It has been just revealed that an important banking giant will be terminating accounts based on physical address. Check out the latest reports about the issue below.

Banking giant makes an unexpected move

Barclays, a London-based lender, has announced its decision to close the savings or current accounts of several British citizens who currently live outside of the United Kingdom.

The bank is reaching out to these expatriates to inform them of the upcoming account termination. According to Barclays, all customers must have a valid UK address to continue using their accounts, and failure to comply will result in permanent account closure.

“Your address must be in one of these countries:

Northern Ireland
We can’t accept a PO Box, c/o or a Barclays branch address.”

On the bank’s website, it states that customers can be exempt from the new rule if they meet specific criteria.

To keep your accounts open and have an address outside of the UK, you must be a UK Crown employee, or the spouse/civil partner of one.

Alternatively, the address outside the UK must be for someone managing your account (e.g., power of attorney) or someone set up to receive information (e.g., accountant or lawyer). If you’re outside the UK for six months or less and plan to return, you can also have an address outside the UK.

Yahoo! Finance reports that affected customers have six months to switch to a new bank and transfer their funds.

Alternatively, they can open an International Bank Account with a £40 ($48) monthly fee, waived if they hold £100,000 (about $121,000) across their Barclays savings and investment accounts.

In other recent news, an important banking giant is shutting its eyes when an important amount of money vanishes from people’s account.

We suggest that you check out more details about this in our previous article. 

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