As M&S closes branches, bank switching advice and incentives are being shared – savers must ‘act quickly’.
M&S BANK’s in-store branches will close as of today, and its current accounts will be closed in August. As a result, savers and consumers have been urged to act before the end of the month.
On March 4, M&S Bank announced that approximately 30 branches would close by today, July 2, and that all M&S Bank current accounts would be closed by August 31. Customers affected by this will need to switch their current account by the deadline, according to M&S Bank.
M&S Bank’s chief executive, Paul Spencer, said after the first announcement, “We have designed the next step of our transformation strategy to enhance the M&S shopping experience.”
“Unfortunately, this means we’ll be moving away from branch-based servicing, with the 29 in-store bank branches and related current accounts closing this summer.
“We’re now firmly focused on helping both our customers and colleagues through this change, as well as the execution of our transformation plans, which will introduce new and rewarding payment options for M&S shoppers in-store and online.”
Money.co.uk’s senior personal finance editor, James Andrews, pondered on the happenings and offered advice to those who were affected.
“While the closing of in-store branches may not be a huge concern for consumers who manage their accounts online, individuals who are used to in-person services and are reluctant or unable to use remote banking may miss out,” he said.
“However, anyone who has an M&S current account must act quickly and switch or delete their account before August 31, 2021.
“Your account will be completely closed after this date, and you will be unable to access your funds or make any debit or credit transactions.”
Mr Andrews went on to describe specific financial facts that consumers should be aware of.
“There are some things to keep in mind if you want to close your account,” Mr Andrews stated. To begin, your account can only be terminated if it has a zero balance, therefore if it is overdrawn or in credit, you will need to deposit or transfer funds to get to £0.
“If you’re closing an account with an overdraft or transferring a debt to a new account, it’s critical to find a provider with an equivalent or better overdraft capacity, otherwise you risk incurring significant fees or penalties.
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