The Ultimate Guide to Closing Your Nationwide Account: A Step-by-Step Walkthrough
Are you thinking about making a change? Perhaps you've found a new banking provider with a better interest rate, or maybe you're simply looking to consolidate your finances. Whatever your reason, closing a bank account can seem like a daunting task. But fear not! This comprehensive guide will walk you through every step of closing your Nationwide account, ensuring a smooth and hassle-free transition.
Nationwide offers several convenient ways to close your account, whether it's a current account or a savings account. We'll cover all the options, from the comfort of your own home using internet banking, to a personal visit at your local branch, or even by good old-fashioned post.
Before we dive in, let's make sure you're prepared.
Before You Begin: Essential Preparations
Closing your account isn't just about telling Nationwide you want to leave; it involves a few crucial steps to ensure no loose ends are left behind.
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| How To Close An Account In Nationwide |
Step 1: Clear Your Account and Manage Direct Debits/Standing Orders
This is perhaps the most critical initial step. You cannot close your Nationwide account if it's overdrawn or if there are any outstanding charges.
Sub-heading: Settle Any Debts and Charges
- Check your balance: Log in to your Internet Bank or Banking app, or visit a branch, to ensure your account balance is positive and you don't owe Nationwide any money. If you have upcoming charges, make sure you deposit enough funds to cover them.
- Linked Accounts: Be aware that some current accounts might be linked to savings accounts (like an eSavings account). You'll need to close these linked savings accounts first if you want to fully close your current account. Contact Nationwide directly to confirm if you have any such linked accounts.
Sub-heading: Update Your Direct Debits and Standing Orders
- Identify all recurring payments: Go through your statements (online or paper) and make a list of all direct debits and standing orders linked to your Nationwide account. This includes utility bills, subscriptions, loan repayments, and any other automated payments.
- Notify relevant parties: Crucially, you need to contact each of these companies and provide them with your new bank account details. Do this before you close your Nationwide account to avoid missed payments and potential late fees.
- Schedule carefully: If you're transferring your balance to a new account, ensure your new account is fully set up and ready to receive funds before you start rerouting your payments.
Sub-heading: Transfer Remaining Funds
- Move your money: Once you've updated all your recurring payments, you'll need to transfer any remaining funds from your Nationwide account to your new bank account.
- Online Transfer: The easiest way to do this is via your Nationwide Internet Bank or Banking app. You can set up a new payee for your external account and transfer the funds. Be mindful of daily transfer limits.
- Branch Visit: You can visit a Nationwide branch and request a transfer of your balance to another account or withdraw it in cash (subject to branch limits and availability).
- Cheque: In some cases, if you don't have another account or prefer, Nationwide may issue a cheque for the remaining balance, sent to your registered address. Ensure your address details are up-to-date with Nationwide.
Step 2: Download and Save Your Statements
It's always a good idea to have a record of your financial history. Before closing your account, download or save digital copies of your past statements. Nationwide usually allows access to historical statements for a certain period even after closure, but having your own copies provides peace of mind.
Choosing Your Closure Method: Online, In Branch, or By Post
Nationwide offers flexibility when it comes to closing your account. Pick the method that best suits your needs and comfort level.
Tip: Review key points when done.
Step 3: Closing Your Account via Internet Banking (Current Accounts Only)
This is often the quickest and most convenient option for current accounts. If you're already registered for Nationwide's Internet Bank, you can close your current account from home.
Sub-heading: Log In and Navigate
- Log in: Go to the Nationwide website and log in to your Internet Bank.
- Select Account: Choose the specific current account you wish to close from your account list.
- Find Closure Option: Look for an option like "Other Account Services" or a similar menu.
- Choose "Close Account": Select the "Close Account" option.
- Follow Instructions: You'll be guided through a series of on-screen instructions to complete the closure process. This will likely include confirming your decision and where any remaining funds should be sent.
Important Note: While you can move funds between your Nationwide accounts and to external accounts via the Internet Bank, closing savings accounts often has specific instructions that might differ from current accounts online. For some savings accounts, you may need to transfer the money out first, and then the account will close automatically or require a separate instruction. Always refer to the specific terms and conditions for your savings product or contact Nationwide for clarification.
Step 4: Closing Your Account In Branch
For those who prefer face-to-face assistance or have complex queries, a branch visit is a solid choice.
Sub-heading: Gather Your Documents
Before heading to a branch, ensure you have the following:
- Your current account card: This helps staff quickly locate your account.
- Identification (ID): A valid form of photo ID, such as your passport or driving licence, is essential for verification.
- Your chequebook (if you have one): You may need to surrender any unused cheques.
