Has your bank asked you to close your UK bank account due to Brexit?

106 posts in this topic

On 12/11/2020, 08:51:55, kthxcia said:

Hi there,

 

So, Barclays have sent me an updated Terms and conditions and one of the clauses is that they 'can close the account if the account holder or one of the account holders lives outside of the UK'.

 

The wording is interesting. It says CAN not WILL.

 

Does anyone know if they can just close my account without giving me 2 months notice? 

I've just received this one too, and I notice it says these new T&Cs come into effect on 12th April 2021... 

 

I suspect they will close my account because it has £0.03 in it and no other activity since February 2020. 

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1 hour ago, Dembo said:

I've just received this one too, and I notice it says these new T&Cs come into effect on 12th April 2021. 

I suspect they will close my account because it has £0.03 in it and no other activity since February 2020. 

Just switch banks. ;) 

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"Just" is a big word when you are not resident. I think we had this discussion already though.

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Just now, optimista said:

"Just" is a big word when you are not resident. I think we had this discussion already though.

Yes, but as was stated then, it's some banks that are closing accounts, not all. It's the usual doom and gloom spreaders at work. 

Most people should be fine, either by switching or by giving a UK address.

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On 1.10.2020, 21:10:55, kiplette said:

So far for us it's only Barclaycard,

 

Funny thing, but I just found an unopened letter under a pile of crap which was from Barclaycard, apologising for their previous letter and telling us that life continues as normal. That was from November. We had forgotten the whole business anyway. 

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I just updated my German address with my UK bank. I hope this does not result in the cancellation of my account. Fingers crossed.

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Quote

 

We’ve made the difficult decision to close all Barclaycard accounts with an address in the European Economic Area (EEA).

We now need to let you know that your card will stop working on 8 Oc‌tober 20‌21, and your account will be closed on, or shortly after, 3 No‌vember 20‌21, unless you can give us a UK residential address for all your accounts with Barclaycard or Barclays UK.

We know it’s inconvenient to have an account closed, so we want to give you everything you need to understand what this means for you, as well as step-by-step instructions on what to do next.

As you have other accounts or banking services with us, we’ll contact you separately about them if they’re affected by these changes. If you’ve already updated your details to a UK address, your card will keep working and you don’t need to do anything.

 

 

Email received today. Ironically I recently used my UK Barclaycard for the first time in 18 months.

 

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My twin sister who works at a high level in banking warned me about what would happen after Brexit.

 

I thought about posting on here and making suggestions based on what I knew was potentially fact.

 

But I would have been shot down by the keyboard warriors on here who thought they knew better.

 

Almost a year ago my UK financial assets were moved to various places.

 

Some came to Germany, some stayed in the UK with my sister and some went to Jersey and my brother.

 

Gotta love having a banking family (except me the Black Sheep). :wub:

 

Brexit is the gift that nobody wanted... that just keeps giving...

 

It's gonna get worse.

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I agree with the Brexit is dumb sentiment, but TBH I was surprised when I learned that I could keep a UK bank account and credit card whilst living in Germany. I'd assumed I wouldn't be able to, Brexit or not.

 

The only issue for me is whether I can get a German credit card with a decent limit. It'd be nice if Barclaycard DE would recognise my 20+ years as a Barclaycard UK customer, but I'm not sure it works that way. 

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I remember a few individuals on here scoffing when some of us suggested this was a likely outcome of Brexit.

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7 hours ago, Dembo said:

German credit card with a decent limit. It'd be nice if Barclaycard DE would recognise my 20+ years as a Barclaycard UK customer, but I'm not sure it works that way. 

I bet they won't, 1) they are different companies, and 2) I presume credit history to be valid must be in the country you apply for the card. 

But hey be real, are you really worrying about getting credit card with good conditions...?

 

7 hours ago, Dembo said:

I was surprised when I learned that I could keep a UK bank account and credit card whilst living in Germany 

Many years ago I finished my study and I moved from Britain to the Far East. I thought I had to close all my UK banking, Barclays, instead they encouraged me to keep them. After all why not, you are just some minor entry in a computer, that maybe one day in future turns a profit, I wouldn't understand why they would ever prefer NOT to have you.

