An urgent warning has been issued to a number of bank customers as thousands of accounts are set to be closed.
Intelligent Finance is about the make major changes to how it operates, with the shift coming into effect on August one this year.
The rule change will see all current accounts closed, with those impacted to receive the their balance in the form of a cheque via post. ISA customers will also be have their accounts closed, receiving their money via cheque much like current account holders. Non-ISA savings accounts or mortgage customers will not be affected as their money is set to be moved over automatically, reports the Mirror.
The banks has already started the process of notifying customers, with parent company Lloyds Banking Group confirming that those impacted will be given two months' notice before their account is shut down.
An Intelligent Finance spokesperson said: “Our Intelligent Finance current account hasn’t been available since 2009 and we’ve let existing customers know we won’t be offering it anymore. There's been lots of innovation in the current account market over the past decade, with more choice than ever for day-to-day bank accounts, and we’re contacting customers to let them know their options and next steps.”
What do I do next if my account is closing?
There are a number of options available to you if you are set to be affected by the upcoming closures or have had an account closed with another bank.
One option is to utilise the free Current Account Switch Service (CASS) to move you account elsewhere. Using this will ensure all your direct debits, standing orders, ad incoming payments are moved automatically - you do not have to do anything manually.
How to get money after switching accounts?
There are some financial benefits to switching accounts with many banks offering you money to switch over to them. As much as £200 is available in some cases.
NatWest and HSBC offer customers £200, with First Direct offering £175 and Lloyds offering £150.
These switching offers often require some criteria such as never having had a current account with the bank before or for a certain period of time as well as moving a number of direct debits and paying in over a certain amount of money each month.
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