Nat West charge

Donedoingdebt

Hello all, I've just quickly drifted over from DFW.
My question is, my Wife wants to move accounts from the bad value Nat West Advantage Gold account to an account with another Bank (Abbey).
Upon enquiring with Nat West about closing her account, they told her that there will be a charge to close the account.
Is this normal & accepted practise or can she just make sure she has a zero balance & close the account without penalties?
Thanks.

KTF

Its unusual to be charged to close an account. Is the account in credit and what did they say the charge was for?

Donedoingdebt

No, the account is in overdraught at the moment, but it was explained that it would be brought up to zero before it was closed.
They didn't tell her what the charge was for, but I'm wondering if they thought she meant switching accounts within Nat West so they could levy a charge for closing one account & opening another.

KTF

I think all Natwest advantage accounts have a monthly fee attached so it may have been something to do with this or it may have been the amount for the interest charged on the overdraft this month or similar but they still shouldnt charge you for closing one down.

I would ask them to explain exactly what the charge is for.

amandathepanda

There is no charge to close a natwest account, but you will pay a proportion of the advantage gold fee for that month, plus any accrued overdraft interest, these need to be paid before the account can be closed.

Maryjane_4

I had an advantage gold account and just changed it to a normal one as it was no use to me. Then I closed another account with them that i hadnt used for a while.
As far as I know I was not charged for any of this. Not that they told me about any way.