// M&S to shutter its 29 bank branches today
// Current accounts will shut down on August 31
// M&S has not confirmed how many possible redundancies will take place
M&S has announced it will close its 29 bank branches today, with all its current accounts shutting down at the end of next month.
The banking arm of the retailer said the closures are as a result of a surge in online banking and it will instead focus on its credit cards, insurance, savings and loan products.
M&S has not confirmed how many possible redundancies will take place, despite confirming that it would redeploy affected branch workers where possible.
M&S travel money bureaux branches, which are located in over 100 stores, are unaffected by the plans.
As well as closing its in-store bank branches on July 2, M&S Bank will shut all existing current accounts on August 31.
Customers will need to have switched bank accounts by this date to ensure all their direct debits, standing orders and regular payments are moved over.
In order to close their account now via the M&S website, they will need to have a balance of zero – this means any money you have will need to be moved elsewhere.
If customers still have funds in their account by August, they’ll effectively remain frozen.
M&S’s current account is already closed to new applications.