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Thread: Barclay’s

  1. #1

    Barclay’s

    I have a Barclay’s business account and came home to find a letter telling me about The Financial Services Compensation Scheme and how the limit has been reduced to from £85,000 to £75,000.

    Nothing strange with that I hear you say keeping the customer informed.
    Only thing I found strange the changes where implemented in January 2016 why tell us now?
    Any other Barclays Business customers received the same letter?
    Appears to be ill timed to me are they trying to instil confidence in there customers? for me it was the opposite just wondering would you be moving money around?

  2. #2
    Got the same letter. As normal one for each account. Also worth remembering the limit is based on your total holdings in the group not per account. So if you think there's potential for a collapse of Barclays then make sure you move balances to other providers.
    I'm sure you already knew this but thought I'd just mention.

  3. #3
    My thoughts are Barclays are able to weather the storm but I am no expert the timing of the letter did give me cause for concern and will have me re considering where to put money.

  4. #4
    This was a EU directive bringing us in line with there 100000 euro Compensation Scheme which at the time = £75,000.

    if it is a joint account that figure doubles to £150000
    Last edited by african jack; 03-07-2016 at 00:05.

  5. #5
    Quote Originally Posted by woodmaster View Post
    Got the same letter. As normal one for each account. Also worth remembering the limit is based on your total holdings in the group not per account. So if you think there's potential for a collapse of Barclays then make sure you move balances to other providers.
    I'm sure you already knew this but thought I'd just mention.
    as above but also check the banking licence as a lot of Building Society ECT
    use the same and it is £75000 total per licence
    Last edited by african jack; 03-07-2016 at 00:06.

  6. #6
    I have a couple of accounts and have had letters from them along the same lines, over a period of months. So it seems they send them out when they have a slow week or something. Don't necessarily think that there's anything connected with any possible collapses. At least I hope not.

    Perhaps I should send them a letter saying that in the event of my collapse (financially) I will only have to pay them back a tenner of any money I might owe them.

  7. #7
    I had a colleague who ran a shop that went through a sticky patch, he replied to his bank manager, I did not write to you when you had a bit of my money for years don't write to me now I have a bit of yours for a few weeks.

  8. #8
    Same letters coming from Co-Operative bank

  9. #9
    We had a reissue of terms/conditions etc from Barclays in June ,im guessing theyre setting their stall out due to the Brexit panic in the market as some banking laws are EU laws and all the implications of this are unknowns.Not worried yet ,just watching the market bum twitch as no ones running the country. As someone spat his dummy out so the markets are going to be up and down till we get a new P.M .
    she buys shoes i buy ,shooting,she stops buying shoes,il be amazed

  10. #10
    Regularly get updates like those from HSBC, nothing new in it.
    (The Unspeakable In Pursuit Of The Uneatable.) " If I can help, I will help!." Former S.A.C.S. member!

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