Natwest Account - Stopping a standing Order

ianianianian

There is a standing order on my Natwest Bank account set-up for £650. It is due to go out on the 1st April, I looked on Natwest on-line banking today, clicked cancel but it tells me any standing orders in the next 3 days will still be paid - oh good. I do wonder why it can't just be cancelled now, as I don't want to pay this money out of my account, but guess they seem to think that it's best they go ahead with it anyway.

Now I have my branch number to call in the morning to ask what they can do about it, but if they say, "It will be paid", is there anyway around it?
This account has next to no money in, just a few pound, and the overdraft limit is set at £1500.
I'm wondering if either of these two options will work.
1. I ask to close my account tomorrow. How long would that take? Could I just close it with immediate effect?
or
2. If I took the £1500 out tomorrow making it overdrawn to the limit, or just overdraw it to £1000, would there be insifficient funds to pay my standing order, and therefore it not go through?

Any tips or advice appreciated. Number 3 is burning NatWest down, but I think I'd make too many people over come by joy if that happened.

Kavanne

Option 2: If there are insufficient funds the bank will either a) pay it anyway and charge you for going over your limit (£28) or b) not pay it and charge you for an unpaid item (£38)

Can't you just pay it and ask the person for the money back after?

ianianianian

Kavanne wrote: »

Option 2: If there are insufficient funds the bank will either a) pay it anyway and charge you for going over your limit (£28) or b) not pay it and charge you for an unpaid item (£38)

Can't you just pay it and ask the person for the money back after?

Option 2 sounds a bit dodgy then as £28 more on top would just be the cream and cherry.
Although £38 does seem better than having to chase someone up for £650 and relying on their 'good nature' to give it back to my account. I'd prefer to stop it and not resort to asking for it back though. I can see that turning into trouble.

Ta for your tip.

I would quite like to close this account anyway, so if anyone knows what would happen with option 1 that would be appreciated.

Comyface

If your account is a current account then it's very unlikely that you can just close it straight away. There's normally a few days at least that the bank leave the account open for, incase any previously written cheques come through or any debit card transactions that have yet to be posted arrive on your account (even if you tell them there are none, they'll still leave the account open 'just in case' before closing it).

Last time I closed a NatWest account it was approx 1995 and it was a saving account and it still took them 2 weeks to post me out the final balance by cheque! I did go to a sub-branch instead of a main branch to fill in the form, not sure if that made a difference.

Not sure your option 3 would really help, please don't do that (did make me giggle, though!):)

Mikeyorks

Comyface wrote: »

There's normally a few days at least that the bank leave the account open for, incase any previously written cheques come through or any debit card transactions that have yet to be posted arrive on your account (even if you tell them there are none, they'll still leave the account open 'just in case' before closing it).

That's true. But having just experienced Halifax 'inadvertently' starting to close my current account instead of the Exor account requested ...... they do tend to start the process with an immediate 'Stop'.

As I'm now having to explain bounced DDs which occurred in the overnight period before I suddenly noticed the account was 'information only'. So I would assume that SOs would equally be inhibited if closure was pending?

ianianianian

I think I'm just going to have to go in and see what happens.
No doubt I will come out frustrated and bewildered how someone can't just click the computer to say "No" to the SO today.

lynxptc

I'm not sure about standing orders but I know that with direct debits they can do a "re-call" on the payment where if you phone them before 3:30pm on the day the money goes out they can reverse it.

sweetiepie2121

ianianianian wrote: »

There is a standing order on my Natwest Bank account set-up for £650. It is due to go out on the 1st April, I looked on Natwest on-line banking today, clicked cancel but it tells me any standing orders in the next 3 days will still be paid - oh good. I do wonder why it can't just be cancelled now, as I don't want to pay this money out of my account, but guess they seem to think that it's best they go ahead with it anyway.

Now I have my branch number to call in the morning to ask what they can do about it, but if they say, "It will be paid", is there anyway around it?
This account has next to no money in, just a few pound, and the overdraft limit is set at £1500.
I'm wondering if either of these two options will work.
1. I ask to close my account tomorrow. How long would that take? Could I just close it with immediate effect?
or
2. If I took the £1500 out tomorrow making it overdrawn to the limit, or just overdraw it to £1000, would there be insifficient funds to pay my standing order, and therefore it not go through?

Any tips or advice appreciated. Number 3 is burning NatWest down, but I think I'd make too many people over come by joy if that happened.

Canceling a standing order takes a few days.I reckon some thing to do with how the banking system works.As for closing your account u wont be able to if you end up getting a bank charge.It is a good idea to give the bank plenty of notice in future when u cancel a standing order or direct debit.As it can take up 2 a few days to take effect.