M&S Bank bans customers from making payments by cheque and giro
The lender, sold to HSBC in 2004 but operated as a joint venture between the High Street bank and retailer, temporarily stopped accepting payments in store in April, a decision which has now been made permanent.
But in addition, account holders have been sent a letter saying that from October it will stop accepting cheques or giro payments over bank, building society or post office counters.
The news was greeted with dismay by campaigners who fear the move will disadvantage pensioners or those who wish to pay in cash – who will now find it very difficult to do so.
M&S Bank stressed that just 'one per cent' of customers use the methods and that most people pay via direct debit, online or phone.
Baroness Ros Altmann, a pensions expert and older people's campaigner, said of the move: 'You are pushing away your most loyal, older customers who have probably shopped with you for decades.
'It may be a minority who use these payment methods but with M&S Bank having so many customers, it will still be a lot of people. It tends to be the older ones who are becoming increasingly marginalised in our society.
'Cash seems to be being phased out because retailers are worried about security. It takes time to pay in and banks are pushing away cash and cheques because they are shutting all the branches.
'The trouble is many, particularly older people, disabled people don't have access to electronic or digital banking, don't have a mobile or smart phone. Some people, particularly pensioners on low incomes, use cash because they find it better for budgeting.'
Caroline Abrahams, Charity Director at Age UK said: 'Reducing payment options will limit some older people, especially those not online or who prefer to use cash.
'Our own recent research revealed not everyone is comfortable banking online or using apps – 27pc of people manage their bank account through their branch, while 31pc are uncomfortable with the idea of banking online.
'Before changes are made, businesses should think very carefully, as although physical payment mechanisms may be more expensive to process, limiting their use or withdrawing them could leave some customers without a way to pay that suits their needs.'
M&S Bank said the axed methods were 'legacy payment methods' and 'only used by a very small proportion of customers'. It added account holders would still be able to pay at a bank without the giro form, which will no longer be printed with statements.
An M&S Bank spokesman said customers are 'increasingly opting to use digital channels for their banking needs'.
They added: 'We've introduced a pay-by-bank option, making it even easier for customers to pay their credit card via the M&S Bank app, as well as being able to pay by direct debit or via their bank.
'This replaces legacy payment options, which are only used by a very small proportion of customers, including cheque, giro or in-store payments.'
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