Since there were no paper statements, you even struggled to determine which accounts were closed – let alone why – and you had no record of how much money was inside. There are several reasons why you may want to close your business bank account, including if you`ve stopped trading or want to switch accounts. Read on to learn how to close your business account and a handy checklist of important considerations. Some of the reasons given by banks for account closure include activities that could be relatively innocent – such as the use of overdrafts. Clueless: Without access to their internet bank statements, R.C had no idea how much money was in closed accounts A customer living in Greece had closed his bank account, but his money was also gone. First, let`s close the Barclays bank account for you. Here are the most common reasons that lead to the sudden closure of your bank account: – Suspicious transactions – No transactions (for example, the account is considered dormant) – Transactions with high-risk countries – The location of your customers and suppliers and sometimes their reputation – Inability to provide proof of payments made (although this usually results in account suspension rather than account closure) – Violation of terms and conditions No access to your major bank accounts, including your checking account, savings, and business accounts, have obviously made your life very difficult. I accepted my fate, transferred the accounts I needed and closed some of them. One of the fastest and easiest ways to close your Barclays current or savings account is online.

When you first contacted me in July, you had managed to get some of the money from your closed accounts – but you were told that £4,000 would be „held“ and that you would have to go to a branch with two pieces of identification to have it transferred to your other checking account at another bank. All banks are under strong pressure from regulators to improve their understanding of their customers` activities. This is why opening a bank account in Hong Kong is so difficult for small businesses and many business bank accounts are closed. A handy guide to opening a bank account in China, including fees, paperwork and which Chinese bank is best for expats. Helen Crane of This is Money replies: This bank account bomb was a shock. By phone – if you are registered with telephone banking and have another Barclays account to transfer the funds, you can call 0345 605 2345 The switching service is available to all small businesses with fewer than 50 employers and a turnover of less than £6.5 million. Don`t take any chances; A closed bank account cannot be reopened. Chances are, when you opened a business account, you didn`t look much further than the bank where you already held your personal checking account. It made sense at the time – you knew the brand and it was convenient to keep your accounts under one roof. This would explain why 63% of business owners haven`t changed their business account in five years or more, according to a study by Revolut. If not, you can choose one of the many methods we have explained here to close your Barclays account.

Good luck! Of course, you want to know why your account was closed, but your bank may refuse to disclose information. Looking for a more transparent business account? Consider opening a digital business account with Statrys and making smarter payments in less than 48 hours. All you have to do is log into online banking and send a secure message asking you to close your account. And for those who have an Everyday Saver account, it is possible to request closure and transfer the remaining balance in just a few clicks¹. If you have a Barclays bank account but no longer need it or are considering switching banks, read on. We`ve covered similar cases before – including this reader whose accounts were closed by Barclays in 2017. Account closure is troublesome to say the least and has the potential to put your business at risk. As frustrating as this may be for you, remember that, as with any other private company, it is within their rights. Banks are not required to disclose the reason for closing an account.

Jeff is a freelance journalist who writes in finance and economics. He was Personal Finance Editor at The Scotsman & Scotland on Sunday and a member of the Financial Services Consumer Panel. This is one of the many things buried in the fine print that we often ignore when opening new accounts. However, they closed my account and weeks later no one can tell me what happened to my money or when it will happen. My account contained almost £6,000 (£5,070). In more serious cases, banks may have found real evidence of fraud or criminal activity, and in these cases, the account will be closed without warning. From a powerful account, you can manage 50+ currencies and switch between them. You can receive money from abroad for free and spend in the local currency (automatically converted at the fairest exchange rate) using a Wise debit card. This is more likely to be the case if you`ve had the same account for a few years.

With the development of the market, different types of accounts have become available, more and more providers have entered the market, costs have become more competitive, and the range of services has expanded. Your new bank will also redirect any accidental payments to your old account for at least three years. If you`ve set up automatic bill payment on this account, be sure to pause bills or make other temporary payment arrangements. Therefore, you need to set something up as soon as possible to avoid future headaches. However, opening a bank account with a traditional bank in Hong Kong is neither easy nor the best option for most businesses. Typically, your bank will send a written notice that your account will be closed (without specifying the exact reasons) and ask you to go to a branch to collect a cheque for your account balance. There may be some outstanding things that need to be settled before you can close an account. For example, you will likely be asked to repay any outstanding loans you have before you can close them. Your business bank account provider may also insist that you clear any overdrafts you have and pay any outstanding fees to your account. It also gave you information on how to access your remaining accounts online, although you can no longer access the app since you don`t have a Barclays checking account.

And that`s it, all the important information you need to close an unwanted or unused Barclays account. You must also destroy the debit card and checkbook associated with the account. As a result, it is gratifying to see businesses increase their support for those who are struggling. More than 100,000 teenagers in the UK could run out of money in a lost children`s trust account. Find out how children`s trust funds work and how young savers can best get a return on their money. And potentially makes it harder to get a new account elsewhere. One of the reasons to close your account is to close your business completely.