Chase Business Account: How To Close
Chase is one of the largest banks on earth, and JP Morgan’s crown jewel serves millions, which means that what they offer has some serious substance to it.
That said, you can’t make everyone happy, and every bank needs to give their customers an exit strategy should they decide to leave. This could be the reason why you need to know how to close a Chase bank account according to rates.
Chase has a lot of different banking services, but there may come a time when you need to close your account. It’s important to know how to close a business account, whether you’re leaving because you found a better deal at another bank, don’t like the fees, or just want to combine your finances.
Chase has made the process pretty easy, but it’s still best to know all the details so that you don’t have to deal with any delays or problems. Being ready for everything, from having the right paperwork ready to pick the best way to close, is essential for a smooth experience.
Fortunately, this piece walks you through how to go about this most efficiently, as measures have been put in place. Let’s look at other reasons to move on with closure, as perhaps, it may not be right for you at the moment. With that out of the way, time to start our journey into the process.
Why Would You Want to Move On with Closure
Being that this particular bank has some impressive stats, as it is in over 100 countries and has over 17,000 ATMs in the US alone, it would seem that no one would want to leave.
However, that would be a bad assessment, as banks, in general, experience many account closures. This can be due to a host of reasons which include the following:
- Getting away from poor customer service
- Getting away from unfavorable bank fees
- Getting away from unfavorable interest rates (especially for savings accounts)
- Finding the above more favorable in other banks
Common Reasons Banks Might Close Your Account
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It should be noted that there is a big difference between closing your business account and having it closed for you by the bank. If the latter happens, it’s typically as a result of the following:
- Having an inactive account
- If you have a zero balance
- If you are a victim of credit card theft
- If you bounced too many checks or if you had too many overdrafts
In the case of the last situation, the bank, be it Chase or otherwise, won’t allow you to close the account yourself until the balance is at zero. If not, they will do it for you, something that could do a number on your credit score, which isn’t great. Now that we know the above, let’s learn how to close Chase bank accounts.
Essential steps
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For closure to proceed, certain things need to be set in place. The first of these is the aforementioned zero-dollar balance. This is made possible by repaying any overdraft, as well as moving whatever funds the business account holds to another from a rival bank via wire transfer or other means.
Once that’s out of the way, you can then proceed to get the appropriate documents and other requirements in order if the path requires them. These include the following:
- Your bank account number and personal addresses
- Any form of ID the bank may require, typically a passport or driver’s license
- The cards that may be linked to the account, among other things
With these in your possession, you can proceed with the closure of your Chase business account. This should only occur if you have another account waiting in the wings, and if you don’t, it’s a good idea to get started before proceeding with closure.
Chase’s Closure Paths
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Having understood the aspects of closure prep, I want to know how you can get it done. In reality, there’s more than one way to go about it, and they include:
The Online Route
When it comes to how to close Chase business account holdings, regardless of type, this is by far the easiest and most convenient way of going about it.
So long as the account has a positive balance, all you would need to do is open the account, seek out the three dots, select close account, and follow the instructions set for you.
The Actual Visitation
If you want to be certain of the account’s closure and the internet doesn’t do it for you, going to an actual branch to get it done could always work for you. What you would do is go to the nearest facility and consult a rep concerning your desire to proceed with ending that particular account.
Afterward, the rep should help you out with the formalities, which will include the necessary paperwork needed to make the closure a sure thing.
The Mail Procedure
Now, this point should begin with a bit of a disclaimer that states that posting of this kind isn’t the best path to take from a security standpoint.
This is because it requires a letter from you requesting to have the account closed. In this letter, all necessary information should be included, such as the aforementioned personal details.
These are then sent to the Chase support address, after which, the account is closed, the deletion of which you’ll need to confirm via the online platform. When written confirmation of such is provided, you can consider the process finished.
The Phone Option
This path, much like the previous one, is such that all you’re doing is requesting to have someone at the bank close the account on your behalf.
Here, you would call Chase on their customer service number with the above details in hand, save for the address. Once that’s done, the rep will lead you through what needs to be done to ensure that your business in that specific space is over.
Final Thoughts
It’s not as hard as it might seem to close a Chase business account. However, it’s crucial to follow the necessary steps and meticulously review the process to ensure accuracy.
There are several ways to close an account, giving you choices based on your needs and the tools you have access to. Let’s revisit some crucial considerations and provide additional information to assist you in making an informed decision about closing your account.
Before proceeding, make sure the business account has no pending transactions or automatic payments, as these could potentially cause issues after closure. This will prevent any unexpected fees or issues in the future.
Before closing the business account, ensure that the payment methods associated with any subscriptions or services are current. It’s also advisable to inform any business partners or clients about the closure to avoid confusion and ensure prompt payment receipt.
Chase offers several different ways to close a business account, but the best way to ensure everything goes smoothly is to plan ahead and pay close attention to the little things. Once you have learned how to select the simplest closure method and ensure the completion of all required steps, you can make informed decisions regarding your financial future.
