It's time for a change, isn't it? Whether you're consolidating your finances, moving to a new bank, or simply simplifying your life, closing a Nationwide account might seem like a daunting task. But fear not! This comprehensive guide will walk you through every step, ensuring a smooth and hassle-free closure process.
How to Close Your Nationwide Account: A Step-by-Step Guide
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| How Do You Close Nationwide Account |
Step 1: Are You Ready to Say Goodbye? - Essential Preparations
Before you even think about hitting that "close account" button or heading to a branch, let's make sure you're fully prepared. This initial stage is crucial to avoid any unexpected hiccups or financial disruptions.
Sub-heading: Clearing Your Account Balance
- Check for any outstanding charges or overdrafts: Nationwide will only close your account if it's not overdrawn and there are no pending charges. Make sure you deposit enough funds to cover any outstanding amounts.
- Zero out your balance: Transfer all your funds to another account. This could be a new account with Nationwide, an account with a different bank, or even withdrawing cash. If you have linked savings accounts (like an eSavings account), you'll likely need to close those first, and sometimes this needs to be done online even if you plan to close your current account in branch.
- Consider any interest due: Any interest earned on your account will typically be paid to you immediately upon closure.
Sub-heading: Redirecting Your Financial Life
- Update all Direct Debits and Standing Orders: This is perhaps the most critical step. Go through your bank statements and identify all recurring payments linked to your Nationwide account. This includes:
- Utility bills (electricity, gas, water, internet)
- Loan repayments (mortgage, personal loans, car finance)
- Subscriptions (streaming services, gym memberships, software)
- Insurance premiums
- Rent payments
- Inform all regular income sources: If you receive your salary, pension, benefits, or any other regular payments into your Nationwide account, you must provide the new account details to the senders.
- Be mindful of pending transactions: Ensure all cheques you've written have cleared and any recent debit card payments or transfers have been processed before you initiate the closure.
Sub-heading: Gathering Necessary Information and Documents
- Account details: Have your Nationwide sort code and account number readily available.
- Identification: If you plan to visit a branch, bring a valid form of identification, such as your passport or driving license.
- Debit card and chequebook: If you have them, you might need to bring your debit card and any unused cheque leaves. These will typically be cancelled or collected upon closure.
- New account details: Have the sort code and account number of your new bank account handy for transferring any remaining funds.
Step 2: Choosing Your Closure Path - How to Close Your Account
Nationwide offers several convenient ways to close your account. Choose the method that best suits your needs and circumstances.
Sub-heading: Online Through Internet Banking (Most Recommended)
This is generally the quickest and easiest method, especially if you're comfortable with online banking.
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- Log in to Nationwide Internet Bank: Go to the official Nationwide website and log in to your Internet Banking account.
- Select the account you wish to close: Navigate to your accounts summary and choose the specific account.
- Find "Other Account Services": This option is usually located on the left-hand side of your screen or within the account details.
- Choose "Close Account": Follow the on-screen instructions. You'll likely be prompted to confirm your decision and specify where to transfer any remaining balance.
- Confirm and submit: Review all details carefully before confirming the closure.
Sub-heading: Visiting a Nationwide Branch
If you prefer a face-to-face interaction or need assistance, a branch visit is a good option.
- Locate your nearest Nationwide branch: Use the branch finder tool on the Nationwide website.
- Bring required documents: As mentioned in Step 1, take your current account card, identification (passport or driving license), and any unused chequebook.
- Speak to a member of staff: Inform them you wish to close your account. They will guide you through the process, verify your identity, and help you transfer any remaining funds.
Sub-heading: Closing by Post (Less Common, but an Option)
For those who cannot access online banking or a branch, closing by post is possible.
- Write a letter: Clearly state your intention to close your Nationwide current account.
- Include essential details: Your full name, current address, Nationwide sort code and account number, and your signature are all crucial.
- Specify fund transfer: Clearly state where you want any remaining money to be sent (e.g., your new bank account details or request a cheque to your registered address).
- Send to a Nationwide branch: You can send the letter to any Nationwide branch. Find the address on their website. Be aware that this method may take longer than online or in-branch closure.
Sub-heading: Closing from Abroad
If you're living abroad, the process might have slight variations.
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- Internet Banking: Registering for Internet Banking is often the quickest way.
- Helpline: If online closure isn't possible, call the Nationwide helpline (+44 1793 810557 from abroad - international call charges may apply). They can assist with transferring funds internationally (via SEPA or SWIFT, if applicable) or sending a cheque.
- Ensure your registered address is up to date as any cheque will be sent there.
Step 3: The Final Farewell - After Account Closure
Once you've initiated the closure, there are a few important follow-up actions to take.
Sub-heading: Confirmation and Record Keeping
- Request written confirmation: Always ask Nationwide for written or electronic confirmation that your account has been successfully closed. This is vital for your records.
- Keep closure documentation: Store this confirmation securely with your other financial documents.
Sub-heading: Monitoring and Verification
- Monitor your new account: For a few weeks after closure, keep a close eye on your new bank account to ensure all redirected payments (both incoming and outgoing) are processing correctly.
- Check for any unexpected activity: While unlikely with a closed account, it's good practice to monitor for any unusual activity related to your old Nationwide account.
- Dispose of old cards and chequebooks securely: Cut up your debit card and shred any unused cheque leaves to prevent fraudulent use.
Sub-heading: What Happens to Unclaimed Balances
If for some reason you don't transfer your funds or Nationwide is unable to send you a cheque (e.g., outdated address), your money may be moved into Nationwide's 'unclaimed balance scheme'. While your money will be safe, it can be a hassle to retrieve. This highlights the importance of zeroing out your balance and ensuring your contact details are current.
10 Related FAQs: How to...
How to check if my Nationwide account is overdrawn?
You can check your account balance and any overdraft status by logging into Nationwide's Internet Banking, using their mobile banking app, or by calling their customer service.
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How to find my Nationwide sort code and account number?
Your sort code and account number are typically found on your debit card, bank statements, and within your Internet Banking portal.
How to update my address with Nationwide?
You can update your address through Nationwide's Internet Banking, by visiting a branch with valid ID, or by contacting their customer service helpline.
How to transfer money out of my Nationwide account before closing?
You can transfer money via Internet Banking, the mobile app, by visiting a branch, or by setting up a Standing Order or Faster Payment to your new account.
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How to redirect my Direct Debits to a new bank account?
You'll need to contact each organization (e.g., utility company, subscription service) individually and provide them with your new bank account details. The Current Account Switch Service (if you're switching banks entirely) handles this automatically.
How to close a joint Nationwide account?
For joint accounts, both account holders may need to provide consent, either by signing a joint letter (for postal closure), being present at a branch, or sometimes through specific online instructions. Check with Nationwide's customer service for exact requirements.
How to access statements for a Nationwide account I've closed?
Nationwide typically allows you to access statements for a closed account for a certain period through their Internet Banking or by contacting their customer service to request copies.
How to get a cheque for my remaining balance if I don't have another UK account?
If you don't have another UK account, Nationwide can usually issue a cheque for your remaining balance, which will be sent to your registered address. Ensure your address is up-to-date.
How to close a Nationwide savings account online?
Similar to current accounts, you can usually close a savings account through Nationwide's Internet Banking by selecting the account, finding "Other Account Services," and choosing "Close Account."
How to ensure all payments are successfully moved after closing my Nationwide account?
The best way to ensure a smooth transition is to update all your Direct Debits and income sources before closing your Nationwide account. After closure, monitor your new account statements for a few weeks to confirm all payments are being received and debited correctly.
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