Quicky banking question

SourChipmunk · 15 Aug 2006 at 14:01

Hopefully a quicky...

A client who is banking in the UK has a withdrawal form that he is using to close an account. For "When do you wish to close?" he is given two options: "Immediately" or "On expiry of the notice period for the account".

The question is, what does the 2nd option mean? Is that an actual period of time as determined by a contract? A grace period? Or is there some kind of set date that's common throughout bankdom, like the end of the 3rd quarter or something?

Can anyone help shed some light on this?

Kell_ee001 · 15 Aug 2006 at 14:03

For some things you need to give 30 days notice in order to cancel. He's just saying that if there is notice period, he would like to serve it and close.

The_TailGunner · 15 Aug 2006 at 14:06

probably best to check with the bank...

however- i have had several savings accounts where you have to give notice of a widthdrawal etc or you have to pay a fee....could be something like that...

alternatively, some banks will close an empty account after a certain amount of time....the option could allow oyu to close it immediately, or hang onto it for a bit in case you suddenly realise it was all a terrible mistake and you love them really...

SourChipmunk · 15 Aug 2006 at 14:08

Thank you, both of you! Makes perfect sense now. :cool:

jpmonkey69 · 15 Aug 2006 at 14:09

WS_TailGunner said:
probably best to check with the bank...

however- i have had several savings accounts where you have to give notice of a widthdrawal etc or you have to pay a fee....could be something like that...

alternatively, some banks will close an empty account after a certain amount of time....the option could allow oyu to close it immediately, or hang onto it for a bit in case you suddenly realise it was all a terrible mistake and you love them really...

also to give you time if you have any unpaid DD coming from that account.

SourChipmunk · 15 Aug 2006 at 14:11

Kell_ee001 · 15 Aug 2006 at 14:17

Direct Debits

SourChipmunk · 15 Aug 2006 at 14:21

Thank you again.

jpmonkey69 · 15 Aug 2006 at 14:55

Kell_ee001 said:
Direct Debits

[DOD]Asprilla · 15 Aug 2006 at 15:39

Probably answered above but with some account you have to give notice of a withdrawal or you lose your interest on the full savings for that period. Generally, the interest period is a year and the notice period could be one, two or three months.

This is usually for high interest account stuffed with reasonable amounts of cash.