Intelligent Finance customers to see current accounts closed this year
ALL Intelligent Finance clients will see current accounts closed this year as the bank gives those affected two months’ notice
- Some Intelligent Finance payment accounts will close on August 1
- The internet banking pioneer is part of the Lloyds group and was founded in 1999
- Savings and mortgage customers not affected at this time
Thousands of Intelligent Finance customers are receiving letters from the bank stating that it is about to close all of its checking accounts.
Intelligent Finance, part of the Lloyds banking group, was founded in 1999 and was one of the original pioneers of online banking.
It has said current accounts will be closed from August 1, while others will remain open until later in the year.
Winding down: Intelligent Finance has long been closed to new customers
Although it has long been closed to new customers, it was announced last month that existing Intelligent Finance checking accounts will also be closed.
Lloyds said holders would be given at least two months’ notice, although a reader told us they received a letter saying their account would close the following day, June 28.
A spokesperson for Intelligent Finance said: ‘Our Intelligent Finance current account has been unavailable since 2009 and we have informed existing customers that we will no longer be offering it.
“There has been a lot of innovation in the checking account market over the last decade, with more choice than ever for everyday bank accounts, and we have been reaching out to customers to let them know their options and next steps.”
It also confirmed that those who have mortgages or savings accounts with Intelligent Finance, including Isas, are not currently affected.
All customers who have cash in their current account will see money transferred to their savings account, if they have one with Intelligent Finance. Otherwise, they would have to receive the money via check in the mail.
Alternatively, customers can call Intelligent Finance or log into online or mobile banking to transfer the balance to another bank account provider and cancel regular payments from the account.
There are suggestions to close less used current accounts first and close all remaining active accounts by the end of the year.
‘They said they were inundated with calls’
A This is Money reader contacted us today to tell us that their account was being closed.
They said, “I have received a letter saying that my Intelligent Finance current account will close from tomorrow. It said it would close my checking account because it was not meeting my needs. They said it’s not just you and all current accounts are closing.
“It took me a while to get on the phone. They said they were inundated with calls.
“My accounts are semi-dormant anyway, but I would have kept it open because it’s handy to have as a backup.
“The woman I spoke to on the phone stressed that the company was not going out of business.”
Closing Shop: A This is Money reader contacted us to tell us that their account was being closed. This is the letter they received
Lloyds Banking Group wouldn’t say how many customers Intelligent Finance has, but told us current accounts make up less than 1 percent of the group’s overall total.
Those looking for a new bank account can check out This is Money’s best accounts guide here.
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