The chaos continues at Barclays, with business banking customers reporting that their accounts have been frozen or closed entirely, leaving them without access to funds.
This Money highlights the issue, as a plethora of customers reveal they had received no warning whatsoever, ahead of changes applied to their accounts.
Following reports that for the last four months companies with more than one director have been turned away for new business accounts, due to the bank only having bandwidth to execute background checks for businesses with a sole director, small businesses will be wondering whether Barclays are able to support SMEs moving forward.
Unbanked with Barclays Business
It is understood that typically, ahead of closing a business bank account, Barclays will write to customers three times alerting them of upcoming changes.
The bank uses a number of different delivery methods for this, including post, text, emails and reminder banners online.
However, there have been reports from customers that these have not been received, with staff confirming that some letters had never even been sent out.
A Barclays spokesperson said: “As part of our ongoing responsibility to help prevent financial crime, and to meet our regulatory obligations, we are required to keep up to date information regarding our customers’ accounts.
“We write out to customers asking them to supply us with some important information relating to their Barclays Business account.
“In cases we do not receive a response with up to date account information, we are required to proceed with closing the account, so it is very important that account holders respond to these requests from their bank.”
Seemingly, personal accounts remain unaffected by the backend issues at Barclays, with only business customers suffering at this stage.
Small businesses access unsecured, fast funding from Got Capital. As an alternative lender, Got Capital offers financing solutions specifically designed for and catered to the needs of SMEs.
