account?

How To Close A Chase Savings Account
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Do you want to close a Chase savings account and wonder how to do so? There are various ways you can do that. The following steps show how to close a Chase savings account:

  • Move your leftover assets to your new bank account. Ensure that you leave a little cash in your Chase Bank account to cover any startling costs.
  • Fill out the Account Closing You will have to give data, including the account’s name, your address, and the address where Chase wants to send you the remaining balance in the account.
  • Take the form to the nearest Chase branch and request that your account be closed. You can likewise call Chase at 1-800-935-9935 to get help with the process.

Ensure you have written confirmation from the bank for your records if you want to cancel the account completely.

How To Close My Chase Savings Account Online?

How To Close My Chase Savings Account Online
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  • The simplest method to close your Chase financial records is to sign onto the Chase online banking website and head over to the ‘Secure Message Center,’ where you can send an email mentioning the closure of your account. You will probably get a response in 2 working days with follow-up questions and confirmation on the closure of your account. Moreover, you have to keep in mind that cancellation of your account cannot be processed online; it can only be requested.
  • Visit your local Chase branch and talk to an account executive. You will be required to give some sort of verification for your identity. Therefore, bring your legitimate I.D., social security number, address, PINs, etc. Various online locators can help you locate the nearest branch to you.
  • If you cannot access a local office, call the official help center at 1-800-935-9935 and ask them to close your Chase account.
  • You can likewise present your solicitation in writing as a hard copy to National Bank By Mail, P.O. Box 36520, Louisville, KY 40233-6520. For urgent delivery, send to National Bank By Mail, Mail Code KY1-0900, 416 West Jefferson, Floor L1, Louisville, KY, 40202-3202.

Chase Savings Account Interest Rate

Chase Savings Account Interest Rate
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Chase Savings pays an interest rate of 0.01% APY. Contending large banks pay comparative rates, yet 0.01% is meager compared to what you can discover with high-return savings accounts. On the other hand, you need not bother with an initial deposit to open the record. Chase Savings also charges a $5 month-to-month expense.

Contrarily, you will acquire 0.01% APY on your Chase Premier Savings balance. Be that as it may if you connect to a Chase Premier Plus Checking or Chase Sapphire Checking record and make, in any event, five month-to-month exchanges from the linked account, you will acquire a relationship rate. Contingent upon your balance, the relationship rate is 0.02% to 0.05% APY.

Chase Student Savings Account

Chase Student Savings Account
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For college students who are 17 to 24 years of age at the time of account opening with proof of student status. The Chase College Checking Account is ideal for students and offers various incentives. Alternatively, you can open a Citibank account either by applying online through the website or by visiting the branch nearby and submitting your application from there.

  • No month-to-month administration charges for as long as 5 years while in school OR $6 month-to-month administration expense OR $0 month-to-month administration expense when you have any of the accompanying every month-to-month statement period:
  • An electronic deposit made into this account, for example, an installment from finance suppliers or government benefit suppliers, by utilizing (i) the ACH network, (ii) the Real-Time Payment network, or (iii) external services that encourage installments to your debit card with the help of the Visa or Mastercard network
  • Or on the other hand, an average closure day surplus of $5,000 or more in this account
  • No Monthly Service Fee on a Chase Savings account is linked to this record for Overdraft Protection.

Types of Fees

Types of Fees
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Here is a typical list of the sorts of expenses charged for bank accounts, financial records, overdrafts, and so on:

  • Chase savings account fees:

    Chase savings account fee is $5 per month, but it can be waived if you have a linked Premier Plus or Premier Platinum checking account, maintain a minimum daily balance of $300, or have a monthly automatic transfer of $25 or more. There is no monthly fee if you’re under 18 and have a Chase savings account.

  • Chase checking account fees:

    Chase Total Checking charges a $12 monthly fee, while students pay $6. To avoid the fee, keep a daily balance of $1500+, receive $500+ in direct deposits per month, or maintain $5000+ across multiple Chase accounts. The Premier Plus account has a $25 fee, waived with a daily balance of $15,000+ or having a Chase mortgage with automatic payments. The Premier Platinum account has a $25 fee, waived with a daily balance of $75,000+.

