M&S will close all bank accounts tomorrow

M&S BANK will close all customer accounts by the end of the day tomorrow.

Customers were given until the end of the month to switch or close their accounts.

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M&S has already closed its 29 in-store bank branches and shifted all its services to online, mobile and telephone channels.

There are two options available to M&S Bank customers who are yet to close their accounts.

You could switch your bank account to another provider using the Current Account Switch Service.

This will include the transfer of Direct Debits and standing orders, as well as incoming payments such as your salary, to your new account.

Your M&S current account will automatically close once the switch is complete.

You have to request a switch before 4:30pm tomorrow for completion by September 10 for the move over to be successful.

Another option is to close your M&S Bank current account without switching to a new provider.

But you can only choose this option if your bank balance is at zero – you can’t be overdrawn or have any cash left in the account.

Once you’ve cleared your bank account you won’t have to do anything else.

If your balance is at zero on August 31, M&S will close the account for you automatically.

If your account is overdrawn you will either have to pay off the debt or switch it to another bank or building society.

M&S can be contacted on 0345 900 0900 if you think you’ll have difficulty clearing the overdraft in time.

Your direct debits and standing orders will be automatically cancelled if you close your account.

This could mean you will miss payments and may incur extra costs.

What happens if you miss the deadline?

After August 31 you will no longer be able to access any cash left in your M&S current account without contacting the bank on 0345 900 0900.

You won’t lose your money, but you won’t be able to spend it using your card.

You also won’t be able to request to switch bank accounts.

This post first appeared on thesun.co.uk