Barclays closing accounts

geofili

On the 27th of December 2013 we received a letter from Barclays International informing me that our business accounts will be closed in the next 60 days.

We were rather shocked by this letter considering we have been banking with Barclays for the past 7 years, have never been overdrawn, made a single late payment and regularly maintain a healthy 6 six figure balance in the current account as working capital. In fact we consider ourselves to be excellent customers!

I immediately called the number on the letter to find out why the account was being closed thinking it must be a mistake. A lady in customer service called Betty Hagerty greeted me. I asked to speak to Stuart Nelson (the person that sent the letter) and was told that she had never heard of him.

I asked how that was possible considering he is Head of Corporate & Intermediary Banking. She seemed to find this highly amusing; giggling she proceeded to tell me they have thousands of people working at Barclays and she has never heard of him.

I then proceeded to explain he sent a letter informing me that my business account was being closed. The letter stated, “call this number if you have any questions regarding the account closure process”, and this was the number I called.

She responded by telling me she doesn’t know anything about it. They only think I could do was write a letter of complaint and she could not help me further.

The following day my business partner called Barclays and spoke to John Liver in customer services and demanded to speak with Stuart Nelson - Head of Corporate & Intermediary Banking. Having to explain the reason for the call, Mr Liver informed us that Mr Nelson was not talking any calls. Infuriated by this response we demanded to know why the account was being closed.

The reason given was that Barclays are slimming down their offshore business operation and that a large number of accounts are being closed. Letters were sent out to all affected customers on the 23rd December.

Stuart Nelson was refusing to take any calls from anybody calling about account closures. The decision had been made from up high and therefore there was nothing that Mr Nelson could do.

My partner proceeded to explain that we also bank with Barclays on a personal capacity as well as hold personal mortgages with Barclays. If our business account is closed, we shall be switching all personal accounts and mortgages away from Barclays.

Having been put on hold for a while, he came back saying that he would talk to somebody higher up and call back.

It has been over a week and there hasn’t been a single call.

We have now started proceeding to move everything away from Barclays.


Lessons to learn:

NEVER TRUST Barclays with your business banking
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If you must bank with Barclays…

1) be prepared for Barclays to close your business account with little notice over the Christmas holiday period!

2) immediately open an account with a bank other than Barclays in case Barclays close your account for no specific reason.

3) be prepared for Barclays giggling customer service reps who seem to think account closure is humorous.

4) be prepared for Barclays dishonorable customer service reps who promise to call you back but never do.

5) be prepared for Barclays cowardly management who refuse to take calls from excellent long standing customers when they close your account for no valid reason other than ‘slimming down operations’

Happy New Year 2014 from Barclays!!

Aquamania

They closed my personal account last year. No great loss. (I never used it)

Why are you banking offshore?

Archi_Bald

geofili, as a business person you should know that it is down to the business owner to decide who they do business with, not the customer.

Barclays have told you they are slimming down their offshore organisation and that you aren't the only affected customer. They have given you 60 days notice, as is their duty and right according to the T&Cs, of the closure.

If you believe you are a great customer to Barclays, you won't have any difficulty convincing another bank that they want to give you a business account, well before the 60 days Barclays notice period is up.

TBH, I don't see a problem.

sundevil_rachael

I am not a business customer but if I was due to get a call back from somone and didn't, then I would not be sitting a week later waiting for someone to call me.

If you can bank elsewhere brilliant but if you can avoid having to move mortgages and current accounts by speaking to Barclays and discussing their reasoning then would that not be better?

Sounds like a standard letter and to be fair it would be unlikley you would ever get to speak to the signatory on the letter, that is what his minows below you are for.

geofili

Aquamania: I'm banking offshore because I am located offshore (im not in the UK and therefore cannot have a UK account)

sundevil_rachael: We are already setting up an account with another bank who are happy to take our business - we certainly did not wait around for a week!

Archi Bald: Sure I understand that it is their prerogative to choose their customers. I just posted this because I was disgusted at Barclays treatment of their long standing customers.

Hopefully this will serve as a warning to other business owners - make sure you have a backup business account. (who wants to be running around setting up new business accounts during the busiest time of the year!)

I won't be banking with Barclays again - either business or personally.

Archi_Bald

It can happen with any bank. None of them will guarantee that they will provide you with a banking service, or a service with the same terms, on a 'forever' basis.