Barclays business bank account od removed with no notice

4littleone

Hi,
I have a longstanding business account with barclays and we have an agreed overdraft. We use the overdraft when we have a large project running for cashflow and it's never delinquent. We are currently just under a third of the overdraft balance.

Our bank account was frozen on weds, it was their error and we managed to get hold of the insolvency team who confirmed they would reinstate the account within 24 to 48 hrs.
I now have access again but our overdraft facility has been removed leaving us with literally zero cash available. Has anyone experienced this at all? 
I can't speak to anyone until 9 am Monday and we have had to cancel our work van MOTS  today which means we can't work as we have no vehicles available.

born_again

They can remove a O/D at any point, it is part of the T/C of all bank accounts.
Sounds like they are worried about the debt & not getting paid. Given your mention of insolvency team.

Could you not pay for the MOT's yourself to keep business running & then reimburse yourself when sorted?

Hoenir

When was the overdraft facility last formally reviewed. Has the bank been sent or requested financial information in order to ascertain the businesses perfomance. What security has been provided against the overdraft fcility.