Save, make, understand money


Deadline for Norwich & Peterborough current account closure axed

Paloma Kubiak
Written By:
Paloma Kubiak

An August deadline for Norwich & Peterborough current account holders to move their money has been lifted, with the mutual yet to inform a third of its customers about the brand’s imminent closure and the steps they need to take.

In January, Norwich & Peterborough (N&P) owner, the Yorkshire Building Society (YBS) announced it would close 20 of its branches, 28 N&P branches and said the N&P brand would completely disappear by April 2018.

All 100,000 N&P current account holders were due to move their money by 31 August 2017. But the mutual has confirmed the deadline is no longer applicable as it still needs to inform about 30% of its customer base about the plans and what action they need to take.

A spokesperson for Yorkshire Building Society, said: “So far, we’ve written to around 70% of the N&P current account customers and we’re continuing to work closely with other financial providers in assisting customers to switch or close their account. Just under half of the customers we have contacted have switched or closed their account, or have begun the process of doing so.

“We’re writing to customers with details of what they need to do next, and asking that customers complete the closure or switch of their account within six months of receiving their letter. We have not set a final date for closure.

“If a customer has not taken steps to close or switch their account within six months of receiving of their letter, we will work closely with the customer on a case-by-case basis to facilitate a switch or closure.”

The spokesperson added that current account customers who would like to discuss closing or switching their account can call its contact centre on 0345 300 2511 or visit any branch. Customers registered for internet banking can also get in touch via its email messaging service.

Switching from Norwich & Peterborough?

N&P is not part of the Current Account Switching Service (CASS), which was launched by the government and banking sector in 2013, aiming to make switching bank or building society easier. The rules state accounts must be moved within seven days, including all incoming and outgoing payments.

This means anyone switching away from N&P will need to switch their accounts manually, as well as informing providers to update bank details for any direct debits and standing orders. Holders may need to check bank statements to identify all standing orders and direct debits.

Further, N&P customers may miss out on incentives offered by banks and building societies for switching through CASS, such as cashback deals for new customers.

Earlier this year, N&P said once a customer had chosen a new provider, it would give the new provider details of any regular payments and arrange any account balance to be transferred.