- Details of your new bank account (if transferring funds): If you want to transfer your balance to a different bank, have your new account number and sort code handy.
Sub-heading: Visit Your Local Branch
- Find your nearest branch: Use Nationwide's branch finder tool on their website to locate your most convenient branch and check their opening hours.
- Speak to a staff member: Inform them that you wish to close your account. They will guide you through the necessary paperwork and steps.
- Complete the process: You'll likely need to sign a closure form. Any remaining funds can be transferred to your new account or issued as a cheque.
Step 5: Closing Your Account By Post
If you can't visit a branch and prefer not to use online banking, closing by post is an option.
Sub-heading: Draft Your Letter
Write a clear and concise letter requesting the closure of your account. Include the following vital information:
QuickTip: Pause at transitions — they signal new ideas.
- Your Full Name: As it appears on your account.
- Your Full Address: Your registered address with Nationwide.
- Your Nationwide Sort Code: The six-digit number for your account.
- Your Nationwide Account Number: Your eight-digit account number.
- Your Signature: This is crucial for verification.
- Instruction for Remaining Funds: Clearly state where you want any remaining balance to be sent (e.g., "Please transfer the balance of £[amount] to my new account with [Bank Name], Sort Code: [New Sort Code], Account No: [New Account Number]," or "Please issue a cheque for the remaining balance and send it to my registered address.")
Sub-heading: Where to Send Your Letter
You can send your letter to any Nationwide branch. It's advisable to send it via recorded delivery for your peace of mind, so you have proof of postage.
What Happens Next: Confirmation and Follow-Up
Once you've submitted your request, Nationwide will process it.
Step 6: Confirmation of Closure
You should receive confirmation from Nationwide once your account has been successfully closed. This might be via post or through your online banking messages. Keep this confirmation for your records.
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Sub-heading: What if I have a linked savings account?
If you have a savings account linked to your current account, Nationwide will usually require you to close this first before the current account can be fully closed. They will provide specific instructions for this.
Sub-heading: What about a cheque for remaining funds?
If you opted for a cheque for your remaining balance, it will typically be sent to your registered address. Ensure your address is accurate with Nationwide to avoid delays.
Step 7: Post-Closure Checks
Even after receiving confirmation, it's wise to perform a few final checks.
Tip: Read once for flow, once for detail.
- Monitor your new account: Ensure all expected direct debits and standing orders are now processing correctly from your new bank account.
- Check for unexpected payments: Occasionally, a payment might still go to your old Nationwide account. If this happens, Nationwide will usually return the funds to the sender.
- Securely destroy old cards and chequebooks: Once confirmed closed, cut up your Nationwide debit card and shred any unused cheque leaves to prevent misuse.
By following these steps meticulously, you can close your Nationwide account with confidence and ease.
10 Related FAQs: How to Close Your Nationwide Account
Here are some quick answers to common questions about closing a Nationwide account:
How to check if my Nationwide account is overdrawn?
You can check your account balance and any overdraft status by logging into your Nationwide Internet Bank or Banking app, or by calling their customer service.
How to transfer money from my Nationwide account to another bank?
You can transfer money online via the Internet Bank or Banking app by setting up a new payee, or by visiting a branch and requesting a transfer.
How to find my Nationwide sort code and account number?
Your sort code and account number can be found on your debit card, bank statements, or by logging into your Internet Bank or Banking app.
How to update my address with Nationwide?
You can update your address via the Internet Bank, by visiting a branch, or by contacting Nationwide's customer service by phone.
Tip: Skim only after you’ve read fully once.
How to stop direct debits and standing orders before closing my Nationwide account?
You need to contact the companies receiving these payments and provide them with your new bank details. It's recommended to do this before initiating the account closure.
How to get a final statement from Nationwide after closing my account?
Nationwide typically makes historical statements available online for a period after closure. You may also be able to request paper copies by contacting them directly.
How to close a joint Nationwide account?
For joint accounts, both account holders typically need to agree to the closure. This can often be done online via the Internet Bank, in a branch with both parties present, or by post with both signatures. Check Nationwide's specific requirements for joint account closures.
How to avoid fees when closing my Nationwide account?
Ensure your account is not overdrawn and has no outstanding charges. Nationwide generally doesn't charge closure fees, but it's always good practice to clear your balance first.
How to confirm my Nationwide account has been closed?
Nationwide will usually send you a confirmation letter or a message through your online banking once your account is successfully closed.
How to reclaim money from a closed Nationwide account?
If money is sent to a closed account, Nationwide will typically return it to the sender. If you believe there are still funds due to you after closure, you can contact Nationwide to inquire about reclaiming them.
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