M&S Bank is preparing to close all customers’ current accounts in just two weeks’ time.
The retailer has already shut down its 29 in-store bank branches, moving all services to online, mobile and telephone channels.
M&S Bank customers have until the end of the month to switch or close their accounts.
You could switch your bank account to another provider using the Current Account Switch Service.
Choosing this option means all of your Direct Debits and standing orders, as well as incoming payments such as your salary, will move over.
Once the switch is completed, your M&S current account will automatically close.
Some banks also offer switching bonuses to tempt customers to move across.
HSBC is currently offering new customers £140 if they switch to its advance account.
Consumers who sign up for a Nationwide Flexdirect account could get a free £100 switching bonus.
Make sure you compare the pros and cons of each account before switching.
Alternatively, you could choose to close your M&S current account without switching.
However, you can only do this if your balance is zero – meaning you’re not overdrawn or you don’t have any cash still in the account.
If your balance is at zero on August 31, M&S will close the account for you automatically.
If your account is overdrawn you will either have to pay off the debt or switch it to another bank or building society.
M&S can be contacted on 0345 900 0900 if you think you’ll have difficulty clearing the overdraft in time.
Your direct debits and standing orders will be automatically cancelled if you close your account.
This could mean you will miss payments and may incur extra costs.
After August 31 you will no longer be able to access any cash left in your M&S current account without contacting the bank on the above number.
You won’t lose your money, but you won’t be able to spend it using your card.
While M&S is closing its current accounts, it is keeping its other financial products.
The in-store travel money desks that you can find in 100 of M&S’ stores are still open.
M&S is planning on focusing more on credit cards and store rewards for its customers instead of offering current accounts.
The bank has launched a new rewards scheme for its credit card holders called ‘Club Rewards’.
For £10 a month you can earn extra loyalty points, M&S vouchers, and free next day delivery.
M&S’ range of general insurance, savings and loan products are staying for now too.
Source: The Sun