Your Comprehensive Guide to Shutting Down Your Nationwide Account
So, you've decided it's time to bid farewell to your Nationwide account. Whether you're moving banks, consolidating your finances, or simply no longer need it, closing a bank account can feel like a daunting task. But don't worry, you've come to the right place! This lengthy, step-by-step guide will walk you through the entire process, making it as smooth and stress-free as possible.
Step 1: Are You Absolutely Sure? Let's Confirm!
Before we dive into the nitty-gritty, let's take a moment. Are you completely certain you want to shut down your Nationwide account? Sometimes, an account might be dormant or used for a specific purpose you've forgotten. It's worth double-checking if you have any linked services, direct debits, or standing orders you might overlook. A quick review of your recent statements or a call to Nationwide's customer service can help clarify any lingering doubts.
If you're still resolute, fantastic! Let's proceed with confidence.
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| How To Shut Down Nationwide Account |
Step 2: The Essential Pre-Closure Checklist
This is a crucial phase. Ignoring these steps can lead to significant headaches down the line, such as missed payments, returned direct debits, or funds getting stuck.
2.1 Divert All Incoming Payments
Think about anything that regularly comes into your Nationwide account:
- Salary/Wages: Notify your employer of your new bank details well in advance.
- Benefits/Pensions: Inform relevant government agencies or pension providers.
- Standing Orders from Other Accounts: If you have money being transferred from another account into Nationwide, update those instructions.
- Payments from Friends/Family: Let anyone who regularly sends you money know about your new account details.
Pro-tip: It's a good idea to keep your Nationwide account open for a little while after redirecting payments, just in case a stray payment still comes through.
2.2 Re-route All Outgoing Payments
This is perhaps the most critical part. You need to ensure all your regular outgoings are moved to your new account.
Tip: Reread sections you didn’t fully grasp.
- Direct Debits: These are payments taken by companies directly from your account (e.g., utility bills, subscriptions, loan repayments). You'll need to contact each company individually and provide them with your new bank details.
- Action: Make a list of all your direct debits. You can usually find these on your online banking statement or by requesting a statement from Nationwide.
- Tip: Some companies offer an online portal to update details, while others require a phone call or a form.
- Standing Orders: These are payments you've set up to be paid out of your account on a regular basis (e.g., rent, transfers to savings). You'll need to cancel these with Nationwide and set them up again from your new account.
- Action: Log into your Nationwide Internet Bank or Banking App, or visit a branch, to identify and cancel all standing orders.
- Recurring Card Payments: These are different from Direct Debits. They are set up directly with a merchant using your debit card details (e.g., Netflix, Amazon Prime). You'll need to update your card details with each of these merchants using your new bank's card.
- Action: Review your statements for recurring card payments and update them.
2.3 Transfer Your Remaining Balance
Once you're confident all incoming and outgoing payments are handled, it's time to move your money.
- Zero Balance is Key: Nationwide typically requires your account to have a zero balance (or be in credit if you have an arranged overdraft you're settling) before it can be closed.
- How to Transfer:
- Internet Bank/Banking App: This is often the easiest method. Log in, select the account you wish to close, and transfer the remaining funds to your new bank account.
- Branch Visit: You can visit a Nationwide branch and request a transfer of funds. You might need your debit card and identification.
- Cheque: If you prefer, Nationwide can send you a cheque for the remaining balance. Be aware this might take a few working days to clear.
2.4 Handle Linked Accounts (Savings, ISAs, Credit Cards)
If you have other Nationwide products linked to your current account, such as savings accounts, ISAs, or credit cards, you'll need to address these too.
- Savings Accounts/ISAs: Nationwide often requires you to close linked savings accounts or ISAs first. You can usually transfer funds from these to your current account (or another Nationwide account) before closing them. Check the specific terms and conditions for early access charges on fixed-rate accounts or ISAs.
- Credit Cards: If you have a Nationwide credit card, you'll need to pay off any outstanding balance and then contact Nationwide to cancel it separately.
Step 3: Choosing Your Closure Method
Nationwide offers a few convenient ways to close your account. Choose the one that suits you best.
3.1 Online via Internet Bank
This is generally the quickest and most straightforward method for current accounts.
- Requirements: You must be registered for Nationwide's Internet Bank. Your account should not be overdrawn, and you shouldn't have any outstanding charges.
