Latest news with #bankclosure
BBC News
a day ago
- Business
- BBC News
Closure of Natwest in Bridgwater criticised by local MP
An MP has said he is "deeply disappointed" by NatWest's decision to close its bank branch in a Somerset Fox, the Conservative MP for Bridgwater, said the move not only "risks excluding" vulnerable residents but will impact the number of shoppers on the high said over the last five years counter transactions have dropped by nearly 65% in the town as more customers "than ever before" switch to digital Bridgwater branch is due to close on 27 October, along with branches in Midsomer Norton and Portishead. Scott Thomas, who has been banking at NatWest since he was a teenager, said closing the branch was "disgusting"."This bank has been my bank for my whole life - I do my business banking with NatWest, they've always been so helpful and now what am I going to do?," he said."Without NatWest, I wouldn't have been able to set that [business account] up. I'm dyslexic and have ADHD. They sat there with me, done it with me, helped me and now to be told I have to do something online with no help, it's absolutely ridiculous." Madeleine Vann, said the closure was "sad"."It's all computers now and you're not dealing with a human being now, are you?" she said."That's why I've come in [to the bank] today, I wanted to see a human."Another local resident, Mary Cornish said she was "really, really shocked" by the news."I do online banking and that won't change but I like to go into the bank to get money out," she said."Such a shame isn't it. I will really miss it - popping in once a week." Other branches across the West earmarked for closure include Yate, Fishponds, Chippenham, Trowbridge and Fox, said the Bridgwater closure "risks excluding some of our most vulnerable residents"."Especially those who rely on in‑branch support to manage their finances with confidence," he added."It will also be a hit to our town centre, where the loss of regular footfall will add further strain to local high street businesses."He said he is "formally requesting" a meeting with NatWest to ensure they maintain "meaningful human support for those who need it most"."I will be pressing them to consider alternative face-to-face provision to ensure no one is left behind," he said. According to NatWest, nearly three quarters of customers using the Bridgwater branch have chosen to use online banking and the mobile app in the last the number of personal customers using the branch on average each month, was just over 220.A NatWest spokesperson said most of its customers were shifting to its "digital services" because of the "speed and convenience".In a statement, the spokesperson added that branch closures were "disappointing" but it was committed to ensuring the move online was "managed compassionately"."[We] proactively contact branch users who we know may need additional support when a branch closes," the said."And where there's a need we install community pop-ups to help customers become familiar with alternative banking services."
The Sun
2 days ago
- Business
- The Sun
NatWest to close 55 bank branches in fresh blow to UK high street – see if your local is affected
NATWEST is pulling down the shutters on 55 more bank branches in a blow to the high street. The bank has confirmed it will shutter dozens of branches over the coming months. Locations will shut for good across the UK including in Torquay, Birmingham and Abingdon. Further branches will close for good in Leamington Spa, Stratford-upon-Avon and Northampton. The Sun asked NatWest to comment.
Yahoo
24-05-2025
- Business
- Yahoo
My bank closed my account. What can I do about it?
Banks have the right to close accounts for various reasons, including inactivity, low balance or suspicious activity. Prompt action and communication with the bank are crucial if an account is unexpectedly closed. The unexpected closure of a bank account can have a significant financial impact, making it important to take preventative measures. Most of us rely on our bank accounts for managing our finances, paying bills and receiving a paycheck. So, when a bank closes an account unexpectedly — whether it's a checking or savings account — it can be both inconvenient and worrying. If you've experienced this, you're probably wondering why this happened to you and what you can do about it. Here are some of the reasons a bank may close your account, what you can do next and how to avoid future bank account closures. It's important to understand that banks have the right to close accounts based on their discretion and internal policies. There are several reasons a bank might decide to close your account: Inactivity or low activity over an extended period of time. Having a zero or negative balance or suspicion of fraudulent activity. Excessive bounced checks or overdraft fees. Flagged for suspicious activities or violating the account's policies. When a bank closes your account, several things can happen: You'll receive any remaining balance: The bank typically mails you a check for the money left in your account. It may be reported to ChexSystems: If the closure was due to suspected fraud or unpaid fees, it could affect your ability to open accounts elsewhere. Automatic payments and deposits stop: Any scheduled transactions will fail, which could cause late fees or missed income. If you find your bank account suddenly closed, it's essential to take prompt action. Here's what you can do: Contact the bank immediately: As soon as you become aware of the account closure, reach out to your bank. Ask them for the specific reasons for the closure and inquire about the procedure to collect any remaining funds. Stop direct deposits and automatic withdrawals: To avoid bouncing checks or missing bill payments, reroute your direct deposits to another account. Also, cancel any automatic payments linked to the closed account. Settle any outstanding balances: If your account was closed due to a negative balance, find out how to settle the amount. Clearing this debt is crucial to prevent it from being sent to a collection agency, which could harm your credit score. File a complaint if necessary: You can submit a complaint to the federal Office of the Comptroller's Customer Assistance Group if you believe your account was wrongly closed. Explore other banking options: Start looking for new banking options. If you're having difficulty opening a new account due to your banking history, consider second-chance bank accounts designed for customers with past banking issues. Monitor your accounts regularly: To avoid similar situations in the future, keep a close eye on your account activity. Set up alerts for low balances or unusual transactions and regularly review your bank statements for any errors. Keep documentation of all your interactions with the bank regarding the account closure. This includes notes from phone conversations and copies of written notices. Prevention is the best option when it comes to avoiding bank account closures. Here are some proactive steps you can take: Handle checks with caution: To prevent check fraud, be careful with how you handle checks. If you need to mail checks, take them directly to the post office. Avoid accepting checks from people you don't know. Stay in communication with your bank: Respond promptly to any communications from your bank. If you plan to make any significant financial changes, such as a large deposit or lifestyle shift, inform your bank ahead of time. Sign up for alerts and notifications: Enroll in your bank's notification services. These alerts can help you monitor your account balance and transactions, helping you avoid falling below minimum balance requirements. Maintain account activity: Regular account activity demonstrates to the bank that your account is not a risk. Avoid keeping your account at a zero or negative balance and ensure you use your account regularly. Avoid high-risk transactions: If possible, avoid transactions or business activities that banks might consider high-risk, such as online gambling or certain types of sales. By implementing these measures, you can significantly reduce the risk of an unexpected bank account closure. Remember, the key to a healthy banking relationship is communication, responsible usage and understanding your bank's policies. If you're in the position to open a new account, read Bankrate's guide How to open a bank account. If you prefer doing your banking from your computer or smartphone, check out Bankrate's primer How to open a bank account online. Does a bank need to alert you to a closed account? While banks can close your account without prior notice, they typically will notify you after the fact to explain the closure and guide you on how to retrieve any remaining funds. It's crucial to reach out to your bank promptly if your account is closed to understand why and secure your balance. What happens to the money in a bank account if closed? If your bank account is closed with a balance remaining, the bank will issue a refund, typically by mailing you a check. If the account is closed due to suspected criminal activity, the bank has the right to freeze your assets. What happens when my bank account is locked? If your bank account is locked, you can still view your account and make deposits, but withdrawals and transfers are blocked. Autopay bills will also fail, as previously authorized transactions are stopped. The unexpected closure of a bank account can be both inconvenient and worrying, but there are steps you can take to prevent it from happening. By staying informed, communicating with your bank and being responsible with your account, you can avoid the potential financial impact and maintain a healthy banking relationship. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
