Barclays 18-month warning as ‘we may close your bank account’ | Personal Finance | Finance
Barclays has issued a warning about an important rule for its bank accounts after a query from a customer.
The individual got in touch over X to ask: “If I don’t make any transactions in my account for more than 12 months, will it be classified as a dormant or closed account?”
In response, the bank said that a current account would “typically approach the potential risk of what we call ‘dormancy’ ” if it has not been used and has zero balance for around 18 months.
The bank also encouraged savers to make sure their details are up to date, explaining: “If you’re worried about your account going dormant and you maybe can’t put any transactions through the account, I’d just recommend that you ensure that your address is up to date.”
Barclays said this is important “so that we can write to you, should we begin the dormancy process”.
The bank also said there is some leeway here as the bank will usually “give you a few months” to contact Barclays or use the account, so it is no longer classified as dormant.
Advice on the Barclays website states: “If you have a current or savings account with us that you haven’t used for some time, we might need to close it to help protect you from potential fraud, such as identify theft.”
The bank assures that it will always contact the customer before doing this, explaining what they need to do to keep the account open, which usually means making a payment into or out of it.
If there is no response from the customer, the account will be closed within 90 days of the bank issuing the letter.
If you are happy for the account to be closed but there are some funds in it, you can contact Barclays to get the funds returned to you, and to close the account at the same time.
If you have some money left in your account, we’ll move it to a central holding account where it’ll still earn interest at the same rate as before, if applicable.
In this event, the customer will need to submit a claim to get the money back. The claim form is available on the Barclays website.
You will need to complete the form, print it off and post it with two forms of certified ID to this address: Barclays, Leicester, LE87 2BB.
If you can’t complete the form, you can visit a Barclays branch or write to the bank at the address above, and the bank may be able to start the claim process for you. Claims can be processed with two weeks once the bank has also the necessary details.
