Let's embark on this journey together to understand how to close a joint account with Nationwide! It might seem like a daunting task, but with this step-by-step guide, you'll find it's quite manageable. Ready to dive in?
Closing a Joint Account with Nationwide: Your Comprehensive Guide
Closing a joint bank account can be a necessary step for many reasons, whether it's due to a relationship change, financial reorganization, or simply no longer needing the account. Nationwide, like other banks, has a specific process for this, and understanding it beforehand can save you a lot of time and potential headaches. This guide will walk you through everything you need to know to close your joint Nationwide account smoothly and efficiently.
 |
| How To Close A Joint Account Nationwide |
Step 1: Gathering Your Essential Information and Documents
Before you even think about contacting Nationwide, the absolute first step is to ensure you have all the necessary information and documents at your fingertips. Imagine trying to bake a cake without all the ingredients – it just won't work!
- Account Details:
- Your Joint Account Number: This is crucial. You'll find it on your debit cards, bank statements, or within your online banking portal.
- Sort Code: Also found on your statements or cards.
- Personal Identification:
- Photo ID for Both Account Holders: This could be passports or driving licenses. Nationwide will need to verify the identity of both individuals on the account.
- Proof of Address for Both Account Holders: Recent utility bills (gas, electricity, water), council tax bills, or bank statements (from a different bank) dated within the last three months are usually acceptable.
- Existing Direct Debits and Standing Orders:
- Make a comprehensive list of all direct debits and standing orders linked to this joint account. This is perhaps the most critical pre-closure step to prevent future payment issues.
- Balance Information:
- Know the current balance in the account. This will determine how you proceed with withdrawing or transferring funds.
Step 2: Managing Your Direct Debits and Standing Orders
This step is so important, it deserves its own dedicated section. Neglecting this could lead to missed payments, late fees, and considerable stress. Think of it as carefully untangling a complex knot before trying to pull it apart.
2.1: Identifying All Recurring Payments
Go through your bank statements (online or paper) for at least the last 12 months. This will give you a clear picture of all regular payments coming out of the account. Common examples include:
Tip: Read at your natural pace.
- Utility bills (electricity, gas, water)
- Mortgage or rent payments
- Loan repayments
- Insurance premiums
- Subscription services (Netflix, gym memberships, etc.)
- Mobile phone contracts
2.2: Updating Payment Details with Payees
Once you have your list, you need to contact each organization individually and provide them with new bank details. Do not rely on Nationwide to do this for you.
- Proactive Communication: Contact them well in advance of your planned account closure date.
- New Account Information: Have the sort code and account number of your new account (whether it's a sole account or another joint account) ready.
- Confirmation: Ask for confirmation that they have updated your details. Many will send an email or letter.
2.3: Cancelling Standing Orders
Standing orders are different from direct debits as you initiate them. You can cancel these directly through your Nationwide online banking, mobile app, or by contacting Nationwide. Ensure you've set up the equivalent standing order from your new account before cancelling the old one.
Step 3: Deciding on the Account Balance: Withdrawal or Transfer
Before Nationwide can close the account, the balance must be zero. You have a few options here:
3.1: Withdrawing Cash
If the balance is small, or you prefer cash, you can visit a Nationwide branch and withdraw the entire amount. Both account holders may need to be present for significant withdrawals due to security protocols. Always check Nationwide's policy on this beforehand.
Tip: The details are worth a second look.
3.2: Transferring Funds to a New Account
This is often the most convenient option, especially for larger balances.
- Transfer to a Joint Account: If you are opening a new joint account elsewhere, you can transfer the funds directly.
- Transfer to Individual Accounts: You can also split the funds and transfer them to separate individual accounts. Ensure both account holders agree on the split and provide their respective account details.
- Internal Transfer (Nationwide): If one or both account holders have individual accounts with Nationwide, you might be able to transfer funds internally, which can sometimes be quicker.
Step 4: Contacting Nationwide to Initiate Closure
Once all your direct debits and standing orders are rerouted, and the account balance is zero or you're ready to transfer the funds, it's time to officially inform Nationwide.
4.1: In-Branch Visit (Recommended for Joint Accounts)
- Advantages: This is generally the most straightforward and secure method for closing a joint account. Both account holders can be present, present their ID, and sign any necessary forms in person. This minimizes potential delays due to identity verification.
- What to Bring: All your photo IDs, proof of address, and your account details.
- The Process: A Nationwide representative will guide you through the closure form. They will verify your identities and confirm the zero balance.
