closing savings account with Leeds safely and without charges?

c'est_moi

Hi
Hopefully someone here is more clued up than me! My fixed term bond with Leeds Building Society matured a couple of months ago. As I was busy at the time I just let them auto transfer it to another savings account, but the interest rate is poor so I want to close the account and move to another fixed rate savings bond with another provider.

Having phoned the Leeds to ask about closing the account I was told that there is a £20 fee for a wire transfer to my current account. (I plan to move the money there first then move it to the new provider). They can send me a cheque for the amount due which will take a bit longer - not really an issue for me, thus avoiding the £20 fee.

My question is this. Is it 100% safe to have a cheque through the post? If not does anyone know any other way to take the money without paying any fees?
many thanks in advance if you can help me!

Eco_Miser

Is this an account that does not allow payments by Faster Payments, or by BACS?

There is a theoretical possibility that someone could intercept your mail, take the cheque and pay it into an account they have opened in your name (first passing all the identity checks now required).

c'est_moi

thanks for the quick reply! My current account certainly allows BACS payments - do you mean does the Leeds account? I don't know. On the phone with Leeds they did not offer alternative ways to have the money paid. They said £20 for a wire transfer, and I asked if they could send a cheque as I want to avoid the fee. I guess I will have to phone them again and enquire about a BACS transfer. Thanks again.

glider3560

Leeds BS do not offer BACS as an option from their non-online only accounts. I queries this myself recently. CHAPS at £20 or a cheque are the only options.

Westie983

I closed down a Leeds regular Saver issue 3 last month, as it was a closed issue and no longer accepting deposits and I opened the replacement issue 5.

Closure was via a closure letter provided to me when I opened the account but I'm sure you can download the form. I opted for closure by cheque and it arrived within four days.

**edit I have found a link to the form https://www.leedsbuildingsociety.co.uk/_resources/pdfs/savings-pdfs/postal-withdrawals-and-closuers.pdf

Its attached to a letter A4 in total so it looks like a normal letter, not like a cheque in an envelope that could be intercepted. (think birthday cards)

I also fund my accounts by cheque each month and this hasn't been a problem either.

To close without paying the CHAPS fee of £20 is cheque.

Have you enquired if you can switch to a online account viewable on the website then you could withdraw without paying the fee as its from a online account.

**edit I haven't checked if there are indeed online account options as I only have regular savers.

Westie983