Marks and Spencer issues important closure warning to customers

Marks and Spencer customers have issued a two-week warning to anyone who uses the retailer’s banking arm.

The grocer has announced all existing current accounts on the M&S Bank wing of the business will close on August 31.

It means customers will have to switch banks before then in order to make sure their money is moved across.

The Mirror reports M&S Bank has already closed its 29 physical branches, saying a surge in online banking was behind the move.

Its banks, which were all located inside M&S stores, all closed on July 2.

M&S travel money bureaux branches – which are located in over 100 stores – are unaffected by the closures and remain open.

What to do if you haven’t closed your current account yet?

All M&S Bank current accounts will close on August 31 – meaning you will have to have moved your money to somewhere else before then.

If you want to close your account now, via the M&S website, you’ll need to have a balance of zero – so any money will have to have been moved already.

You’ll also need to clear any overdraft you may have.

If you can’t pay your overdraft right now, you can contact M&S on 0345 900 0900 to discuss your options.

If you still have money in your account by August 31, they’ll effectively remain frozen and you’ll need to contact M&S to transfer the balance elsewhere.

M&S’ current account is already closed to new applications, and its banking arm will continue to offer credit cards and insurance, savings and loan products.

How to switch banks

Anyone looking to swap banks can use the Current Account Switch Service (CASS) to change.

It is often the easiest way as it means direct debits, standing orders, and any regular payments should be automatically moved over.

Before you make the switch, it may also be worth checking out the latest bank switch rewards to see if you can make money out of your move.

For example, HSBC is offering new customers £140 to move to its current account but only if you switch via MoneySavingExpert.

Speaking after the initial bank closures were confirmed, Paul Spencer, M&S Bank’s chief executive, said: “We have developed the next phase of our transformation programme to enhance the M&S shopping experience.

“It does regrettably mean we will move away from branch-based servicing and the 29-in-store bank branches and associated current account will close this summer.

“We’re now firmly focused on supporting both our customers and colleagues through this change, and the delivery of our transformation plans, which will create new and rewarding payment solutions for M&S shoppers, both in-store and online.”

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