- Steps:
- Log in to your Nationwide Internet Bank account.
- Select the account you wish to close.
- Look for an option like "Other Account Services" or similar.
- Choose "Close Account" and follow the on-screen instructions.
- You may be asked to confirm your identity or the destination for any remaining funds.
3.2 In-Branch
If you prefer face-to-face assistance or have complex needs, visiting a branch is a good option.
- Requirements:
- Your current account card.
- Proof of Identity: A valid passport or driving licence.
- Your chequebook (if you have one).
- Details of the account where you want any remaining funds to be transferred.
- Steps:
- Locate your nearest Nationwide branch.
- Speak to a member of staff and inform them you wish to close your account.
- Provide the necessary identification and account details.
- They will guide you through the process, confirm the balance, and arrange for the transfer of funds.
3.3 By Post
For those who prefer traditional mail, you can send a letter.
QuickTip: Read step by step, not all at once.
- Requirements: A clear, signed letter.
- Information to Include in Your Letter:
- Your full name
- Your address
- Your Nationwide sort code and account number
- Your clear instruction to close the account
- Details of where you want any remaining funds to be sent (new bank name, sort code, account number, account holder name).
- Your signature.
- Address: You can send the letter to any Nationwide branch. It's often recommended to send it to the main Nationwide administrative address for account closures, which you can typically find on their official website's contact section. Always send important documents via recorded delivery for proof of postage and receipt.
Note: You generally cannot close your Nationwide account via email.
Step 4: Confirmation and Post-Closure Actions
Once you've initiated the closure, there are a few final steps.
4.1 Await Confirmation
Nationwide will send you confirmation once your account has been successfully closed. This might be a letter in the post or a notification within your Internet Bank. Keep this confirmation for your records.
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4.2 Monitor Your New Account
For a few weeks after closing, closely monitor your new bank account to ensure all expected payments are coming in and all direct debits/standing orders are going out correctly. This will help you catch any missed transfers or lingering payments.
4.3 Destroy Old Cards and Chequebooks
Once confirmed closed, securely destroy your Nationwide debit card (cut through the chip and magnetic strip) and any unused chequebooks.
Step 5: What Happens to Your Data and Statements?
Even after closure, Nationwide will retain some of your data for regulatory and legal reasons. You can usually access past statements via their Internet Bank for a period, or request them from customer service.
Tip: Don’t rush — enjoy the read.
10 Related FAQ Questions (How to...)
Here are some quick answers to common questions about closing Nationwide accounts:
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 Nationwide customer service, or visiting a branch.
How to transfer money from Nationwide to another bank?
You can transfer money via the Nationwide Internet Bank or Banking App using a standard bank transfer (Faster Payments), or by visiting a branch. You'll need the sort code and account number of the receiving account.
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, or by logging into your Nationwide Internet Bank or Banking App.
How to cancel Direct Debits on a Nationwide account?
You can cancel Direct Debits through your Nationwide Internet Bank or Banking App, by calling Nationwide customer service, or by visiting a branch. However, remember to set them up with your new bank first to avoid missed payments.
How to cancel Standing Orders on a Nationwide account?
You can cancel Standing Orders directly through your Nationwide Internet Bank or Banking App, by calling Nationwide customer service, or by visiting a branch.
QuickTip: Don’t rush through examples.
How to close a Nationwide ISA?
Nationwide ISAs can typically be closed via the Internet Bank or by visiting a branch. Be aware of any early access charges if it's a fixed-rate ISA. You can often transfer the funds to another ISA provider to maintain the tax-free wrapper.
How to close a Nationwide savings account?
Most Nationwide savings accounts can be closed via the Internet Bank or by visiting a branch. Any interest due will usually be paid upon closure.
How to get a final statement from Nationwide after closure?
Nationwide will usually send a final statement upon closure. You can also typically access historical statements via your Internet Bank for a period after closure, or request them from customer service.
How to avoid fees when closing a Nationwide account?
There are typically no fees for closing a standard Nationwide current account. However, ensure you clear any overdrafts or outstanding charges, and be aware of potential early access charges if you're closing a fixed-term savings product prematurely.
How to ensure all my payments are moved before closing Nationwide?
The best way is to meticulously review your past 6-12 months of statements for all incoming and outgoing transactions. Create a list and tick them off as you redirect or re-establish them with your new bank. Keep your Nationwide account open for a short transition period.
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