25 September 2023 , 08:40
447
0
Barclays has confirmed plans to close bank accounts of Brits who no longer live in the UK.
The move will affect thousands of expats with a UK current or savings account with the high street lender. It could mean those affected will no longer be able to access their savings or pension unless they move their money.
Barclays has been writing to customers, giving them six months’ notice. Expats can still open a global account with the bank, but they will need to have a balance of £100,000 to avoid paying a monthly charge of £40.
Customers living abroad with a loan or mortgage with Barclays will not have their product closed down, but they won't be able to apply for an additional loan or remortgage if they are registered outside the UK. Barclays told The Mirror the move comes following a review in 2021, and said it will affect "a small percentage" of its overall customer base.
A Barclays spokesman said: “As a ring fenced bank, our Barclays UK products are designed for customers within the UK. We will no longer be offering personal current or savings accounts to retail customers with addresses registered with us outside of the United Kingdom, subject to limited exceptions. We are contacting impacted customers to give them advance notice of this decision and explain the next steps they need to take.”
Big Four banks made £20billion in 9 months as households battled interest rates
Customers who feel they have had their account closed unfairly can complain to the free Financial Ombudsman Service. The news from Barclays comes after Lloyds Banking Group, which owns Halifax and the Bank of Scotland, announced in 2021 that it will close the accounts of 13,000 expats living in Europe.
A spokesman for the Financial Conduct Authority told The Telegraph: “Banks may set their own requirements on country of residence for account holders and must comply with local law and regulation when serving customers outside the UK. Whether or not banks decide to extend services to customers outside of the UK is a commercial decision for them, but we expect them to treat their customers fairly, comply with equalities legislation, and provide adequate notice to the customer if they decide to close their account.”
Last month, Barclays cut opening hours across hundreds of its bank branches. Opening hours were reduced to 9.30am to 3pm at the majority of locations from August 7, while standard times on Saturdays are now 9.30am to 1pm across most branches.
A small number of sites haven't seen any changes to opening times due to lease agreements. The bank said 96% of personal customers and 97% of business and corporate clients only visit branches before 3pm. Barclays has more than 400 branches in the UK.