[online services to make money]Merry Hill M&S bank shuts as services move online | Express & Star

Tag: 2021-08-08 01:30

  The opening of the branch in the M&S store at Merry Hill in 2012The opening of the branch in the M&S store at Merry Hill in 2012

  The branches, including one in the M&S at the Merry Hill shopping centre in Brierley Hill, closed on Friday.

  The Merry Hill branch originally opened in October 2012

  The current accounts of customers, including premium accounts and monthly savers, will also be shutting down on August 31.

  Services will be moved to online, mobile and telephone channels.

  Customers are no longer able to deposit any money or get any banking advice in person at any M&S stores.

  Only a very small proportion of M&S’s three million customers are current account customers.

  The closures are part of the growing trend of high street bank customers servicing their accounts online or by telephone.

  The bank is refocusing on products and services, with new payment solutions on the way.

  James Andrews, senior personal finance editor at money.co.uk, said: “The closure of the in-store branches might not be a big deal to customers who already manage their accounts online, but those used to in person services and unwilling or unable to use remote banking could miss out.

  “However, everyone with an M&S current account needs to act fast and make sure they either switch or close their account before August 31.

  “After this date, your account will be closed completely and you won’t be able to access your money or make any debit or credit transactions.

  “If you want to close your account, there are certain things to keep in mind. First of all, your account can only be closed with a zero balance, so if your account is overdrawn or in credit, you must deposit or transfer money to get to £0.

  “If you’re closing with an overdraft, or transferring that debt to a new account, it’s crucial that you choose a provider with an equal or greater overdraft capacity, otherwise you risk high charges or penalties being applied to your account.

  “When the account closes, direct debits and standing orders will also automatically be terminated, so you need to make sure you’re on top of your payments before that happens.

  The 29 branches also include High Street, Birmingham.