Banking Giant Plans Massive Account Termination Based on Physical Address, Deems Decision Irreversible

    London-based lender Barclays plans to close the accounts of thousands of British citizens residing outside the United Kingdom.
    The bank is informing expatriates living outside the UK about the impending closure of their savings or current accounts.

    Barclays states that all customers must have an acceptable UK address or their accounts will be permanently closed.
    “Your address must be in one of these countries:

    Northern Ireland

    We cannot accept a PO Box, c/o, or a Barclays branch address.”
    According to the bank’s website, customers may be exempt from the new rule if they meet certain conditions.
    “You will only be able to have an address outside the UK and keep your accounts open if:

    You are a UK Crown employee, or you are 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 with power of attorney) or for someone who receives information on your behalf (for example, an accountant or lawyer)
    You are temporarily outside the UK for six months or less and will be returning to the UK.”

    Yahoo! Finance reports that affected customers have six months to find a new bank to transfer their funds to.
    They can also open an International Bank Account, requiring them to hold £100,000, equivalent to about $121,000, across their Barclays savings and investment accounts to avoid a monthly fee of £40 ($48).
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    The post Banking Giant To Terminate Accounts en Masse Based on Physical Address, Says Move Is Irreversible appeared first on The Daily Hodl .

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