M&S Bank closing all current accounts

E_zroda

Yorkshire_Pud said:

I’m still waiting in spite of an hour on chat three hours ago and a promise to calculate the interest. Closed Friday and some are reporting closing yesterday and getting the interest today. Think I should complain!

Send them itemised bill for your time

soulsaver

soulsaver said:

E_zroda said:

quirkydeptless said:

Are people getting their full interest now? Is it safe to go for closure?

Yesterday requested MS closure 3 payments short of a full year. Principal transferred  immediately and today received inexplicable £44.88 interest too (my calculations were £41,25 (@2.75%), so won't be complaining.

Phone or online?

In the mean time, online chat confirmed that you can't do it online and need to ring.

After a c10minutes of the usual irrelevant messages and useless options on the phone, repeated hash key presses eventually got me to a CS.
I got the job done with a CS girl 'Levi' in the Philippines who, after reading a script saying you'll get full interest as if you'd made all monthlies, cheerfully informed me that final balance including interest will be £2500.11!
Then £2528.00.
When challenged again she decided she didn't know as the system only gives 'nominal indication'.
Closed it anyway and if it's not c£44 tomorrow I'll be moaning.
I also cancelled the SOs with her to save another visit.

rowla

I spoke to a CS today and she seemed to know exactly how it worked. 

For a manual closure of the saver account over the phone the interest rate changes to 0.01% due to early closure of the saver account. Hence the initial random 6p/7p/11p interest people were reporting. However all closed saver accounts are then sent to be reviewed so they can work out the exact amount of interest you would have received had you continued adding the £250 every month until maturity. The balance is then sent to your current account after it is worked out. That why it is taking a day or so more to receive the full £44.xx payment.

Mashbee

I closed my monthly saver yesterday and got the full 12 months interest paid into current account this morning 👍

Yorkshire_Pud

Mashbee said:f

I closed my monthly saver yesterday and got the full 12 months interest paid into current account this morning 👍

I closed my monthly saver last Friday five days ago and still haven’t received my interest either yesterday as promised or today after online chat.

I’m about to make a complaint.

Dephead2004

I'm on my 4th communication : 3 phone calls and 1 message via the a/c. CSA Joel agreed to my request for an immediate credit of £44. He also raised at his suggestion a complaint with the suggestion of something else if upheld. I suggest if yiu are really stuck like I've been since 6th March and have made all reasonable efforts to obtain the interest , then suggest they make a good will payment immediately. This short circuits the Closures Team

E_zroda

After 12 pages of posts the only thing that can be said with certainty is that you can't be sure how exactly your closure will develop.
But even what may seem the worse case scenarios can have a golden halo, as confirmed by Sam Dude on page 12, sooo....

Yorkshire_Pud

Yorkshire_Pud said:e

I’m still waiting in spite of an hour on chat three hours ago and a promise to calculate the interest. Closed Friday and some are reporting closing yesterday and getting the interest today. Think I should complain!

Had another go at online chat and told known problem will calculate interest. But no time frame given. Gave up and later received a call from a very courteous lady CS who when I said I closed the saver last Friday and others are getting interest next day said it’s the accounts closed last week that are the problem not those closed this week where the system is working.
So the last week closers are in their own black hole where the accounts will have to be manually worked through. No date given but assured it will happen.
So in theory anyone closing an account this week will be OK now and anyone who received the 8p, 9p addition will be the ones that get the manual treatment.

MDMD

I’m sure they could have saved everyone a load of time and just closed them all automatically, and paid the balance plus £44 into their current account.

rowla

Closed my saver yesterday. Shortly after doing so the money in my saver was transferred to my current account. There was no small 6p/7p/8p interest payment as well.

This morning I received £44.98 interest in one transaction named 'account transfer'.

They seem to be on top of it now.