M&S Bank closing all current accounts

jimjames

Deleted_User said:

I closed my Marks and Spencer Bank current account in mid March. My linked Monthly Saver was due to mature on 17 April but closed early (or so I thought) along with the current account. The balance on the MS was £2750. Interest of £43-odd was added and the whole balance transferred out to my nominated account. So far, fine. I have now received a closing statement for the MS showing that interest of £38 was added on 17 April (the original maturity date) and my account now has a credit balance of £38. I logged on to internet banking and the account is still showing there with a credit balance of £38. Seems to be a mistake, Just wondered if anyone else has  had this happen? I can't withdraw the £38 as there is no M and S current account into which to move it and you can't seem to withdraw online from the MS to an external account. Not that I'm entitled to it!

Interesting development. Mine wasn't due to mature until May so I'll keep an eye out!

masonic

Deleted_User said:

Would it be legal to withdraw cash which has been credited by mistake? Or is it their fault in law? Ethical considerations aside.

You may be required to pay it back, just like any deposit mistakenly credited to your account.

Bastiat

I switched my M&S current account to HSBC and got the switching bonus. Anyone knows if there is a minimum holding period with HSBC as I'm thinking of switching to Halifax?

Elmer_BeFuddled

Bastiat said:

I switched my M&S current account to HSBC and got the switching bonus. Anyone knows if there is a minimum holding period with HSBC as I'm thinking of switching to Halifax?

Generally until you get your bonus.

Ashen

Just noticed that the switch away has included switching over the standing order to what is now a closed M&S Regular Saver...

MDMD

Ashen said:

Just noticed that the switch away has included switching over the standing order to what is now a closed M&S Regular Saver...

Yes I had the same, I didn’t notice it and it paid out but bounced back immediately.

MrsShazbat

The switch on my sole account was fine and the monthly saver was paid back to my account just before it closed, ready to transfer to Nationwide when that completed.  I just arranged for the switch to happen on the 19th of the month so that my wages could go in on the 18th, but unfortunately a standing order due on 19th went out of my M&S account because the dates crossed so I ended up having to pay some back to cover the overdrawn balance before it could be closed.  That was the only hiccup on mine however and it's all sorted now.  To follow on from recent posts, I did also notice that the standing order for the M&S Saver transferred over but I just cancelled it.  

The switch on my mum's account (joint with my name on it but I have no card or anything) was anything but.  Her payees all transferred over fine but the balance of her M&S account didn't appear.  I was told it completed on 1 April but still no balance, meanwhile two of her weekly payments were made and then returned (Nationwide confirmed no charge).  On 8 April I spent the morning on the phone variously between Nationwide, M&S and my mum trying to get to the bottom of it.  Eventually M&S confirmed that the balance of her account had actually been paid into one of her other savings accounts and we were just relieved the money had been traced as it was a decent amount.  Meanwhile, mum's rent wasn't being paid, her mobile phone was cut off and her online food shopping was cancelled due to the lack of funds (in a separate twist, her food arrived because the driver wasn't told so she sent it back) plus she had incoming pension payments, etc., that didn't appear.  Each of the payees she spoke to had no record of being contacted by Nationwide so at this point I opened a complaint with them because no one could seemingly explain what had gone wrong.  To get some money back from her savings into her new account was an additional faff because the savings account doesn't pay third party accounts and wouldn't recognise either of our new accounts so I had to transfer it to another of my accounts and then into her new one.  Fortunately it was all done the same day but extra faff neither of us needed.  Nationwide are still investigating but when they contacted M&S themselves, told me that the balance transfer had been requested by us - which it hadn't.  Cue a 2-page written complaint to M&S because after calling them twice I got cut off both times and they don't have an email address for such things.  Fast forward to this week and someone called me to apologise and explain what had happened.  It turned out that when I closed my account, because my name was on my mum's account, they also closed that one and transferred the money to her savings account.  So, that part of the mystery is solved and we are £750 better off thanks to the compensation they have paid us, for the distress and inconvenience caused.  I'm still waiting to hear from Nationwide what happened at their end because although it looks like the switch happened and all the payments transferred over, it clearly didn't happen.

janeskips2

Switched. I can now bin the most hideous debit card ever made.

hoc

Has anyone not received their password for the protected PDF? It's been several weeks since their email and I never received it. How long did it take for you?

masonic

hoc said:

Has anyone not received their password for the protected PDF? It's been several weeks since their email and I never received it. How long did it take for you?

My account switched out on 15th April, I received the password ~24th, letter dated 21st. Not that I had any need for it, I already had a record of all of my transactions.