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1 hour ago, Gambatte said:

But hey be real, are you really worrying about getting credit card with good conditions...?

 

A little bit yes. I remember going through a long painful phone application for a credit card in the UK only to be told "Congratulations. You've been accepted. Your limit will be £300". Which I described as a "complete ********* waste of time". That's my worry; that without the history I'll get a great free card with great conditions but a €300 limit that's bugger all use when I need to pay for a week in a hotel, or a hire car, or whatever. This is why I kept my UK card.

But I guess we'll find out.

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1 hour ago, Dembo said:

 

That's my worry; that without the history I'll get a great free card with great conditions but a €300 limit that's bugger all use when I need to pay for a week in a hotel, or a hire car, or whatever.

 

You don't know until you try.

 

When I first came to Germany my (future) wife just added me to her bank account as I needed to transfer the funds from my UK house sale. Her/our bank manager had no problems.

 

A year later I wanted a credit card. Again we went to the bank manager and she said fine.

 

The twist in the tail?

 

My wife: Been at the same bank since she was 16. Always worked and paid her taxes. 100% Shufa record. Her credit card limit was €3k.

 

Me: Been in Germany a year. Never worked or paid taxes. No Shufa record. My credit card came through with a limit of €5k.

 

Oh how we laughed! :lol:

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Looks as if RBS will be closing the accounts of non-UK residents too thanks to Brexit. RBS: "Our current accounts are designed to be used in the UK, so we’re changing our terms to reflect the effect of the UK leaving the EU."

 

Royal Bank of Scotland current account terms December 2021 onwards:

 

Quote

 

1.2 ... If you move and are no longer resident in the UK, please tell us as soon as possible as this may affect our ability to keep your account open or to keep offering you the same account functionality ...

5.3 ... We may suspend or restrict the use of your accounts, or certain services (such as your debit card or online banking) if ... you are no longer resident in the UK (and we are unable to operate your account in the same way as when you were resident in the UK) ...

12.2 ... We can close your Foundation account or Basic account by giving you 60 days’ notice if:there’s been no transaction in or out of your account for at least 24 months; you’re no longer legally resident in the UK; or you have access to another current account in the UK which you opened after your Foundation or Basic account. ... We can also close any other account by giving you at least 60 days’ notice ...

 

 

So much for Brexit Britain being "more open to the world", "Global Britain", etc.

 

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I wonder what else, beyond Brexit, has happened.

 

Years ago I moved from the UK to Japan, and Barclays actually insisted that I kept my UK account open.

Now Brexit, and UK banks want to close UK accounts to non-UK residents.

What's the catch?

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33 minutes ago, Gambatte said:

I wonder what else, beyond Brexit, has happened.

 

Years ago I moved from the UK to Japan, and Barclays actually insisted that I kept my UK account open.

Now Brexit, and UK banks want to close UK accounts to non-UK residents.

What's the catch?

I’ve only so far had a problem with Barclays insurance.  Other UK insurers said that they don’t understand why Barclays are cancelling policies due to Brexit.  So far, my Barclays current account seems OK as I have several monthly UK transactions. Guess that’ll change sometime too. 
 

Do you still have UK rental income? Have you had to change rent receiving bank?

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52 minutes ago, Lorelei said:

Looks as if RBS will be closing the accounts of non-UK residents too thanks to Brexit.

 

Interesting - I've been with the RBS (& their predecessor William & Glyn's) since I started as a student back in 1970.

 

Quote

Our current accounts are designed to be used in the UK

 

Thats OK by me - I only use it within the UK.

 

Quote

so we’re changing our terms to reflect the effect of the UK leaving the EU

 

All this winning!

 

To the above quoted paragraphs:

  • 1.2 - they know I'm resident in DE & have been for many many years
  • 5.3 - "may" is not necessarily "will"
  • 12.2. "no transaction in / out for at least 24 months" - bit of a problem here since due to Corona we havn't been in the UK for 2.5 years.

 

I'll sit back & see if they write to me.  It would not be the end of the world.

 

 

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