How to Close a JP Morgan Chase Brokerage Account
Have you found JP Morgan Chase’s brokerage services wanting? If so, you may want to close your
account and go elsewhere. We’re going to show you how to do that and give you some alternatives, too.
Step One: Liquidate Your Holdings
Whether you’re closing a taxable account or IRA, the first thing you want to do is sell the securities in the account. Depending on what exactly you’re selling, it will take a day or two for the trade to settle. At this point, the resulting cash position will be available for withdrawal.
You can place your sell orders either on the broker’s website or mobile app. You could also call in and submit your order requests over the phone, although this method has a $20 or $25 surcharge, per trade.
Step Two: Transfer Cash
Once your trades settle, it’s time to transfer the cash to a linked bank account. Before you place your sell orders, you may want to verify that the account you want to send the money to is linked to your brokerage account.
To verify the deposit accounts that are connected to your Chase account, just click on Pay & transfer at the top of the website and then select External accounts from the sub-menu that appears. On the new page, you can add a new bank account if you need to.
Once you have the right bank account linked, just click on the Schedule transfer link that appears on the Transfer money page. This is where you’ll want to specify the amount and transfer date. You can specify a date in the future if you wish. If you’re planning to close your account for good, you’ll want to transfer out the entire balance.
If your external deposit account is a Chase Bank account, the transfer will be completed the same day.
Besides the ACH network, J.P. Morgan Chase customers can also send funds via wire. This option does cost $25 unless the receiving account is a Chase Bank account.
Step Three: Contact Chase
Once your account has a $0 balance, it’s time to contact Chase and request your account be closed. There are a couple of methods you can choose from. The first is to send an internal message via the website. The messaging system will be found in the pop-out vertical menu on the left-hand side of the website. Just click on the three horizontal bars in the top-left corner and then select Secure messages near the bottom.
You can also call J.P. Morgan Chase at (800) 392-5749 and request the closure of your account.
If you’re closing an IRA, there is a $75 fee. This is J.P. Morgan Chase’s fee. Keep in mind that there
could be additional charges imposed by the Internal Revenue Service, depending on the IRA type,
your age, and the age of the account. For further assistance, contact a tax professional.
J.P. Morgan Top Competitors
There are several brokerage firms that easily outpace J.P. Morgan Chase. If you’re trading options,
Webull has excellent pricing ($0). TD Ameritrade has a browser platform (with $0 commissions), and
a desktop program.
Transferring a J.P. Morgan Chase Account
Learn how to transfer Chase Investment account to other broker.
Open TD Ameritrade Account
Open TD Ameritrade Account
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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