Bank statement charge
What is a Close - [broker] Direct Debit on my bank statement?
Who charged you
Close Brothers Premium Finance monthly payments for insurance bought through a broker
Close followed by a dash and a broker's name is Close Brothers Premium Finance, a lender that spreads the cost of an insurance policy into monthly Direct Debits. The payment is usually an instalment for a policy you arranged through that broker and chose to pay monthly, such as car, motorbike or business cover.
How it can show on a statement
Close - [broker]Close - [BROKER NAME]Close-[BROKER NAME]Close-Swinton
1 more way it shows
Close - Be Wiser
Find out what it was
- 1
Read the words after Close on the statement line: they are the broker's name, sometimes shortened, so compare them with the broker named on your insurance documents.
- 2
Search your inbox, spam folder and post for a Close Brothers welcome pack; it holds the credit agreement and a schedule with the amount and date of each Direct Debit.
- 3
Open the Direct Debit list in your banking app and check when the Close entry was set up against the dates you bought or renewed a policy.
- 4
If the amount changed, think back to any change to your cover around that time; the instalments are recalculated when the premium changes.
- 5
Go through every car, motorbike, van or business policy you pay monthly, and ask anyone who shares the account whether they arranged one.
- 6
Still a charge you did not agree to? File your complaint here. We write it with you and send it to Close Brothers Premium Finance, so you do not have to chase it yourself.
Not in any of your accounts? If nobody in your household made it, someone else may have used your card details. Your card issuer can stop the card, so the charges do not continue.
Why does it say “Close - [broker]”?
When you pay for a policy monthly, Close Brothers Premium Finance pays the premium upfront and you repay it under a credit agreement that is separate from the insurance. It takes the Direct Debit itself, so the statement starts with Close, then a dash and the name of the broker who arranged the cover, for example Close-Swinton or Close - Be Wiser. A long broker name is cut short to fit the line.
Close Brothers Premium Finance is a trading name of Close Brothers Limited, part of the London banking group Close Brothers. In Ireland the same service is run by Close Brothers Premium DAC, trading as Close Brothers Premium Finance Ireland.
Why you might see this charge
- The regular monthly repayment for a policy, such as car, motorbike or business cover, that a broker set up on monthly payments.
- The first instalments after a deposit you paid to the broker when you bought the policy.
- A renewal on monthly payments, which comes with a new credit agreement and a new payment schedule.
- A higher or lower amount after the broker changed the policy, for example more or less cover, so the instalments now follow the new premium.
- Payments under an existing agreement, which carry on unchanged even if your broker offers a different way to pay monthly at the next renewal.
Is Close - [broker] legit?
Yes. Close Brothers Premium Finance is a trading name of Close Brothers Limited, an authorised UK bank in the Close Brothers Group, and it says it funds insurance for one in seven UK families. It only takes payments from a bank account given to it by an insurance broker or by an existing customer, so a Close line normally follows a policy bought or renewed through the broker named on it.
Close Brothers lends the money and your insurer provides the cover; you sign a credit agreement with one and hold a policy with the other. Close Brothers says it never greets you by your email address and never asks by email for an immediate transfer, so treat such messages with care and check payments against your own welcome pack and schedule.
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Questions about Close - [broker]
What is Close Brothers Premium Finance?
It is the insurance finance business of Close Brothers, a UK banking group. It pays for a policy upfront and collects the cost back in monthly Direct Debits from people and businesses who choose to pay monthly through a broker.
Why does my bank statement say Close and a broker's name?
Close Brothers Premium Finance shows its Direct Debits as Close, a dash and the name of the broker who arranged your policy, such as Close-Swinton. The broker's name may be shortened to fit.
Is Close Brothers Premium Finance my insurer?
No. Close Brothers only finances the premium. Your cover is with the insurer your broker arranged, and the credit agreement is a separate contract from the policy.
Why has my Close Brothers Direct Debit changed?
The instalments follow the premium. When your broker changes the policy, for example to add or remove cover, Close Brothers adjusts the monthly payments and sends a new payment schedule.
What if I did not agree to a Close Brothers Premium Finance payment?
File a complaint on Complain.biz. We write it with you and send it to Close Brothers, so you do not have to chase it yourself.
Based on
- How will the monthly instalments appear on my bank statement? (Close Brothers Premium Finance)
- Why is your name on my bank statement? (Close Brothers Premium Finance)
- Who is Close Brothers Premium Finance? (Close Brothers Premium Finance)
- Why have my monthly payments increased or decreased? (Close Brothers Premium Finance)
- Protect yourself from fraud: welcome packs, payments and company details (Close Brothers Premium Finance)
- Changes to future finance agreements (Close Brothers Premium Finance)
- Who we are and how premium finance works (Close Brothers Premium Finance Ireland)
- Frequently asked questions and company details (Close Brothers Premium Finance Ireland)
- How will the payments for my insurance policy be shown on my bank statement? (Swinton Help Centre)
- How will the payments for my insurance policy be shown on my bank statement? (Be Wiser Help)
- When are my Direct Debit payments taken? (Be Wiser Help)
- What do Close Brothers do when they set up my Direct Debit? (Be Wiser Help)
- Why is Close Brothers Premium Finance on my bank statement? (Carole Nash Help)