M&S Bank current account closures begin tomorrow, and Britons are encouraged to act quickly.
Customers of M&S BANK will have their current accounts closed by tomorrow, and Britons are being asked to do so if they haven’t already.
M&S Bank had previously informed existing customers that their current accounts would be closed on August 31. Due to an increase in demand for internet banking, the bank also closed 29 of its in-store banks on July 2. However, because of the account closures, Britons only have one day to make alternative financial arrangements.
M&S Bank’s CEO, Paul Spencer, detailed the logic for the decision that will have an impact on customers.
“As we adapt to suit the changing demands of our clients and deliver some new – more digitally-focused goods and services, we regretfully must move away from branch-based servicing, and the 29 in-store bank branches and related current accounts will close this summer,” he said.
“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.”
As the year draws to a close, Britons have two choices when it comes to their money.
The first option is to convert their bank account to a different provider, which M&S Bank recommends doing via the Current Account Switch Service (CASS).
Individuals can use CASS to switch from one current account to another, or to start a new current account with a different provider.
All Direct Debits, standing orders, and recurring payments such as wages are moved across using this service.
When a person uses the service to make this formal transition, their M&S Current Account will be closed automatically.
Savers can also close their existing M&S Current Account, but only if it has a zero balance.
If a zero balance is achieved on August 31, the account will be canceled automatically, and the bank will notify consumers.
Individuals must either deposit or withdraw monies to establish a negative balance if their account is overdrawn or in credit.
Those with a credit balance will need to give alternate account information to M&S Bank.
The bank claims that by doing so, it will be able to transfer money and credit the account.
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