Hey there! Sign in to join this conversationNew here? Join for free

Closing an account Watch

Announcements
    • Thread Starter
    Offline

    0
    ReputationRep:
    I currently bank with Lloyds, but now want to change to Natwest. I haven't been able to visit a branch to close the account yet because of the bad weather, but hope to go tomorrow. However, I currently receive a standing order each week from my parents. I was hoping to be able to update my details online, but it seems that this is nor possiblw. If I were to close the account, would I lose the money? My parents don't use internet banking. Any advice would be much appreciated.
    • Reporter Team
    Offline

    17
    ReputationRep:
    (Original post by confusedone)
    I currently bank with Lloyds, but now want to change to Natwest. I haven't been able to visit a branch to close the account yet because of the bad weather, but hope to go tomorrow. However, I currently receive a standing order each week from my parents. I was hoping to be able to update my details online, but it seems that this is nor possiblw. If I were to close the account, would I lose the money? My parents don't use internet banking. Any advice would be much appreciated.
    A standing order instruction is set up by the payer and their bank, not the recipient. You'll need to ask your parents to change the standing order to reflect your new account details once you've opened it... there's generally nothing wrong with having two (or more) accounts open simultaneously, so I'd suggest keeping your Lloyds account open until you're sure that everything has been fully transferred. That said, many banks offer a transfer service to help customers moving accounts to them, so it's worth seeing what Natwest can offer on this.
    Offline

    0
    ReputationRep:
    Is there any particular reason why you've chosen Natwest?

    I hope that you are well prepared - Natwest are known for having poor customer service. If you want your banking to be easy, then you're much better off elsewhere.

    Natwest's online banking is rubbish too, and really lacks any sort of functionality.
    Offline

    0
    ReputationRep:
    Is there any particular reason why you've chosen Natwest?

    I hope that you are well prepared - Natwest are known for having poor customer service. If you want your banking to be easy, then you're much better off elsewhere.

    Natwest's online banking is rubbish too, and really lacks any sort of functionality.
    Offline

    16
    ReputationRep:
    Set up the new bank account and give your parents the magic numbers so they can cancel one standing order and set it up to your new account, then close your Lloyds one would be my advice.

    Although I don't imagine Lloyds would simply pocket the money if your parents tried to send it to a bank account that didn't exist.
    Offline

    3
    ReputationRep:
    (Original post by rpb123)
    Is there any particular reason why you've chosen Natwest?

    I hope that you are well prepared - Natwest are known for having poor customer service. If you want your banking to be easy, then you're much better off elsewhere.

    Natwest's online banking is rubbish too, and really lacks any sort of functionality.
    Really, what functions do you want that Natwest doesn't offer online? I can do exactly the same on my natwest online banking as I can on my HSBC, and I think Natwest's is slightly easier to use.
    Offline

    0
    ReputationRep:
    (Original post by rmhumphries)
    Really, what functions do you want that Natwest doesn't offer online? I can do exactly the same on my natwest online banking as I can on my HSBC, and I think Natwest's is slightly easier to use.
    Well, taking a look at Natwest's online banking, and comparing it to that of my main bank, ...

    1. You log in, and you get a tiny area in the middle of the screen where the accounts are; the rest of the screen is either advertising or just white (i.e. wasted space).

    2. When you pay cheques into your account, they show on online banking as '-'. My other bank says 'Cheque', which is rather more helpful.

    3. It's five clicks from the homepage just to see a statement (a proper one, not just that mini thing on the main page). My other bank takes one click.

    4. The statement is full of random codes - if I've transferred money here from elsewhere, I just want to see that fact. I don't care that it's 'Call Ref' (it's what?) is 0123, or that '001235832832151201', whatever that means.

    5. I need a cardreader to transfer money.

    6. I cannot make international payments online.

    7. I cannot see interest rates on online banking.

    8. Paper-free statements are not properly formatted.

    9. I can only get statements by paper-free - not letters as well.

    10. I cannot order foreign currency online.

    11. I cannot sort or filter my list of transactions.

    12. They have one option for 'Transfers' and one option for 'Payments', when a 'Transfer' and a 'Payment' are quite clearly the same thing. (Not according to Natworst's definition).

