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Liverpool Echo
Liverpool Echo
World
Levi Winchester & Ryan Paton

Urgent warning issued to anyone who banks with M&S

Marks and Spencer has issued a warning to customers that its banks will permanently close in two weeks.

The High Street giant will shut its banking services on August 31 - meaning anyone who still has an open account needs to take action.

M&S is urging people who still have money in one of their accounts to switch banks and ensure their money is moved over as soon as possible - as Mirror Online reports.

READ MORE: Tesco Bank to shut down all current accounts from November

Marks and Spencer closed all of its physical branches located in stores on July 2 due to a surge in online banking.

The travel money bureaux branches located in over 100 stores have not been affected by the closures.

Mirror Online have rounded up what M&S Bank customers must do if they haven't yet switched accounts.

Close your M&S Bank account

M&S will automatically shut down all bank accounts on August 31.

Customers who still have an open account will need to have moved their money elsewhere before this date.

If you still have money in your account by August 31, they'll effectively remain frozen and you'll need to contact M&S to transfer the balance elsewhere.

M&S' current account is already closed to new applications, and its banking arm will continue to offer credit cards and insurance, savings and loan products.

In order to close your account now via the M&S website, you'll need to have a balance of zero - this means any money you have will need to be moved elsewhere.

You'll also need to clear any overdraft you may have.

If you can't pay your overdraft right now, you can contact M&S on 0345 900 0900 to discuss your options.

Advice on how to switch bank accounts

The simplest way to switch accounts is by using the Current Account Switch Service (CASS). This will ensure ensure all your direct debits, standing orders and regular payments are moved over.

Before you make the switch, it may also be worth checking out the latest bank switch rewards to see if you can make money out of your move.

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