M&S Bank closing all current accounts

Thrugelmir

born_again said:

Rich2808 said:

datlex said:

Dephead2004 said:

Jen from Philipines was excellent, took 20 minutes with checking with supervisor. 

This made me smile

Do M&S have a call centre in the Philippines now?
Or do they just use Manila envelopes?

A lot of HSBC stuff has moved from India to Philippines. Guess they do it a lot cheaper than India now

Better time zone for Asian markets. China is the growth market. 

Yorkshire_Pud

Yorkshire_Pud said:

Yorkshire_Pud said:

How to withdraw all funds from the monthly saver? There’s no option in online banking to do so and it has to be done before the current account can be closed.

How to do it.

Phone M&S bank between 8am and 8pm 0345 600 5860.

Request closure of Monthly Saver and funds (without the interest see next paragraph) to be transferred to linked M&S current account. This was done immediately and I transferred all but £5 as a FP after my call to an external account.

The full Monthly Saver interest will be calculated and added to my current account in two working days so Tuesday.

Then I am free to close the current account using the online form or switch it using my chosen current account with another bank. I could wait beyond Tuesday if it suits me the main point is the monthly saver is now closed and the full interest should be added Tuesday next week.

Simples! (Fingers crossed).

Couldn’t resist looking a day early and there has been a change Account transfer £0.08

Maybe an intermediate stage in the process as I’m expecting over £40 by Tuesday.
Edit I’m expecting £44.68 as full interest for the account year. Maybe the 8p is interest on the interest.

CRISPIANNE3

Yorkshire_Pud said:

Yorkshire_Pud said:

Yorkshire_Pud said:

How to withdraw all funds from the monthly saver? There’s no option in online banking to do so and it has to be done before the current account can be closed.

How to do it.

Phone M&S bank between 8am and 8pm 0345 600 5860.

Request closure of Monthly Saver and funds (without the interest see next paragraph) to be transferred to linked M&S current account. This was done immediately and I transferred all but £5 as a FP after my call to an external account.

The full Monthly Saver interest will be calculated and added to my current account in two working days so Tuesday.

Then I am free to close the current account using the online form or switch it using my chosen current account with another bank. I could wait beyond Tuesday if it suits me the main point is the monthly saver is now closed and the full interest should be added Tuesday next week.

Simples! (Fingers crossed).

Couldn’t resist looking a day early and there has been a change Account transfer £0.08

Maybe an intermediate stage in the process as I’m expecting over £40 by Tuesday.

Same here!

fluffig

I've had 9p 

NoodleDoodleMan

Called the 0345 number and was eventually routed to a UK assistant who was able to downgrade our Premium Current Account to a standard one, thereby cancelling the Premium Club membership.

Confirmed that in future any fee(s) for a new version of a benefits/rewards club (as is being mentioned), can be paid from credit card - that would be an M&S card I'm thinking.

We'll just wait out until August when our M&S current account is history, like the rest.

Dephead2004

Should get the full amount overnight calculated by the Closure Team

CRISPIANNE3

Just checked and interest shown as 7p. 

[Deleted User]

MrsShazbat said:

I also thought this was a scam when I first read it, not least because I got the email twice.  So I checked, found the story on MSE and sent the link to my mum to confirm it wasn't a scam (as we both have our main current accounts with M&S and I'm joint account-holder on hers).  Ironically, she'd read it before me and it never entered her head that it wasn't genuine LOL! 
I've got a small Monthly Saver due to expire in November, but I'm also currently using my overdraft so will have to get that paid back before I can look into changing anything.  I could use my other current account with Santander but of course I'd have to switch everything myself which is a pain.  So I'm just going to hang on till the next update in May and see what's what at that point.

Why would you have to do a manual switch?

If you aren't intending to open another account then CASS/auto switch would be the logical option.

fluffig

Dephead2004 said:

Should get the full amount overnight calculated by the Closure Team

That's what I had hoped.
Regrettably it was still showing at 9p this morning, so I've just rung them.
Adviser said it was an error, that other customers had also rung with similar queries, and that all such queries were being referred by email to a team to correct them and send a further payment of the missing interest. 

CRISPIANNE3

fluffig said:

Dephead2004 said:

Should get the full amount overnight calculated by the Closure Team

That's what I had hoped.
Regrettably it was still showing at 9p this morning, so I've just rung them.
Adviser said it was an error, that other customers had also rung with similar queries, and that all such queries were being referred by email to a team to correct them and send a further payment of the missing interest. 

My interest was added last night when I checked about 9pm for the princely sum of 7p. However I will see what happens today but based on your conversation with them I will not ring them. Also MKS bank assured me I would get the full amount which is approx £45.00 when last I spoke to them yesterday pm.