Barclays closing my account in 60 days

Nrenee

Hi guys I’ve just received the letter & it says they’ve taken the decision to close my account and all facilities on 10/06/2021. During this time I can continue to bank normally (what does this mean?) . Does this mean that I’m okay ? Because if they assumed fraud then they would not write I can continue to bank normally. However I still don’t understand what that means. 

Swoosh84

You need to get an alternative facility up and running as soon as possible and transfer everything over there. While it will probably be ok, no point in taking the risk. If they close your account instantly then they can hold onto your funds for a long period of time.

J

Nrenee

Swoosh84 said:

You need to get an alternative facility up and running as soon as possible and transfer everything over there. While it will probably be ok, no point in taking the risk. If they close your account instantly then they can hold onto your funds for a long period of time.

J

Yes I just applied for Santander and they’ve opened me a current account & I still have my hsbc. Should I go to the bank with this letter so that they release my funds?

colsten

If your letter said you can bank as normal, you should be able to transfer your HSBC funds electronically. If you rather go to Branch for it, that's fine, too. Don't deposit any money into your Santander account until you have full access to it - online/app, debit card and PIN.

There will be a reason for why Barclays don't want your custom any longer. One or more transactions spooked them, and would probably also spook other banks if repeated there. Crypto trading is a red rag to many banks.

jay1804

I would suggest using applying Monzo or Starling for small transfers to people you know and trust obviously, I've had (Monzo) account for 3 years and never had any problems. 

I opened a new Halifax account and was on the phone for over an 1 hour because I wanted to make a transfer to my own account, and have to wait 24 hours for it to go through.

Nrenee

colsten said:

If your letter said you can bank as normal, you should be able to transfer your HSBC funds electronically. If you rather go to Branch for it, that's fine, too. Don't deposit any money into your Santander account until you have full access to it - online/app, debit card and PIN.

There will be a reason for why Barclays don't want your custom any longer. One or more transactions spooked them, and would probably also spook other banks if repeated there. Crypto trading is a red rag to many banks.

Yes you’re totally right, now I know better I won’t be repeating it again with my new bank and hsbc. That’s my lesson learnt. Thankyou so much for your help 

Nrenee

jay1804 said:

I would suggest using applying Monzo or Starling for small transfers to people you know and trust obviously, I've had (Monzo) account for 3 years and never had any problems. 

I opened a new Halifax account and was on the phone for over an 1 hour because I wanted to make a transfer to my own account, and have to wait 24 hours for it to go through.

Yeah I was thinking about opening a Monzo too just to have 3 accounts. You can never know with banks these days 

PRAISETHESUN

Rather than faffing about moving payments manually, just arrange a CASS switch from Barclays to HSBC/Santander. Your account with Barclays is going to close anyway so you might as well.

In future, probably a good idea not to use your main account for any potentially dodgy looking crypto stuff. You never know how the banks are going to react.

Nrenee

PRAISETHESUN said:

Rather than faffing about moving payments manually, just arrange a CASS switch from Barclays to HSBC/Santander. Your account with Barclays is going to close anyway so you might as well.

In future, probably a good idea not to use your main account for any potentially dodgy looking crypto stuff. You never know how the banks are going to react.

I should’ve done that when opening my Santander but I didn’t think it would work since they are closing my account down. Unless I switch it to another banks. What banks do you guys recommend. I won’t be doing anything crypto anymore 

Swoosh84

Nrenee said:

PRAISETHESUN said:

Rather than faffing about moving payments manually, just arrange a CASS switch from Barclays to HSBC/Santander. Your account with Barclays is going to close anyway so you might as well.

In future, probably a good idea not to use your main account for any potentially dodgy looking crypto stuff. You never know how the banks are going to react.

I should’ve done that when opening my Santander but I didn’t think it would work since they are closing my account down. Unless I switch it to another banks. What banks do you guys recommend. I won’t be doing anything crypto anymore 

You should still be able to initiate a switch with Santander even though you have already opened their account. Contact the switching team and they will transfer over your DDs ect to your new account.

I done this with an old Halifax account I had for about 15 years. Was able to switch my current account to it despite its age.