M&S Bank forcing early closure of Regular Saver. Paying just 1.08% net !

Rich2808

The OP needs to check their credit reports ASAP and check for any CIFAS notices. Cos if M&S are doing this there is a risk their other current accounts could be closed with other banks if there is a problem.

Have they used the account for business use, paid large sums in from sources which might be questionable, maybe gave in consistent info in bank account or other credit applications etc etc. Might be nothing.

Do you have a branch nearby - they are much better face to face than remotely. They might be able to intervene and find out the issue - but if they think there is a fraud or money laundering issue - even if just looks like it - they will probably decline to comment.

YorkshireBoy

Rich2808 wrote: »

The OP needs to check their credit reports ASAP and check for any CIFAS notices. Cos if M&S are doing this there is a risk their other current accounts could be closed with other banks if there is a problem.

Have they used the account for business use, paid large sums in from sources which might be questionable, maybe gave in consistent info in bank account or other credit applications etc etc. Might be nothing.

Do you have a branch nearby - they are much better face to face than remotely. They might be able to intervene and find out the issue - but if they think there is a fraud or money laundering issue - even if just looks like it - they will probably decline to comment.

M&S aren't closing the OP's current account...only the Monthly Saver. Please ignore...current account closure disclosed in a subsequent post.

d70cw6

this concerns me actually as Ive just opened a new regular saver with them after my first one matured the other week.
i do not pay any dds from my linked current account as this was never a requirement when i opened the accounts a year ago. has the current account T&C changed now? I was not informed of any changes when i applied for my 2nd (live) regular saving account.

LuSiVe

YorkshireBoy wrote: »

M&S aren't closing the OP's current account...only the Monthly Saver.

One of the subsequent messages says they are closing both.

YorkshireBoy

LuSiVe wrote: »

One of the subsequent messages says they are closing both.

Thanks for that. It didn't register with me when reading the thread.


I think the OP is (or was at the outset at least) more miffed at losing the monthly saver than the wider effects of 'termination of business'!

johnmoney05

This also concerns me NOW, I opened a new regular saver with them after my first one matured a couple of months ago.

I do not pay any DDs from my linked current account as this was never a requirement when I opened the accounts a year ago.

Just set up two DDs from my Egg saving accounts coming out end of this month.

By the way, I had same experience with HSBC a few years back. They closed my current account and regular saving account (10 months paid in already). Also just claimed I breached their T&Cs. I had no idea what happened either.

I did re-apply a new current account and regular saving account with them after a few months and succeeded.

rastler

d70cw6 wrote: »

this concerns me actually as Ive just opened a new regular saver with them after my first one matured the other week.
i do not pay any dds from my linked current account as this was never a requirement when i opened the accounts a year ago. has the current account T&C changed now? I was not informed of any changes when i applied for my 2nd (live) regular saving account.

This is my point. It should concern everyone with a Regular Saver with M&S or HSBC.

I know there is nothing wrong with my financial history, I know I have not breached their T&Cs. If they suspect me of fraud then I challenge them to prosecute me. I know I have done nothing wrong. They are using the breach of T&Cs as an excuse and then standing behind 'We cannot divulge any information to you'.

If they think I have committed a crime, then they should prosecute me, if not, then perhaps I should prosecute them for defamation of character?

The only reason, I would suggest that they are closing my accounts is because I keep the bare minimum in the Current Account and pay the maximum per month into the Reg Saver... i.e. they don't make any money out of me.

And as someone said here, I don't care that they are closing my Current Account, I don't really care much that they are closing my Reg Saver.... But what I object to most strongly, and what I will fight all the way, is that they have let me pay in the maximum every month for what will be 10 months when they forcibly close my Reg Saver., and they intend to just pay me interest at the early closing rate. That, I would argue, is illegal. I could have invested the money elsewhere instead of messing about with 1% over 10 months.

And no, you definitely do not have to pay any DDs yet. The new requirement is from when you open a new account with them from April 2016.

johnmoney05

rastler wrote: »

And no, you definitely do not have to pay any DDs yet. The new requirement is from when you open a new account with them from April 2016.

That is what I read in the correspondence from them! That is why I didn't set up any DD on my account.

rastler

johnmoney05 wrote: »

By the way, I had same experience with HSBC a few years back. They closed my current account and regular saving account (10 months paid in already). Also just claimed I breached their T&Cs. I had no idea what happened either.

HSBC closed all my accounts last year after 32 years with them. No explanation, just didn’t want me any more (probably as they had never made a penny out of me over those years).

However, when they closed my HSBC Regular Saver early, they paid me the full 6% rate as they conceded it was them that was closing it and not me. So I didn’t argue with them and was relaxed (just slightly annoyed) about it all.

johnmoney05

rastler wrote: »

HSBC closed all my accounts last year after 32 years with them. No explanation, just didn’t want me any more (probably as they had never made a penny out of me over those years).

However, when they closed my HSBC Regular Saver early, they paid me the full 6% rate as they conceded it was them that was closing it and not me. So I didn’t argue with them and was relaxed (just slightly annoyed) about it all.

At that time, they didn't pay me the regular saver rate. It was a 4% interest account. But there were better rate accounts in the market, so I just took the money to other bank. And I had a bad experience with the financial ombudsman about my ISA with Natwest, so really didn't want to waste more time. So I didn't make any complaint.