Barclays bank has warned its customers about an 18 month rule for anyone who isn’t putting money into their account or using it.
The high street bank has rules in place around ‘dormant accounts’ – those which are not used for long periods of time, or left without money in for long stretches.
These days, with bank switch bonuses of up to £200 being handed out to tempt people to switch – and some people even having special switch accounts just to get bank switch payments – it’s common to end up with a pile of barely used current accounts to your name.
But many people don’t realise that there are rules from banks about how long you can keep an account open if you’re not using it or don’t have enough money in it.
While most current accounts are free to use, many banks still expect to see money going in and out rather than see it left empty.
One X user asked Barclays: “If I don’t make any transactions in my account for more than 12 months, will it be classified as a dormant or closed account? Thanks in advance.”
Barclays then replied to clarify its rules.
It said that Barclays customers are given ‘around 18 months’ until an account is considered for closure.
They added that it’s important to have the right address on file in case Barclays needs to write to you to inform you that your account is set to be shut due to lack of use or money.
A spokesperson said: “Hi there! So, a current account would typically approach the potential risk of what we call ‘dormancy’, if there’d been no usage on it and no balance for more than around 18 months.
“If you’re worried about your account going dormant. And you maybe can’t put any transactions through the account, I’d just recommend that you ensure that your address is up-to-date, just so that we can write to you, should we begin the dormancy process.
“We’d give you a few months to let us know/use the account for us to no longer classify it as dormant. If you’ve got any other questions, please don’t hesitate in reaching back out to us here; we’re available on X 24/7!”
