THOUSANDS of customers will see their bank accounts closed for good.
Barclays has revealed plans to close bank accounts of Brits who no longer live in the UK.
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Customers of the major bank will soon no longer be able to hold a current or savings account if they live abroad.
It could leave people without access to their pension or their savings.
Affected customers will receive a note from Barclays informing them of the closures.
They’ll also receive instructions about what to do next.
People will have six months to make any changes so there is time to prepare.
A bank is obligated to return your money should your account be closed, though it’ll probably easier to make any transfers before the deadline.
Some banks will allow you to open a bank account if you live abroad.
Though these international bank accounts could come with hefty fees and rules.
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For example, Santander’s Call Account is an easy-access savings account for British expats.
Customers can have a choice of saving in sterling, euros or American dollars.
But they’ll need to deposit a minimum of £75,000 to be able to open it.
It may be worth looking at what bank accounts you can open in the country you’re living in.
Check to see if you can transfer savings across and if it comes with any additional costs.
What to do if you feel your account is being unfairly closed
If you’re concerned, speak to Barclays before the change to see how it can help.
It’s also worth shopping around for different accounts first and making sure you understand all the terms and conditions before switching.
If you feel that Barclays is closing your account unfairly then you can complain to the Financial Ombudsman Service.
You can do this online via the FOS website.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
You can also join our new Sun Money Facebook group to share stories and tips and engage with the consumer team and other group members.
