Chase does not charge a fee to close a savings account
You can close a Chase savings account at any time without paying a closure fee. Chase does not impose penalties for closing accounts early, whether you have been a customer for one month or ten years. The only cost you might face is if your account has an outstanding balance or if you owe Chase money for overdrafts or other services—but the closure itself is free.
The process is straightforward: you can close the account in person at a branch, by phone, or online through your Chase account. The timing depends on which method you choose and whether you have pending transactions or direct deposits linked to the account.
Key Takeaways
- Chase charges no fee to close a savings account, regardless of how long you have held it.
- You can close an account in person at a branch, by phone at 1-800-935-9935, or through your online Chase account.
- If you have a negative balance or owe Chase money, you must settle that before or during closure.
- Closing takes one to three business days if done by phone or online, or is immediate if done in person at a branch.
- Any pending direct deposits or automatic payments linked to the account will be rejected after closure, so update those before you close.
How to close your account by phone or online
The fastest way to close a Chase savings account without visiting a branch is to call Chase customer service at 1-800-935-9935. Have your account number and Social Security number ready. A representative will confirm your identity, review any outstanding balance, and process the closure. The account typically closes within one to three business days.
If you prefer to avoid a phone call, you can also close your account through the Chase mobile app or website. Log in, navigate to your account settings, and look for the option to close the account. Not all account types offer online closure, so if you do not see the option, you will need to call or visit a branch.
Closing your account in person at a Chase branch
Walking into a Chase branch and closing the account in person is the quickest method. Bring a photo ID and your debit card or account number. A teller will verify your identity, check for any outstanding balance, and close the account on the spot. If your account has a positive balance, the teller can issue you a check or transfer the funds to another account you designate.
This method works well if you have questions about your account or if you want to ensure the closure is complete before you leave. There is no wait time beyond normal branch traffic, and you will have confirmation immediately.
What happens to money in your account when you close it
If your savings account has a positive balance, you must decide what to do with that money before or during closure. Chase will not keep the funds. You can ask the teller or representative to transfer the balance to another Chase account you own, issue a check, or in some cases arrange a direct deposit to an external bank account.
If your account has a negative balance—meaning you owe Chase money—you must pay that amount before the account closes. Chase will not close an account with an outstanding debt. If you cannot pay the full amount immediately, discuss a payment plan with the representative; some situations allow you to settle the debt over time.
Stopping direct deposits and automatic payments before closure
Before you close the account, update any direct deposits (paychecks, government benefits, insurance payments) and automatic bill payments that are linked to it. If you close the account while these are still active, the deposits will be rejected and returned to the sender, and bills may go unpaid.
Contact your employer, benefit provider, or biller directly to change the account number on file. This usually takes one to two business days to take effect. Once you have confirmed the changes have been made, you can safely close the account. If you are unsure which payments are linked to the account, log into your Chase account and review recent transactions.
Reasons Chase might refuse to close your account
Chase will not close an account if you have an outstanding negative balance or if there are pending legal holds on the account. If you have been reported to ChexSystems (a banking history database) for unpaid overdrafts or fraud, Chase may also refuse closure until the matter is resolved.
If Chase refuses to close your account, ask the representative for the specific reason in writing. This gives you a clear path to resolve the issue—whether that means paying an outstanding balance, disputing a ChexSystems report, or waiting for a legal hold to be lifted.
What to do after your account closes
Once your account is closed, you will no longer be able to access it through the Chase app or website. Any debit card linked to the account will stop working. If you received a check for your remaining balance, deposit it at another bank within 180 days; after that, Chase may not honor it.
Keep your account closure confirmation for your records. If you ever need proof that the account was closed on a specific date—for tax purposes, to dispute a charge, or for another reason—you can contact Chase and request a written confirmation. Save any statements from the account as well, especially if you use them for tax or financial records.
Frequently Asked Questions
Can I reopen a Chase savings account after I close it?
Yes, you can open a new Chase savings account at any time after closing one. However, if you closed the account due to a negative balance or ChexSystems issue, Chase may deny your new application until that matter is resolved. Contact Chase directly if you want to know whether you can open a new account.
What if I close my account but forget to update my direct deposit?
Your employer or benefit provider will receive a rejection notice when they try to deposit money into the closed account. Contact them immediately with your new account number so they can resubmit the deposit. Most employers can resend a paycheck within one to two business days. For government benefits, contact the agency directly to update your account information.
Does closing a Chase savings account hurt my credit score?
No. Closing a savings account does not affect your credit score because savings accounts are not reported to credit bureaus. Only credit products like credit cards, loans, and lines of credit appear on your credit report. Closing a savings account has no impact on your creditworthiness.
How long does it take to receive my money after I close the account?
If you close in person and receive a check, you have the check immediately. If you request a transfer to another Chase account, it posts within one business day. If you request a transfer to an external bank account, it typically takes one to three business days depending on the receiving bank.
Can I close my account if I have pending transactions?
Chase will close your account even if transactions are pending, but those pending transactions may still post after closure and create a negative balance. Before closing, wait for all pending transactions to clear or contact Chase to confirm which transactions are still outstanding.