Banking Giant To Terminate Accounts en Masse Based on Physical Address, Says Move Is Irreversible
London-based lender Barclays says it plans to terminate the accounts of thousands of British citizens who are currently residing outside the United Kingdom.
The bank says it’s contacting expatriates living outside the UK about the coming closure of their savings or current accounts.
Barclays says all customers must have an acceptable UK address or else the lender will permanently shutter their accounts.
“Your address must be in one of these countries:
- England
- Scotland
- Wales
- Northern Ireland
We can’t accept a PO Box, c/o or a Barclays branch address.”
According to the bank’s website, customers may be exempted from the new ruling as long as they meet certain qualifications.
“You’ll only be able to have an address outside the UK and keep your accounts open if:
- You’re a UK Crown employee, or you’re the spouse or civil partner of a UK Crown employee
- The address outside the UK on your account is for someone who manages your account for you (for example, someone who has power of attorney), or for someone who’s set up to receive information on your behalf (for example, an accountant or lawyer)
- You’re outside the UK on a temporary basis for six months or less and will be moving back to the UK.”
Yahoo! Finance reports that affected customers have six months to find a new bank where they can transfer their funds.
They can also open an International Bank Account which requires them to hold £100,000, worth about $121,000, across their Barclays savings and investment accounts to avoid a £40 ($48) monthly fee.
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Author: Henry Kanapi
