Bank of Cyprus (BoC) said on Friday that customers facing the prospect of losing their Barclays accounts are advised they may be eligible for the Bank of Cyprus UK International range of accounts, which include current and savings accounts.
With customers resident in Cyprus who have a balance of less than £100,000 warned their Barclays accounts would be closed in September 2015, Bank of Cyprus said its UK arm was committed to offering a range of products to those customers resident in Cyprus to allow them to manage their finances in the UK.
It said Bank of Cyprus UK is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. It is also a member of the Financial Services Compensation Scheme in the UK, “which means all eligible deposits are protected up to £85,000 per customer until and including 31 December 2015”.
From January 1, 2016 all eligible deposits will be protected up to £75,000 per customer, the bank said. (info at FSCS website www.fscs.org.uk)
Thousands of British expats and other Barclays account holders in Cyprus will see their accounts closed by the bank in September unless they contain a minimum deposit of £100,000, they were told this week. Customers residing in Cyprus slammed the bank for the move which has left many scrambling to book flights back to the UK to try to sort out the mess.
Barclays confirmed that as well as customers in Cyprus, those in Malta have also been contacted, and those in Greece are also on the list. Expats will find it difficult to open another UK-based current account, especially if they don’t have a UK address, as banks will ask for proof of address, such as a recent utility bill.
Many retirees living in Cyprus are loyal Barclays customers, banking with them for decades. Some have their pensions paid into their UK account on a monthly basis.
Bank of Cyprus suggests that those interested in a way to solve the problem or more information call 800 00 800 (+357 221280000 for international calls) – from Monday to Friday, 07:45 until 21:30 or email at [email protected]
To find out more about Bank of Cyprus UK’s International accounts, visit http://www.bankofcyprus.co.uk/international/ to apply online, or telephone +44 (0)20 3375 6422 Monday to Friday 9.00am to 5.00pm UK time.