M&S Bank closing all current accounts

fluffig

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?

We closed 2 accounts here and each time the password came in the post 3 or 4 days after the pdf had come by email.

PRAISETHESUN

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 switch completed on 27Apr and I received my password letter dated 30Apr on 08May - I'd say give them 10 business days then get in touch if you haven't heard anything by then.

Yorkshire_Pud

janeskips2 said:

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

I’m keeping mine as a historic curio, plus I quite like it!

averageguy11

Any recs regarding switching my fathers current account...I have LPA for him....found FD really unhelpful, as he doesn’t have a passport or driving licence 

TIA

colsten

averageguy11 said:

Any recs regarding switching my fathers current account...I have LPA for him....found FD really unhelpful, as he doesn’t have a passport or driving licence 

TIA

If he doesn't pass electronic verification, all banks will ask for proof of ID. The default for this is DL or passport but most banks will also accept other documents. A list of acceptable document is on each of the banks websites - google "<bank name> proof of ID".

Below is, for example, the list Halifax accepts.

A bigger issue might be that some banks don't allow the attorney to open new accounts.

xylophone

A bigger issue might be that some banks don't allow the attorney to open new accounts.

Relative had PoA for his relative and had no problems opening accounts with various banks and building societies.

He did have to register the PoA with the various institutions involved.

The OP needs to contact both the bank from which he wishes to switch the donor's account and the bank to  which he wishes to switch the donor's account and ask for their requirements.

mab3000

averageguy11 said:

Any recs regarding switching my fathers current account...I have LPA for him....found FD really unhelpful, as he doesn’t have a passport or driving licence 

TIA

Does your father still have mental capacity? If he doesn’t, Barclays can open an account using just the power of attorney document (you would need to have correct ID and address proof documentation as the attorney though). It’s something you would have to do in branch though and your father wouldn’t have any access to the account himself. 

OceanSound

MDMD said:

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.

How immediate was it?

My switch completion date to Halifax is today (13 August 2021). Today M&S Bank current account is showing Monthly saver balance of £2294.39 transferred to current account yesterday (12 August 2021). I cannot see the monthly saver account in app or website anymore.

M&S bank current account has a transaction today for £250 with description 'MONTHLY SAVER' for amount £250. Presumably, this will bounce back to M&S bank current account before the switch is completed today? 

Also noticed the interest for the monthly saver is £34.39. I've been paying £250 each month so should have received close to the full £44.69 as M&S bank have said they will ensure we don't lose out on the interest:

As your Monthly Saver is linked to your M&S Current Account, it will close automatically when your M&S Current Account is closed or transferred. This means it may close prior to the full 12 month term.

We'll make sure you don't lose out on interest you would have earned if your Monthly Saver had remained open for the full 12 month term. If your account is closed before maturity, we'll assume a maximum contribution of £250 has been made in each remaining month to calculate your interest.

Notice the part '...we'll assume a maximum contribution of £250 has been made in each remaining month to calculate your interest.'.

I've also noticed on the Halifax current account today that the M&S Bank current account Direct Debits and Standing orders have been transferred across, including the standing order for the M&S bank Monthly Saver. It says:

Next Due: 13 Sep 2021

Until: 13 Oct 2021

I have the option to amend or delete. Should I delete it immediately or leave it for a couple of weeks and if it doesn't remove as part of the process, delete it manually?

OceanSound

OceanSound said:

MDMD said:

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.

How immediate was it?

My switch completion date to Halifax is today (13 August 2021). Today M&S Bank current account is showing Monthly saver balance of £2294.39 transferred to current account yesterday (12 August 2021). I cannot see the monthly saver account in app or website anymore.

M&S bank current account has a transaction today for £250 with description 'MONTHLY SAVER' for amount £250. Presumably, this will bounce back to M&S bank current account before the switch is completed today? 

Also noticed the interest for the monthly saver is £34.39. I've been paying £250 each month so should have received close to the full £44.69 as M&S bank have said they will ensure we don't lose out on the interest:

As your Monthly Saver is linked to your M&S Current Account, it will close automatically when your M&S Current Account is closed or transferred. This means it may close prior to the full 12 month term.

We'll make sure you don't lose out on interest you would have earned if your Monthly Saver had remained open for the full 12 month term. If your account is closed before maturity, we'll assume a maximum contribution of £250 has been made in each remaining month to calculate your interest.

Notice the part '...we'll assume a maximum contribution of £250 has been made in each remaining month to calculate your interest.'.

I've also noticed on the Halifax current account today that the M&S Bank current account Direct Debits and Standing orders have been transferred across, including the standing order for the M&S bank Monthly Saver. It says:

Next Due: 13 Sep 2021

Until: 13 Oct 2021

I have the option to amend or delete. Should I delete it immediately or leave it for a couple of weeks and if it doesn't remove as part of the process, delete it manually?

I contacted support through M&S bank chat feature on app. They told me the £250 has been returned to M&S Bank current account. Checked account, and it has been returned. Balance of that account is now £250.

Transaction before that is a transfer out for £2344.62. This comprises £2294.39 (balance of Monthly saver ) + £50.23 (balance of M&S current account. Halifax current account has received the transfer of £2344.62. 

I've contacted M&S bank support again to ask when the £250 balance in current account be transferred (after all my switch date is today). The interest amount £44.39 for Monthly saver appears to be correct.

(£250 x 9 = £2250 + £44.39 (Interest) + £50.23 (balance of current account) = £2344.62

fenwick458

I've got an M&S account, I've been hoping that an eligible switch offer will appear before the end of August but it's not looking likely now. if it gets to 23rd with no offers I'll just switch it into an existing account