Customer accounts to close in coming months

CUSTOMERS who hold current, savings and credit card accounts with Halifax have been told they can start looking for alternative banking arrangements because these accounts will be closed in the coming months.

Mortgage holders with the bank, however, do not have to take any action, as these accounts will remain in existence until the loan is paid off. The same applies for loan accounts unless the customer decides to pay an early settlement fee. Mortgage holders have also been told that they are free to move to another lender.

It is planned to close all current and credit card accounts by the end of May. The bank said the 50,000 people who have credit cards may wish to start making alternative arrangements for a new card and for clearing any outstanding balance.