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Yorkshire Building Society - Charge for BACS Transfer on Closure
Ms_Chocaholic
Posts: 13,477 Forumite
Both me and OH have a regular saver with YBS but the interest rate continues to decrease via change of product and I called today to ask what I needed to take into branch to close the account.
I was advised that once the account is closed the balance can be given to me in the form of a cheque for which there is no charge (thanks very much :rotfl:) but that if I wanted to transfer the balance to another account there would be a £23 charge :eek:
Clearly I'll take the cheque but does anyone else think this is an outrageous charge and how they can justify £23!
Ms Choc
I was advised that once the account is closed the balance can be given to me in the form of a cheque for which there is no charge (thanks very much :rotfl:) but that if I wanted to transfer the balance to another account there would be a £23 charge :eek:
Clearly I'll take the cheque but does anyone else think this is an outrageous charge and how they can justify £23!
Ms Choc
Thrifty Till 50 Then Spend Till the End
You can please some of the people some of the time, all of the people some of the time, some of the people all of the time but you can never please all of the people all of the time
You can please some of the people some of the time, all of the people some of the time, some of the people all of the time but you can never please all of the people all of the time
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Comments
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£23 is their charge for the guaranteed same-day CHAPS service, all banks and building societies charge similarly for this.
Do the Ts & Cs of your specific account only allow for closure proceeds to be cheque or CHAPS, or is there a Faster Payments option? If free FP isn't available for closure proceeds, can you transfer the balance free immediately prior to closing?0 -
£23 is their charge for the guaranteed same-day CHAPS service, all banks and building societies charge similarly for this.
Do the Ts & Cs of your specific account only allow for closure proceeds to be cheque or CHAPS, or is there a Faster Payments option? If free FP isn't available for closure proceeds, can you transfer the balance free immediately prior to closing?
Thanks, I've never come across it before.
Great idea about transferring the balance for free prior to closing - cheers.Thrifty Till 50 Then Spend Till the End
You can please some of the people some of the time, all of the people some of the time, some of the people all of the time but you can never please all of the people all of the time0 -
Is the problem that you are trying to perform the transaction in branch? The Regular Saver must be opened in branch or by post but can be managed online. You could check whether that includes withdrawals and closure.0
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Indeed, but IMHO it's likely to be more palatable to have swift access to 98-99% of the money via FP transfer with a cheque to follow for any residual interest adjustment....0 -
I recently closed a YBS reg saver in branch and had the option of a free faster payment to an external account which I took. However, I was advised that the payment would be processed overnight but this is still quicker and more convenient than a cheque.0
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