I have a stocks and shares ISA that I want to close : they say I have to do this by post not in a phone call

[padboz]

how can I know what it will be worth at the point where they get the letter? there could be a terrific crash overnight! surely this isn't right?

I think you'll find thats the way they all do it. I had to do it by post a few years ago with Nationwide and it was just a gamble! Another friend had to do it by post as well recently. Can't remember who it was with but wasn't one of the main high street banks but a smaller building society. Fingers crossed there are no crashes for you!

Sorry to be nosey but why would you at the moment? Surely better when market is down like this to hold on to shares? There has already been a massive crash, no?

It's to do with the Money Laundering Regs.

Agreed - don't close your isa when the ftse is as low as it is now. You will lose money. Remember not to buy high and sell low - it is a no brainer.