![]() The customer, who did not want to be named, said: “I’ve had the card for 40 years and pay it off each month from my pensions, which are paid into my UK account, so I’m not sure I’d qualify for a German credit card,” she said. One who lives in Germany was told she would no longer be able to use her Barclaycard, which she depends on for transactions within the UK. ‘“I don’t know if it’s possible to arrange direct debits and standing orders to UK institutions from a Dutch bank and there will be a lot of expense incurred if payments that skip through the net are returned to sender or if I have to convert euros to sterling whenever we are in the UK.”īarclays has also notified customers across the EEA that their accounts will be closed. “I don’t know what will happen about tax rebates from HMRC or council tax and bills on the property we own in the UK,” she said. Her balance will be returned to her as a cheque and all payments after that date will be returned to sender. One Lloyds customer said she feared she would be cut off from her UK pension payments after the bank had informed her she would not be able to use her current and savings accounts after 2 November. Some banks have too small a customer base in the EU to justify the cost. Last week, the Dutch National Bank confirmed that UK banks will no longer be able to provide current or savings accounts to retail customers in the Netherlands.Ĭustomers who bank with firms that own EU-based subsidiaries are having their accounts transferred, but banks that do not have an EU arm would have to apply for a licence to trade in each EEA country. ![]() Unless a trade deal is agreed with the EU, UK financial institutions will have to abide by often arcane rules which vary from country to country and depend on what services are being offered by what kind of bank. The arrangement, known as “passporting”, expires at the end of the year and, while the UK has legislated so that EU banks can continue to provide services for customers in Britain, the EU has not done the same. “We want to keep customers informed and offer advice on next steps.”įinancial services in the UK can currently trade across the European Economic Area (EEA) because member countries are bound by the same regulatory framework. Lloyds Banking Group, which includes Halifax and Bank of Scotland, has contacted its 13,000 customers in the Netherlands, Slovakia, Germany, Ireland and Portugal, warning them they must make alternative arrangements as the bank is no longer allowed to offer services.Ī spokesperson said: “We have written to a small number of customers living in affected EU countries to let them know that due to the UK’s exit from the EU, regrettably we will no longer be able to provide them with some UK-based banking services.
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