    13. If I wanted a Natwest credit card (I don't), I wouldn't be able to view it on my online banking.

    14. When logging in, on the third login page, the picture take a while to load, so you often end up accidentally clicking on the picture (an advert) when meaning to click 'Next'.

    There are probably more, I just can't see them at the moment.
    Offline

    3
    ReputationRep:
    (Original post by rpb123)
    Well, taking a look at Natwest's online banking, and comparing it to that of my main bank, ...

    1. You log in, and you get a tiny area in the middle of the screen where the accounts are; the rest of the screen is either advertising or just white (i.e. wasted space).

    2. When you pay cheques into your account, they show on online banking as '-'. My other bank says 'Cheque', which is rather more helpful.

    3. It's five clicks from the homepage just to see a statement (a proper one, not just that mini thing on the main page). My other bank takes one click.

    4. The statement is full of random codes - if I've transferred money here from elsewhere, I just want to see that fact. I don't care that it's 'Call Ref' (it's what?) is 0123, or that '001235832832151201', whatever that means.

    5. I need a cardreader to transfer money.

    6. I cannot make international payments online.

    7. I cannot see interest rates on online banking.

    8. Paper-free statements are not properly formatted.

    9. I can only get statements by paper-free - not letters as well.

    10. I cannot order foreign currency online.

    11. I cannot sort or filter my list of transactions.

    12. They have one option for 'Transfers' and one option for 'Payments', when a 'Transfer' and a 'Payment' are quite clearly the same thing. (Not according to Natworst's definition).

    13. If I wanted a Natwest credit card (I don't), I wouldn't be able to view it on my online banking.

    There are probably more, I just can't see them at the moment.
    1) Maybe I just always use bigger solution screens, but I have always found the accounts information bit big enough

    2) Fair enough - don't pay in cheques often so won't dispute.

    3) Not exactly hard, and gives you control over exactly how much you want to see.

    4) Dependant on if it is internal transfer between your account, and or external, but for external you can define a string to where your money is going. Money coming is in the other banks fault - they define the call ref, which can be a transaction id or a string.

    5) Only to set up a payee / first time. Plus, I don't mind extra security, I don't want someone transferring my money away if they gained access to my account.

    6) That most have changed, as I transferred money to someone in Belgium in the past - but it was a while ago.

    7) Fair enough, but I can't at HSBC either.

    8) How do you want them formatted? They have worked fine for me, rows line up, etc

    9) I get both.

    10) Foreign currency is done here: https://www.corporatetravelmoney.com/natwest/

    11) True

    12) Transfers are internal, payments are external. Makes sense to keep them separate - makes it easier to find what you want.

    13) Yes you can, I have my Natwest Credit Card on my online banking.
    Offline

    0
    ReputationRep:
    (Original post by rmhumphries)
    1) Maybe I just always use bigger solution screens, but I have always found the accounts information bit big enough

    2) Fair enough - don't pay in cheques often so won't dispute.

    3) Not exactly hard, and gives you control over exactly how much you want to see.

    4) Dependant on if it is internal transfer between your account, and or external, but for external you can define a string to where your money is going. Money coming is in the other banks fault - they define the call ref, which can be a transaction id or a string.

    5) Only to set up a payee / first time. Plus, I don't mind extra security, I don't want someone transferring my money away if they gained access to my account.

    6) That most have changed, as I transferred money to someone in Belgium in the past - but it was a while ago.

    7) Fair enough, but I can't at HSBC either.

    8) How do you want them formatted? They have worked fine for me, rows line up, etc

    9) I get both.

    10) Foreign currency is done here: https://www.corporatetravelmoney.com/natwest/

    11) True

    12) Transfers are internal, payments are external. Makes sense to keep them separate - makes it easier to find what you want.

    13) Yes you can, I have my Natwest Credit Card on my online banking.
    1) So it's 'Natwest : Only for those with high-resolution computer screens'.

    3) I have no control over how much I see - there are no options there to change things. But it just takes a while to get to, compared to my other bank.

    4) I have no idea what you mean by 'define a string'. Money coming in is not the other bank's fault. Natwest choose to display a piece of information that is completely useless to you and I, and which just clutters up the screen.

    5) Fair enough.

    8) Similar to my problems with the online mini-statement; just not clear about what the transactions are.

