London-based lender Barclays says it plans to terminate the accounts of thousands of British citizens who are currently residing outside the United Kingdom.
The bank says it’s contacting expatriates living outside the UK about the coming closure of their savings or current accounts.
Barclays says all customers must have an acceptable UK address or else the lender will permanently shutter their accounts.
“Your address must be in one of these countries:
We can’t accept a PO Box, c/o or a Barclays branch address.”
According to the bank’s website, customers may be exempted from the new ruling as long as they meet certain qualifications.
“You’ll only be able to have an address outside the UK and keep your accounts open if:
Yahoo! Finance reports that affected customers have six months to find a new bank where they can transfer their funds.
They can also open an International Bank Account which requires them to hold £100,000, worth about $121,000, across their Barclays savings and investment accounts to avoid a £40 ($48) monthly fee.
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