  • Chase ATM Fees:

    Chase doesn’t charge an ATM fee for using any of their 16,000 network ATMs. For non-network ATMs within the US, there is a $2.50 fee per transaction. For international non-network ATMs, there is a $5 fee per withdrawal and $2.50 for a balance inquiry or transfer, in addition to any fees charged by the ATM owner. The daily ATM withdrawal limit is $1000.

  • Overdraft and insufficient funds fees:

    Chase charges a $34 fee for each returned item or has inadequate funds, except for transactions under $5 or overdrawn by less than $5. Up to three overdraft charges can be assessed per day. If the account remains overdrawn for more than five days, there is an additional $15 charge every five days, called an extended overdraft fee.

  • Penalties and withdrawal limits:

    On the off chance that you have a Chase savings account, there are withdrawal restrictions you have to think about. If you make more than six withdrawals from your savings account in a month, Chase will charge a $5 expense, and they will naturally change your investment account to a checking account.

How To Close A Chase Account With Negative Balance?

How To Close A Chase Account With Negative Balance
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No. You can’t close your chase account with a negative balance. You may close it after ensuring your balance is positive and taking care of the penalties that the bank issues. Notwithstanding, your bank can force the closure of your records if you neglect to fulfill your obligation within the time your bank permits you to do so.

Chase Close Account Fee

Chase Close Account Fee
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Tired of the apparent multitude of expenses your bank is charging you? You can always get your bank account closed. In any case, before you do, be careful of other changes coming your way. Each bank has its own policies when it comes to closing an account.

However, one thing that remains consistent, regardless of what the bank might be, is that they charge a certain fee for closure. Once again, each bank has its own policies on how much it will charge. As far as Chase is concerned, it charges you $25 for having an account closed down within 90 days of becoming a customer.

How do I close my Chase savings account online?

You can close your Chase savings account online by following these steps:

  1. Log in to your account at chase.com.
  2. Click on the “Customer Service” link at the top of the page.
  3. Under the “Account Services” heading, click “Close Account.”
  4. Follow the instructions on the screen to close your account.

How do I cancel my savings account with Chase?

There are a few ways to cancel your Chase savings account. You can visit a local branch and speak to a representative, call customer service at 1-800-935-9935, or log in to your online account and follow the instructions.

Can I close a savings account online?

You can close the account online if you have a savings account with a bank or credit union. Before you do so, make sure to check whether there are any fees associated with closing the account and whether you will need to provide any documentation. Once you have everything in order, simply login to your account and follow the instructions for closing the account. You can always contact customer service for assistance if you have any trouble.

How do I close without fees?

If you’re considering closing your Chase account, you should know a few things. First, if you have a Chase checking account, savings account, or credit card, you may be charged a fee for closing the account. Second, transferring any outstanding balances or direct deposits is essential before closing your account.

How to Close Chase Savings Account

To close your account at Chase Bank, call the customer service number 1-800 935-9935 and follow the instructions. You can also speak with a banker directly about closing it by sending it in writing via post; send correspondence addressed as follows: “Closing Process,” National Bank By Mail POB 36520 Louisville KY 40233.

What Are The Effects Of Closing A Chase Savings Account On My Credit Score?

Closing a Chase account can affect your credit score similarly to closing any other credit account. However, there are some specific things to keep in mind when it comes to Chase accounts and your credit score:

  • Impact on credit utilization ratio: If you’re closing a Chase credit card account, the impact on your credit utilization ratio will depend on the balance you currently owe on the card. If you have a high balance on the card, closing it will reduce your total available credit, which could increase your credit utilization ratio and lower your credit score.
  • Impact on length of credit history: If you’re closing a Chase account that you’ve had for a long time, it could shorten your credit history, lowering your credit score. This is especially true if the Chase account is one of your oldest credit accounts.
  • Impact on credit mix: If you’re closing a Chase credit card account, it could reduce the variety of your credit accounts, lowering your credit score. However, this impact may be small if you have other credit accounts, such as an auto loan or mortgage.

It’s worth noting that closing a Chase account will only have an immediate or dramatic impact on your credit score. However, the impact of closing an account can become more significant over time. If you’re considering closing a Chase account, check your credit report and score beforehand to see how it might affect your overall credit profile.

What Are The Alternatives To Closing A Savings Account?

