By Greenfly
I HELD an account with Barclays bank in the UK for over 50 years. That has just come to an abrupt end. The circumstances highlight yet another reason why the major banks are currently held in such odium, and may provide a timely warning for others in Cyprus.
Two days ago, I found internet access to my Barclays account had been blocked. When I spoke to the bank’s call-centre, they were mystified as to the reason, but promised to find out and return my call within 24 hours. The next day I was informed that Barclays had made the ‘commercial’ decision to discontinue the accounts of customers resident in Cyprus and several other countries. Letters to this effect ‘should have been’ sent out 90 days before the planned closure of the accounts. I explained that I had received no such notification. I asked when my account was going to be shut down. Barclays replied that my access to it via internet had already been withdrawn, my direct debits and standing orders cancelled, and my debit card invalidated. ‘Very soon’ (no-one knew when) the account itself would be closed. Although any money in it would not be lost, it would require a bureaucratic marathon to access it.
I was aghast that any bank, let alone one of which I had been a customer for over half a century, could be behaving in such a cavalier fashion.
“Can you prove,” I asked Barclays, “that you sent out the alleged notification?”
“The department responsible always does so.”
“Did they send such an important communication by recorded delivery, so that they could be certain that the customer had received it?”
“Er, no.”
“So if they heard nothing from a long-term holder of an active account, did it not occur to anyone at the bank that perhaps the customer was unaware of the impending closure?”
“Er, no; but a letter should have been sent out, etc, etc.”
“Barclays has my email address and my telephone number. Before they started the shutdown process, did no-one feel that it might be good idea to contact the client?”
“Er, no.”
As it happens, I am also resident in another European country which does not apparently carry the stigma of Cyprus. So I asked whether the bank just use my residential address in that country and keep the account open.
“No: we have started the closure process and it is now inexorable.”
“Look, let me speak to the ‘Team’ (sic) responsible.”
“No, they don’t speak to customers.”
“So what can I do?”
“Oh, you can start another account with us, but we’ll need to go through a thorough verification process to ascertain your good standing. It will take some time.”
“But you’ve known me for 50 years! I’m the same person as I was a week, a month, a year ago; except my blood pressure has now gone through the roof and I’m puce with fury.”
“Those are the regulations, sir.”
Pause. Deep breath.
“OK, so let me move my money out to another bank.”
“Certainly, sir. Only you can’t move it all at once.”
“But there isn’t much there.”
“Nevertheless, you can’t move it all at once.”
“Well, let’s move what we can then. Good. Now, when can I move the rest?”
“Tomorrow.”
“OK, but we don’t know when my account is finally being closed, do we?”
“Ah yes, just a moment. Here it is, sir: tomorrow.”
“So then I won’t be able to access the remaining funds?”
“No, sir, but you could start the bureaucratic process for us to release them. It may take a long time. Or you could wait up until midnight UK time tonight and see if you can beat the system…”
I would like to make clear that I was speaking with Barclays Call Centre staff, who are all individually polite, patient and sympathetic. However, they have the wretched job of trying to interpret the bank’s abysmal policies to the unfortunate customers. They provide the smiling, helpful face on the shield behind which the odious apparatchiks of ‘the system’ hide in anonymity amongst their bonuses.
If others in Cyprus have been affected by Barclay’s high-handed and arrogant attitude, may I suggest that they contact the UK’s Financial Services Ombudsman (http://www.financial-ombudsman.org.uk). This department is easy to use and sympathetic, and apparently has the power to shake the bankers’ cage. The young man to whom I spoke felt that my treatment had been extremely shabby. He would forward a report to Barclays, and the bank was obliged to respond. Apparently, if enough people make the same or similar complaints, Barclays can be fined a substantial amount, as has already happened in other cases of malfeasance.
And don’t worry, you can complain with an easy conscience: the fine won’t come out of those bonuses. The bank will just have to increase its charges.
