M&S Bank is closing its current accounts today, which means all customers need to find another place for their cash.
The banking arm of the posh supermarket is shutting down its current accounts for all existing customers on August 31.
It comes after M&S Bank closed its 29 physical branches on July 2, in a move that was blamed on more people banking online.
All its banks were located inside M&S stores, although its M&S travel money bureaux desks were unaffected by the closures and remain open in around 100 shops.
M&S Bank hasn’t said how many customers are affected by the closure of its current account but it is likely the move will affect thousands of people.
There are essentially two options for M&S Bank customers – switch, or let the lender close your account.
What to do if you’re an M&S Bank customer
The following types of account will all close on August 31, 2021:
- M&S Current Account
- M&S Premium Current Account
- M&S Premium Current Account with insurance
- Monthly Saver accounts linked to current accounts
If you have one of these accounts, you can switch now by using the Current Account Switch Service (CASS).
You can do this on or by August 31 – but it does take around seven days, so make sure you have access to your money during this time.
On the M&S website , it says you need to request a switch before 4:30pm on August 31 for completion by September 10.
This switch service will move your direct debits, standing orders and regular payments over to an existing account you already have or another bank.
If you have an overdraft with M&S Bank, you’ll need to check with your new provider whether it will let you move.
You won’t be able to switch away from M&S Bank after August 31.
If you don’t switch, your M&S Bank current account will automatically close on August 31 and the lender has now confirmed it will send any remaining balance you may have by cheque.
You can also close your account manually through the M&S Bank website now.
But to do this, you’ll need to have a balance of zero and need to clear any overdraft you may have.
If you can’t pay your overdraft right now, contact M&S Bank on 0345 900 0900 to discuss your options.
You may still be charged interest or fees after your account has closed if you owe money on your overdraft balance.
Once your account has been closed, you’ll need to make sure you switch over any ongoing payments – either ones you make, or ones you receive – to another account.
It may also be a good idea to print off any statements you need from M&S Bank now, as they won’t be available online after August 31.
You will, however, be emailed your transaction history going back five years once your account has been closed.
M&S Bank will continue to offer credit cards and insurance, savings and loan products.
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