Yesterday (Tuesday August 31), the street giant M&S definitively closed one of its services.
Marks and Spencer has now closed all of its current accounts for all existing bank customers.
It comes after M&S Bank closed its 29 physical branches on July 2, a move that has been blamed on more people banking online.
All of its banks were located inside M&S stores, although its M&S travel money desks were unaffected by the closures and remain open in around 100 stores.
M&S Bank has not specified how many customers are affected by the closure of its current account, but it is likely that this decision will affect thousands of people, reports our brother site the Mirror.
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What to do if you are a customer of M&S Bank
The following types of accounts will all be closed on August 31, 2021:
If you have one of these accounts, you can change now using the Current Account Change Service (CASS).
You can do this no later than August 31st, but it takes around seven days, so make sure you have access to your money during that time.
On the M&S website, it says you must request a change by 4:30 p.m. on August 31 to complete by September 10.
This transfer service will transfer your direct debits, standing orders and regular payments to an existing account you already have or to another bank.
If you have an overdraft with M&S Bank, you will need to check with your new supplier to see if they will allow you to move.
You will not be able to leave M&S Bank after August 31st.
If you don’t change, your M&S Bank checking account will automatically close on August 31st and the lender has now confirmed that they will send any remaining balance you may have by check.
You can also close your account manually through the M&S Bank website now.
But in order to do that, you will need to have a zero balance and clear any overdraft you may have.
M&S Bank will continue to offer credit cards, insurance, savings and credit products.