Brits especially immigrants residing in the European Union could stand the risk of losing their UK bank accounts before the year runs out because the British government has refused to go with the banking rules post-Brexit, according to a report in The Times.
Major banks, including Barclays (BCS) and Lloyds (LLOY.L), have begun sending letters to Brits account holders in the EU to say they will no longer be able to service them after 31 December, when the Withdrawal Agreement ends, because of the cost and the complexity of EU banking rules.
Lloyds began notifying its EU-based customers in August that their accounts would be shut on December 31. The bank told The Times that this affects 13,000 customers across Holland, Slovakia, Germany, Ireland, Italy, and Portugal.
“If customers have regular deposits into, or payments out of, their account, they will need to make other arrangements before their account is closed,” Lloyds told The Times.
Barclays said that it had started sending letters to its banking and Barclaycard credit-card customers had started receiving letters — customers in Spain, France and Belgium confirmed to the newspaper their Barclaycards will be cancelled.
“In light of the UK leaving the EU at the end of 2020, we continue to review the services we offer to customers within the European Economic Area (EEA), and any impacted customers will be contacted directly,” Barclays said. “The timings for account closure will depend on the type of product that a customer holds, but we will always give notice to customers.”
Coutts confirmed to The Times that it would no longer serve customers based in the EU if there is no agreement to replace the EEA passporting regime between the UK and EU.
This article is sourced from:https://uk.finance.yahoo.com