4.2: By Phone
- Nationwide Contact Number: You can find their customer service number on their official website or on your bank statements.
- Potential Hurdles: For security reasons, Nationwide may require both account holders to be on the call simultaneously, or they may need to speak to each person individually to confirm their consent. They might also require you to send in signed documentation afterwards. Be prepared for potential security questions to verify your identity.
4.3: By Post (Least Recommended for Speed)
- Formal Letter: You can write a formal letter requesting the closure of the joint account. The letter must be signed by both account holders and include all relevant account details and contact information.
- Enclosures: Include photocopies of your IDs and proof of address.
- Delays: This method is the slowest due to postal delivery times and the time it takes for Nationwide to process the letter and verify signatures.
Step 5: Confirmation of Account Closure
Once you've submitted your request, Nationwide will process it. Do not assume the account is closed immediately.
- Official Confirmation: Nationwide should send you a confirmation letter or email once the account has been successfully closed. Keep this for your records.
- Check Your Online Banking: The account should disappear from your online banking portal once it's officially closed.
- Monitor for Unexpected Activity: For a short period after closure, keep an eye on your new bank accounts to ensure all direct debits and standing orders have successfully transferred and no unexpected payments are attempted from the closed account.
Step 6: Destroying Your Nationwide Debit Cards and Cheque Books
Once you've received confirmation of closure, it's vital to dispose of any associated debit cards and cheque books securely.
Tip: Be mindful — one idea at a time.
 |
- Debit Cards: Cut them up diagonally through the chip and magnetic strip.
- Cheque Books: Shred them thoroughly.
This prevents any unauthorized use should they fall into the wrong hands.
Important Considerations for a Smooth Closure:
- Communication is Key: Both account holders must agree to the closure. If there is a dispute, Nationwide may not be able to proceed.
- Overdrafts: If your joint account has an overdraft, this must be cleared before the account can be closed. Discuss repayment options with Nationwide if you're unable to clear it immediately.
- Linked Products: Check if any other Nationwide products are linked to this joint account (e.g., savings accounts, loans). You may need to address these separately.
- Joint Accounts with Dependants: If the account has a minor linked to it, there might be additional steps or forms required.
- Power of Attorney: If one account holder has a Power of Attorney for the other, they may be able to act on their behalf, but specific documentation will be required by Nationwide.
10 Related FAQ Questions
How to close a joint account if one person is unavailable?
You will typically need the consent of both account holders. If one is unavailable (e.g., abroad, illness), a Power of Attorney may be required, or they may need to provide written and signed consent along with ID verification. Contact Nationwide for specific guidance in such cases.
How to close a joint account with an overdraft?
The overdraft must be cleared to a zero balance before Nationwide will close the account. You can pay off the overdraft or discuss repayment options with Nationwide if you need a plan to settle the debt.
How to transfer direct debits from a joint account to a new account?
You need to contact each organization (utility provider, insurance company, etc.) directly and provide them with the new bank account details where payments should be redirected. Do this before closing the joint account.
QuickTip: Look for repeated words — they signal importance.
How to find my Nationwide joint account number and sort code?
You can find these details on your Nationwide debit cards, your bank statements (paper or online), or by logging into your Nationwide online banking or mobile app.
How to get confirmation that my Nationwide joint account is closed?
Nationwide will typically send you a confirmation letter or email once the account has been successfully closed. You can also verify this by checking your online banking – the account should no longer appear there.
How to deal with funds remaining in the joint account after closure?
Before closure, the balance must be zero. Nationwide will usually ask you how you wish to withdraw or transfer any remaining funds (e.g., cash withdrawal, transfer to another account).
How to close a Nationwide joint account online?
As of now, Nationwide generally requires a visit to a branch or a phone call with both account holders for joint account closure due to verification requirements. Online closure for joint accounts is not typically available.
How to get proof of address for both account holders?
Accepted proofs of address usually include recent utility bills (gas, electricity, water), council tax bills, or bank statements from a different bank, dated within the last three months.
How to ensure all standing orders are cancelled before closure?
You can cancel standing orders through your Nationwide online banking, mobile app, or by contacting Nationwide directly. Ensure you've set up new standing orders from your new account before cancelling the old ones.
How to securely dispose of joint Nationwide debit cards and cheque books?
Once the account is confirmed closed, cut your debit cards diagonally through the chip and magnetic strip. Shred any unused cheque books thoroughly to prevent fraudulent use.
 |