If you’re thinking about closing your Chase Savings Account, there may be alternatives that you can consider before making that decision. Here are a few other options to consider:

  • Downgrade the account: If you’re considering closing a Chase checking or savings account because of high fees or minimum balance requirements, you may be able to downgrade the account to a lower-tier account with lower fees or no minimum balance requirement. This can help you avoid closing the account and maintain your relationship with Chase.
  • Move the account: If you’re considering closing a Chase checking or savings account because you’re moving to a different area or state, consider moving the account to a Chase branch in your new location. This can help you maintain your relationship with Chase and avoid the hassle of opening a new account at a different bank.
  • Negotiate with Chase: If you’re considering closing a Chase account because of a specific issue or problem, such as high fees or poor customer service, you can negotiate with Chase to find a solution. Contacting Chase’s customer service department and explaining your situation may result in a resolution that allows you to keep the account open.
  • Keep the account open but don’t use it: If you’re considering closing a Chase account because you’re not using it, consider keeping the account open but not using it. This can help maintain your relationship with Chase and avoid the impact of closing an account on your credit score or credit history.

It’s essential to carefully consider your options before closing any Chase account, as closing an account can impact your finances and credit profile.

What Will Happen If I Don’t Close My Chase Savings Account?

If you don’t close your Chase bank account, it will remain open and active, and you’ll still be responsible for any fees or charges associated with the account. Here are a few things that could happen if you don’t close your Chase bank account:

  • You may incur fees: Depending on the type of Chase account you have, you may be subject to monthly maintenance fees, overdraft fees, or other fees. If you’re not actively using the account or monitoring it, these fees can add up over time and result in a negative balance or closure of the account due to insufficient funds.
  • You may be vulnerable to fraud or identity theft: If you’re not actively monitoring your Chase account, you may be more susceptible to fraud or identity theft. Criminals may attempt to access your account information or use your account for fraudulent purposes, which could result in unauthorized charges or the loss of funds.
  • Your credit score may be affected: If you have a Chase credit card account you’re not using, keeping it open could still impact your credit score. Your credit utilization ratio may increase if you have a balance on the card but aren’t making payments, which could lower your credit score over time.
  • Your account may be closed due to inactivity: If you don’t use your Chase account for an extended period, Chase may close the account due to inactivity. This can result in losing any funds in the account and negatively impact your credit score.

It’s essential to regularly monitor and manage your Chase bank account and consider closing it if you’re not using it or if the charges associated with the account are no longer worth it.

FAQs

faq frequently asked questions
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Why does Chase Close Accounts?

Chase may decide to close an account for several reasons. Non-payment or unsatisfactory payment history on loans and credit cards held with Chase is among the most frequent causes. Account deletion may also be caused by any shady or fraudulent activity on a user’s account.

How long will it take to close a Chase bank account?

A chase bank account is closed depending on how the account balance is doing; it could take 1-2 business days.

Can my credit card for Chase’s savings bank account be canceled if I have an outstanding balance?

A credit card with a balance can be canceled. But, according to the terms and conditions of your credit card, you will still be required to pay the remaining sum.

Can Chase still charge me interest even if my account is closed?

Even after you shut your chase savings account, Chase will continue to charge interest on any outstanding balances. They are supposed to provide you with 45 days’ notice if they plan to increase your interest rate.

How can you close a joint Chase Savings Account?

Unless they intend to withdraw themselves from the account or have the other account owner’s consent, one account owner often cannot shut a shared Chase savings account. This is so that joint bank account owners have an equal ownership stake in the account.

Conclusion

Anything can happen that can make a customer want to close their bank account, and following their rules and guidelines for closure is crucial. For Chase, it is better if you personally visit the branch where you had the account opened. You can fill out the form online, but remember it will not be processed. You can always call Chase at 1-800-935-9935 for further details.

Sandra Johnson

Sandra Johnson

Sandra Johnson was a few years out of school and took a job as a life insurance agent in California, selling coverage door-to-door for Prudential. The experience taught her about the technical components of insurance and its benefits for individuals and society, as well as the misunderstandings people often have about insurance. She has over ten years’ experience in the insurance industry, having worked as both a Broker and Underwriter, assisting clients across a broad range of industries. At Insurance Noon, Sarah diligently gathers all the required information and curates up pieces to provide meaningful insurance solutions. Her personal value proposition is to demonstrate a genuine interest in always adding value for clients.Her determined approach to guiding clients has turned her into a platinum adviser to multiple insurers.