Closing tsb current plus, final balance by cheque in post?

AbbieCadabra

Had 2 tsb accounts purely for savings, trying to now get them closed as need funds & proving to be a bit of a mare!

Won't accept written request to close as no signature on file, sure i completed some forms even though accounts opened online, so have to go into branch now with various id to request closure.

Unable to get local branch on phone and call centre can't confirm if a bacs payment can be done, 'thinks' it will be a cheque in the post.

Anyone advise? Thanks

Already had issues with security/fraud checks when making withdrawls from my accounts, these accounts are for husband so want to have to avoid going through the hassle of all that again as he hates being on the phone for anything!

xylophone

Couldn't he just switch both accounts into another current account?

AbbieCadabra

we've got multiple accounts already so don't want any more, plus we need the funds to pay out for something.

still not able to get through to branch but was able to 'speak' to tsb rep via facebook. it gets better...

this is for 2 accounts, each with £2200 balance. if going into branch to close, they can do bacs to another bank, but only to a maximum of £2500. they can't do a transfer for the following day for the remainder. they can do a chaps for the full balance, but this costs £30. also, if we want a cheque for any final balance, there's a charge of £25 for issuing a cheque.

we're already going well out of our way to get to a branch & husband is coming out of work (he's 7am-6pm Mon-Sat at moment), so going back the following day to close the 2nd account is too inconvenient.

so, due to their own set limitations, if you've got more than £2500 to withdraw, you'll be charged for it!!!

i opened a nationwide flex account online then sent signed paperwork back, just the same as these tsb accounts. nationwide closed my account upon receipt of my letter & sent me a cheque for the final balance, all within 5 days. shows it can be done efficiently...

Norscbu

switch the accounts to your current account, 7 days later the balances will be in your current account and the 2 accounts will be closed automatically.

AbbieCadabra

Norscbu wrote: »

switch the accounts to your current account, 7 days later the balances will be in your current account and the 2 accounts will be closed automatically.

didn't realise you could switch to an already open account? we need the funds asap so timescale probably not on our side on this occasion. just in case, our current account is with santander, would you request the switch via them?

thanks

edit: just check on santander, if you've got an existing account, you can only request switch by going into branch.

Norscbu

Hi, I googled "santander switch" for you

http://www.santander.co.uk/uk/current-accounts/guide-to-switching-your-current-account

Norscbu

p.s. I think a more sensible approach would have been to go either transfer the balance to your current account, or go into the branch and request your money, without requesting to close. Alternatively, just withdraw the cash via ATM for as many days as it takes.

Then once you have your money, close the accounts.

SuperHan

If it's a TSB Current Plus you can transfer the money out via online banking with a faster payment. Transfer it to the bank account you want it in and leave a nil balance on the account. Then you can close it without worrying about a final balance.


There may be some trailing interest, but whenever I've had that they've credited it at the closure date and I've been able to withdraw it as cash when closing the account.

Westie983

Are you sure the £2500 limit isn't for cash withdrawals? Faster Payment limits vary but are normally up to £25000, a day, and any amount over this is paid via CHAPS and costs between £25 and £30

Can you not use internet banking or telephone banking to transfer the £2200 in each account, as this is lower then the £2500 cash limit and faster payment, and then close the account when you have more time as get the closing interest paid to you in cash when you can use CNP or ID.

AbbieCadabra

fortunately, it seems the info i was given yesterday from tsb was wrong, not for the first time.

all accounts now closed, my small final balance was paid in cash & husbands was transferred to our joint account with santander by bacs, no mention of any £2500 limit or needing to do by chaps, so probably as Westie suggested above. tsb definitely advised max of £2500 by bacs yesterday though.

branch was packed with a queue out the door, so perhaps this had some bearing on getting it done the quickest way possible, timing in our favour for once

i know transfers online are easier (or should be!) but as mentioned earlier, when i transferred money out of my accounts, they both ended up getting locked & i had to go through lengthy security checks on phone to get withdrawls done & a/c's unlocked. husband hates doing anything like that, so needed to try & avoid going through that with his accounts. don't think we'll be banking with tsb again anytime in the future...

enthusiasticsaver

I transferred the balance of my TSB classic and the easy saver balance from matured regular saver to my main current account using the faster payment service. Called into TSB branch next time I was in the area and they closed on spot and gave me interest in cash.