MARKS & Spencer plans to close ALL current accounts and 29 bank branches this year.
The closures, which will take effect this summer, are a result of a surge in online banking.
Affected bank branches are located within M&S stores, but the travel money bureaux, which is located in over 100 stores, is unaffected.
M&S said the closures will result in fewer in-branch servicing roles, but is yet to confirm if any workers are at risk of redundancy.
M&S’ current account has already closed to new customers, but will be available to existing customers until the summer.
The bank said it’ll start contacting those customers and others who use the bank branches from today to explain their options.
The bank branches will close in early July, with all services moving to online, mobile and telephone channels.
HOAR has asked M&S Bank for a list of the branches, and we’ll update this article once we hear back.
Following the changes, the bank will focus on credit cards and rewards with plans to merge further with its Sparks Card.
M&S also said it’ll continue to offer its existing range of general insurance, savings and loan products.
M&S Bank has over 3million customers in total, but told HOAR “a very small proportion” of those are current account customers.
Paul Spencer, M&S Bank’s chief executive, said: “We have developed the next phase of our transformation programme to enhance the M&S shopping experience.
“It does regrettably mean we will move away from branch-based servicing and the 29-in-store bank branches and associated current account will close this summer.
“We’re now firmly focused on supporting both our customers and colleagues through this change, and the delivery of our transformation plans, which will create new and rewarding payment solutions for M&S shoppers, both in-store and online.”
The closures come after HSBC announced in January that it’s shutting 82 branches this year.
In September, TSB announced plans to close 164 branches, with the loss of more than 900 jobs.
Meanwhile, Halifax and Bank of Scotland closed 56 branches last year too.
Did you miss our previous article…
https://www.hellofaread.com/money/rishi-sunak-confirms-universal-credit-will-be-cut-by-20-a-week-in-october/
