SANTANDER is making a major shake-up to its services in just days — and experts warn it could leave customers in the dark about their own money.
From May 12, the high street banking giant, which serves 14 million people in the UK, will scrap five types of text message alerts that help users track account activity.
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It means that anyone relying on messages to monitor deposits, withdrawals or weekly balances will soon stop receiving them — unless they switch to using Santander’s app or online banking.
The move has sparked concerns, especially for less tech-savvy savers who could miss out on key updates about their money.
The alerts being axed include:
- When a deposit over a certain amount is made
- When a withdrawal over a certain amount is made
- A weekly balance and transactions roundup
- When your balance reaches a specific limit
- When your balance falls below a set amount
Santander says it’s ditching the texts to push customers towards mobile and online banking, where they can access a “more detailed view” of their accounts.
However, it will continue to send regulatory alerts — such as warnings about overdraft use or activity that could lead to charges — as required by financial rules.
The bank wrote to customers in March confirming the change, first reported by The Sun, and said that these alerts were created “pre-mobile banking” and are now outdated.
Currently, most major banks — including Barclays, Lloyds, Nationwide and NatWest — still offer similar text alert services.
Consumer experts have warned the shift could leave some customers out of pocket, especially the 10% who don’t use apps or online banking and rely on text updates.
The change means those customers may need to manually check their accounts more often or risk missing large payments in or out.
At the time of the announcement, Consumer rights expert Martyn James said: “With the closure of the bank networks, it’s more important than ever that banks and financial institutions make sure we know about the important things that affect our money.
“Text alerts are vital as people actually read them and act on them. We forget about checking our online accounts – or go in to denial about them – and most people don’t read their app messages.
“So, this decision can only be a bad thing for consumers and I hope that it is reversed.”
Other Banking Changes
NatWest officially took over millions of Sainsbury’s Bank customers on May 1 after getting High Court approval in April.
The change affects personal loans, credit cards and savings accounts, which will now be moved over to NatWest gradually.
Elsewhere, Barclays slashed its Rainy Day Saver rate for the second time in just four months.
From May 5, interest fell to 4.61%, down from 4.87%, after it was previously cut from 5.12% in February.
Whilst, millions of Nationwide customers are hoping for a return of the £100 Fairer Share bonus.
The building society will announce whether it’s bringing the scheme back when it publishes its results on May 29.
Last year, 3.85million people shared a £385million payout.
And Lloyds Bank is hiking the fee for its Club Lloyds current account from £3 to £5 a month on June 2.
The increase also affects Club Lloyds Silver and Platinum customers — meaning some could pay up to £24 more a year if they don’t meet the minimum monthly deposit of £2,000.
How to check your activity in future
Santander customers who rely on these alerts will need to monitor their accounts more closely in future.
If you haven’t already, downloading the app is a convenient way to check your bank balance and any recent transactions on the go.
You can also log into your bank account online, but make sure to do so in a secure environment – it’s best to avoid public computers and networks if possible.
However, if you want to continue relying on text alerts, it could be worth switching to a different bank.
Most major high street banks offer a free text and email alert service. Check with the bank before switching to make sure it offers what you need.
Some banks currently have cash incentives to switch to them. For example, First Direct is offering up to £175 to switch to its current account, while you can still nab a £150 deal at Co Op bank until March 6.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.