Closing Principality Account

riderross

I have a Principality account which I've had for over 5 years. I want to close it. It currently has over 2k in it.

Can I go into a Principality branch with my passbook and ask for the account to be closed and to have all money in the account in cash?

Thanks

R

Hungerdunger

I doubt whether anyone here can answer this with complete certainty.

Why don't you ask the Principality? You can find your local branch details here

CLAPTON

Most BS have a day limit on cash withdrawals .. its in your T&Cs
Its usually better to withdraw your funds first (often means a cheque)
and then later close the a/c with the accrued interest

Why the rush?

realaledrinker

They will probably need at least an overnight computer run to calculate & apply accrued interest, before the acount can be paid out fully & closed.

riderross

Thanks all for your replies. There is a rush I just want to close it as soon as possible. I will just withdraw as much as I can tomorrow.

Thanks

R

Reaper

Individual branches of smaller building societies often have limits on how much cash they can have on the premesis depending on their security arrangements. That in turn limits how much they can pay out at that particular branch without being in danger of running out.

I can't speak for the Principality but often larger cash amounts can be obtained if you tell them in advance.

Many years ago I worked at at small branch and if somebody wanted to do a large withdrawal we would process it then take them to the high street bank that did our banking for us, withdraw the cash from it and immediately hand it over to them so it wasn't in our hands for more than a second or two! It happened very rarely though.

Baldur

http://www.principality.co.uk/pdf/STCA5_03-09-2_FINAL.pdf

Withdrawals (including closing an account)
22. Subject to the specific terms and conditions applying to your account (explained in this leaflet) and the Savings Guide, you can withdraw up to £500 in cash or £120,000 by cheque each day from a branch office. If you want to withdraw more than £120,000, your withdrawal will be dealt with by our Customer Contact Centre in the ordinary course of post.

Jonbvn

£500 seems to be the cash limit for most BS's. This is for security reasons.