While banks aim to satisfy their customers like all other enterprise types, the truth is that not everyone is going to please every customer. Chase Bank, despite its broad reach, is an entity where potential dissatisfaction might arise. Therefore, it’s wise to have clear and straightforward exit strategies in place for customers, as according to Rates. If you’re dissatisfied with service and the how to close my Chase account thoughts begin to plague you, the following may be of great use to you.
Let’s look at the process of how to get it done. We’ll also check the pitfalls that need to be avoided to ensure things go smoothly. With that, we can start!
Standard pitfalls to steer clear of
While we’re here, we might as well get into the major aspects of our topic today, which revolve around account closure and what is required for it to go smoothly. A sufficient understanding of this demands that you know the fundamental difference between normal and forced closure. The former is preferable, as it entails that you’ve done everything right, granting you the freedom to leave on your terms.
The latter, however, completely takes you out of the equation as far as choice is concerned, thus making the “how to close my Chase account” inquiries not worth making. Below are a few conditions that hinder smooth closure:
- Possessing unfavorable balances
- Possessing prolonged periods of dormancy
- Being suspected of shady activity or being proven right
Possessing unfavorable balances
By unfavorable balances, what is meant is having a balance that has a negative attached to it, usually as a result of unpaid loans and overdrafts, as well as forgetting to be free of automatic debits. In such cases, banks will not let you leave their business unless the dollar balance is at zero. Upon failure to adhere to their requests, they will end things, but its effects won’t be good, especially given the fact that credit bureaus will be informed of this, negatively impacting your score.
Excessive stagnation
Another thing that will take the power to close a Chase account on your terms is prolonged inactivity. This especially occurs when you happen to forget that you do have an account that needs to be tended to. Failure to do so may result in dormancy and if your account requires fees and is running low, the balance will likely get to zero, which, as the above has shown, is not ideal.
Suspicion of shady activity
This one is pretty straightforward. Staying away from criminal activity regardless is a good thing, but for the sake of this piece, we naturally look at what even the smallest suspicion of it leads to.
For example, if you’re found to be using the account to further any fraudulent ventures, they have the right to immediately close your account. This is why most financial institutions of this sort keep their eyes peeled, just in case they may need to act.
Phase-by-phase closure
Now that we’re armed with a few things we should avoid doing, let’s look at how to do it. There are a few steps that can get you there if followed to their end properly, and they’re as follows:
Phase 1: Ensuring positive statements
This, along with some of the other steps, has been explained in the pitfalls but is always worth emphasizing. If you want a smooth closure that doesn’t affect your credit score in an ill manner, always keep it at a positive balance and also ensure that the lead-up to your decision is full of activity.
Phase 2: Clearing out the funds
If you do indeed have a positive balance, especially if it is sizable, the next step is to leave it at zero, thus confirming you are moving on from it. This is why you’ll need to have another account waiting in the wings to wire the money to. Fortunately, as of March 31st, 2024, well over 4,500 banks exist in the US and a good number can rival Chase, so you’re spoiled for choice.
Phase 3: Putting an end to unwanted expenses
The next step to full closure is to put an end to all expenses. Automatic payments and subscriptions are the main culprits, which won’t go away even after closure and you have forgotten to cancel them. If you leave things as they are, eventually you will technically owe the bank, so ensure everything is clear.
Phase 4: Choosing a path to closure
The final step is to proceed with account closure. At this point, “how to close my Chase account” inquiries are left pretty much to the institution itself. With Chase Bank, there are several ways you could go about closing your account, and they include:
- Doing it via mail, which entails sending a signed request along with personal and bank details, to Chase’s support address and waiting for online, plus written confirmation of closure
- Doing it via phone entails requesting for reps to lead you through closure and requires that you provide the bank details along with IDs and bank information that the rep then uses
- Doing it in brick and mortar fashion, whereby you go to the actual building and have a rep help you in person
- Doing it online, via your profile to initiate and complete the closure process
It should be noted that while the above are viable, the mail isn’t particularly safe. As such the other paths are better alternatives.
Final thoughts
If anything should be taken away from this piece, it is that Chase’s closure procedure is not too different from rivals in that it should be done right. The above situations are potential pitfalls that make smooth closure impossible by stripping you of the ability to do it and putting it with the banks.
Therefore, making the “how to close my Chase account” inquiries is important, as through reading a guide such as the one above, you can avoid these pitfalls. With these pitfalls avoided, closure is smoother and transitioning into the preferred service provider is made so as well.