Intelligent Finance customers warned their accounts will close unless action is taken

Intelligent Finance users must take immediate action to prevent the closure of their accounts.

May 26, 2023
Intelligent Finance customers warned their accounts will close unless action is taken
Matt Crabtree

Written By

Matt Crabtree

 
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Thousands of people might be impacted by a bank's decision to terminate all checking accounts this year. Intelligent Finance users must take immediate action to prevent the closure of their accounts.

Lloyds Banking Group, the parent company of the bank, has promised to offer all impacted employees two months' notice. Notifications were sent out on July 30th, and the first accounts were closed on August 1st.

Savings and mortgage accounts unaffected

Anyone who already has a mortgage or savings account with Intelligent Finance will not be affected by the change. According to the Mirror, if your existing account is shutting, any funds in your non-ISA savings account will be transferred to your new account.

A paper check will be sent to you if you don't have a bank account or an Individual Savings Account (ISA). Customers also have the option of calling Intelligent Finance and requesting a transfer of funds to another account.

Major changes to the current account industry responsible

During our current inflation period, challenger banks have boomed in popularity. According to a representative from Intelligent Finance, they haven't been marketing its Intelligent Finance current account to new clients since 2009 and have informed those who already have one of these accounts.

There has been a lot of change in the current account industry over the last decade, and clients are being contacted to let them know what they may expect next.

You should make sure that any recurring payments use your new bank information once you end your account. The Current Account Switch Service (CASS) is a no-cost option for switching checking accounts.

Doing so will facilitate the transfer of recurring payments, such as direct debits and automatic bank transfers. Banks are competing for new clients by offering bonuses of up to £200 to move.

New rewards offered for switching banks

In a city experiencing a recession, to encourage people to transfer banks to NatWest, the bank is offering £200 to new clients, plus £36 in annual reward for doing so. Customers who switch to HSBC may get £200.

First Direct is paying £175, while Lloyds is providing £150, which are both above average. You should know that there are requirements to get the switching funds; for example, you may not have had a checking account with your new bank for a certain amount of time.

You could have to send in a certain sum every month, or spread out your payments among many direct debits.

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Mentioned Banks

About HSBC Bank HSBC is a British banking and financial services company. It is the largest bank in Europe and the seventh largest bank in the world. The bank originated in Hong Kong...
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About Lloyds Bank Lloyds Bank is a British retail and commercial bank. One of the ‘Big Four’ clearing banks, it was founded in Birmingham in 1765. It is the largest retail bank...
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NatWest, or National Westminster, is a retail and commercial bank based in the United Kingdom. It is one of the ‘Big Four’ UK clearing banks and has more than 7.5million personal banking...
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About First Direct First Direct is a retail bank based in the United Kingdom, headquartered in Leeds. It is a telephone and internet-based bank, with no physical branches, and...
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