Banks

Hello,

It's couple of months ago that this topic came to light here & people posted their experiences, letters received etc. Not all banks have contacted their customers here - they still might I suppose, I don't know whether there is a cut off date. Here is a link  about the subject reported here in Spain

https://www.thelocal.es/20200922/how-post-brexit-bank-changes-could-affect-british-people-in-spain

Hope it helps explain

Cheers

Elinspain

Hi and thank you so much for your reply with helpful link.  Much appreciated

I have just come across an article in The New European dated 20 September.

HSBC and Santander are not closing the accounts of its EU customers.

Regards

The only business that I have heard of that this affects is Barclaycard, NOT Barclays Bank.

Hi Linda,

The issue of 'passporting' for the Financial Services industry has been known for some time - I remember Nicky Morgan, MP, flagging it as a Brexit issue to the then Chancellor, Philip Hammond, so that gives you an idea of how long ago this was brought to the UK government's attention.  However, they then passed it to the FS industry to handle, as a commercial decision for individual companies.

The impact on the customers' accounts varies depending on the operating model of their bank or provider, the product or service being provided, and the legal and regulatory framework of the EU country in which the UK citizens are resident.  Some of the big banks have restructured to enable them to continue serving customers in the EU.  Others, such as Lloyd's, have decided it's no longer cost effective to operate these accounts, so they've recently written to 13,000 customers, advising that they are going to be closed.  Barclaycard have done the same thing, but some forum members advised that Barclaycard suggested their accounts could remain open, if they can change the address associated with their account to one in the UK.

I suspect this is only coming to a head now because we're so close to the Brexit deadline and the banks can't hold out any longer in the hope of a deal.

Kind regards, 

Kim

Many thanks for your helpful explanatory reply.