How to open and close a checking account:
a step-by-step guide

Getting things started: navigating fees in accounts

Opening the account is naturally the best place to start and whether you’re at Chase or a rival, the process is more or less the same. The first thing to think of is why you’re getting things started to begin with.

Accounts of this variety are mainly for everyday use, which means that getting one requires serious consideration of an institution’s offerings. Therefore, the first step is to research the many institutions out there to find what works for you. Key factors for making such a choice include:

• The type of accounts available: checking accounts can come in many forms, all of which range in terms of maintenance costs, as well as what perks and rewards they offer
• The account’s cost: this extends from the previous point, focusing solely on the costs of the various offerings, such as overdraft, monthly, and ATM withdrawal fees (in dollars, euros, or other currencies)
• The availability of the establishment: here, we look at the mediums through which banking activity can be done, with banks that have both online and physical capabilities being the most desirable
• The level of customer service: this bleeds in the accounts opening, as poor customer service may make you not only know how to close a Chase bank account or any other, for example, but act on it

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With those considerations in mind, you can do the research and find the right fit for you. Fortunately, as of 2023, well over 4,400 FDIC-approved organizations exist, so you have a lot of variety to think of. Despite the variety, the account opening process is pretty standard and goes like this:

Gathering the necessities

Before any account can be opened, you’ll need to gather a few necessities taking the form of documentation. These will be used for the account application. Key things include:

• Personal information (names, addresses, birth dates, contact details)
• Federally recognized IDs such as passports and driver’s licenses
• Social Security numbers or ITINs
• Verification of addresses (utility bills, rental agreements)

Selecting a path

The next thing to do is to apply the above necessities to the chosen institution. This can be done in two ways, which are the traditional and the online path.

The former is great because you get instant, personal feedback from qualified reps, but if visiting a physical location isn’t convenient, the latter path is also a possibility. Doing it online is the more convenient path and can even be cheaper than physical alternatives, but they do lack the immediacy of in-person service. Either path could work, though so consideration here is necessary.

Selecting an account type

This step requires one to once again go through what they want from their account by going through the offerings and rewards that might present themselves. It’s also here that you figure out exactly what type of account you’re opening. This refers to specific accounts such as children’s, joint, student’s and business alternatives just to name a few.

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Making the first entry

The final element of getting a checking account is making the initial deposit. This cements that the opening of the account has been successful, as well as being a requirement of a good number of institutions. Others won’t require this, so always be aware of this in light of all the above information.

Ending things

Now, there could be a chance that this very checking account that you’ve opened, if it’s from Chase, for example, would not suffice down the road. This may be a result of you not fully understanding Chase’s requirements or due to better alternatives being out there, making your current accounts seem subpar. In such a case, knowing how to close a Chase bank account or any other, would be of great help.

How do you pull this off? Well, the first thing to do is to prepare for closure. This entails doing the following:

• Ensuring that you have a positive balance, to avoid credit bureau issues
• Then ensuring that the account is at zero
• Canceling automatic payments to avoid owing the bank after closure
• Moving your funds to another account, which can be opened with the above methods

Sending closure requests

Now, closure can be achieved in a few ways. One path is the brick-and-mortar fashion, which sees you visiting the actual bank and requesting the reps to aid with closure. Here, you would have to provide the IDs, bank details and everything that is needed to fill the appropriate forms, which are needed to finalize closure. If visiting a place is not ideal, the other paths can come in. These include:

• The online path: much like with opening the account, this way of closing it is the most convenient and can be done by getting into your profile and making the request to reps to do it for you
• The phone route: much like the previous entry, a request for closure is made, only through the phone. To a branch, where a rep will request your details, walk you through things
• The main path: this is not the safest or most reliable, but sees signed requests being sent to designated branch addresses along with personal and bank details

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Final thoughts

It’s pretty safe to say that doing the above is quite the necessity for the safeguarding of funds and the search for the best options possible. It is this search for the best option that may require one to know how to close a Chase bank account or an alternative and then proceed to open another. What’s quite interesting is that opening an account is a fundamental aspect of closing it, which means revisiting the first process.

Regardless, the need for preparation is needed, because it is important to get the right account the first time around. This is why there should be a lot of research as we seek accounts out.