M&S Bank closing all current accounts

OceanSound

Apparently Tesco bank are struggling with the account switches (even weeks before deadline). Hopefully, M&s don't have the same issue if many customers leave it to the last week

OceanSound

Update (14. August 2021) - Had an app notification from Halifax yesterday around 7pm about £250 landing in account. checked account. It was from M&S Bank for sure.

Checked M&S bank app. Only M&S Credit card account showing. Current account is no longer there. 

Strangely enough, I had an SMS from Halifax bank around 4pm yesterday saying 'switch is complete' (even before the final £250 had landed in the account). 

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.

....

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?

Should I delete standing order?  It's still there.

wmb194

OceanSound said:

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.

....

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?

Should I delete standing order?  It's still there.

Yes, the account no longer exists so delete it.

Rich2808

I got a letter from M&S bank today advising me that they had been informed the direct debit to pay my M&S credit card had been cancelled by my bank.  Which bank of course cancelled it - M&S bank when they closed my current account!

Don't really use the card much and hadn't used the DD I set up for the minimum payment for nearly a year but I did chuckle at the letter!

OceanSound

Rich2808 said:

I got a letter from M&S bank today advising me that they had been informed the direct debit to pay my M&S credit card had been cancelled by my bank.  Which bank of course cancelled it - M&S bank when they closed my current account!

Don't really use the card much and hadn't used the DD I set up for the minimum payment for nearly a year but I did chuckle at the letter!

One of the advantages of switching over closing is that all Direct debits  and Standing orders are transferred to 'switched to' account. If something goes wrong we are protected by switch guarantee. 

Closing doesn't offer any of that. I guess if you didn't/don't use the Direct debit much then it's no drama, as long as you ensure full payment or minimum payment is paid before payment date (preferably full payment).

Just curious, how come you chose to close and not switch? Didn't have an account to switch to or couldn't be bothered to open one?