    9) How? I can only see a place to set paper-free statements. I can't see any mention of letters.

    12) It's a pain in the backside to keep them separate. If I want to transfer money to a family member, then I have to remember whether they bank with Natwest or not? Easier just to look down a complete list for their name.

    13) Then why do they have a separate 'Credit cards' login tab on the first login page?
    Offline

    3
    ReputationRep:
    (Original post by rpb123)
    1) So it's 'Natwest : Only for those with high-resolution computer screens'.

    3) I have no control over how much I see - there are no options there to change things. But it just takes a while to get to, compared to my other bank.

    4) I have no idea what you mean by 'define a string'. Money coming in is not the other bank's fault. Natwest choose to display a piece of information that is completely useless to you and I, and which just clutters up the screen.

    5) Fair enough.

    8) Similar to my problems with the online mini-statement; just not clear about what the transactions are.

    9) How? I can only see a place to set paper-free statements. I can't see any mention of letters.

    12) It's a pain in the backside to keep them separate. If I want to transfer money to a family member, then I have to remember whether they bank with Natwest or not? Easier just to look down a complete list for their name.

    13) Then why do they have a separate 'Credit cards' login tab on the first login page?
    1) Maybe - however, based on average screen sizes / resolutions today, they are most likely fitting to the average.

    3) You control the time-frame. If I just wanted to check the last weeks transactions, it would be three clicks. If I wanted 2 months, etc, five clicks. If I want an exact time-frame, I can choose that, but at the cost of more clicks.

    4) Define a string, e.g. "Payment for rent". Money coming in is, Natwest displays what they are given. When I transferred money from my HSBC account, I as the reference "Funds Transfer", that came up on the Natwest page. If I had of put nothing, then the transaction reference would have come up.

    8) I don't see the issue with statement formatting, other than you not being sure of what each transaction is, which I don't have a problem with.

    9) Account Admin -> Start or Stop receiving bank statements by post -> select what you want to receive by post -> Done

    12) No, internal as in internal in your accounts. External as in external to your accounts, regardless of who they bank with.

    13) You can sign up to credit cards online banking, that gives you more options. From normal online banking, you can see your balance, statement and make payments. In the other one, you can do stuff like request a new credit limit, and stuff unique to credit cards. (To be fair, I don't use the other one, although I am signed up, so not certain of its uses).
    Offline

    0
    ReputationRep:
    I am ddelighted with Nat west online.
    Offline

    0
    ReputationRep:
    (Original post by rmhumphries)
    4) Define a string, e.g. "Payment for rent". Money coming in is, Natwest displays what they are given. When I transferred money from my HSBC account, I as the reference "Funds Transfer", that came up on the Natwest page. If I had of put nothing, then the transaction reference would have come up.
    Ok, for your info banks call this a 'Reference' rather than string.
    Offline

    3
    ReputationRep:
    (Original post by rpb123)
    Ok, for your info banks call this a 'Reference' rather than string.
    A string is an amount of text, bounded or unbounded. A reference(in the context being discussed) is a string that identifies a payment or similar. I was using string as an umbrella term.
    Offline

    0
    ReputationRep:
    I agree with rpb123, Natwest are truly an awful bank. Customer service is a joke.
    Offline

    17
    ReputationRep:
    (Original post by Illusionary)
    A standing order instruction is set up by the payer and their bank, not the recipient. You'll need to ask your parents to change the standing order to reflect your new account details once you've opened it... there's generally nothing wrong with having two (or more) accounts open simultaneously, so I'd suggest keeping your Lloyds account open until you're sure that everything has been fully transferred. That said, many banks offer a transfer service to help customers moving accounts to them, so it's worth seeing what Natwest can offer on this.
    This.
    Open an account with the other bank and get your parents to change the standing order to the new account. Then once everythings set up- then close your account with lloyds.
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    Will you be richer or poorer than your parents?
    Useful resources
    How much money do you spend a week?The ultimate guide to tax!Guide to student bank accounts

    Sponsored features:

    Web Legend

    Win a Macbook Air!

    Blog about setting up a website for a chance to win in our Web Legend competition.

    Quick link:

    Unanswered money and finance threads

    Groups associated with this forum:

    View associated groups
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.