Why are Barclays closing business bank accounts?

We have an increasing number of people contacting as about why are Barclays closing business bank accounts.

There could be a number of reasons why they are closing some business bank accounts but don’t expect them to tell you the reason why.

Whilst they may invite you to write in, they are not under any obligation to tell you exactly why.

So what could the reasons be why are Barclays closing business bank accounts?

In most cases it will be a change in their risk appetite, so it will probably be something to do with your business activity.

So if the nature of your business involves anything considered medium or high risk, it will be likely that will be the reason.

Even if your business has been established for sometime, it could be that it has only come to light what the activity is.

So even if your account has been opened for years, it could still be under threat.

Has there been a change or ownership or Directors?

If there has been a change of principle, then that could effect your account availability.

So when there is a change of Directors, Barclays will almost certainly want to check that individual out if they are involved with the business.

This will almost certainly include a credit check on that individual.

So if there is any adverse credit on their credit file, then it could give reason for Barclays closing business accounts.

Are you involved in a different industry or providing something different form when your account was set up?

If you have changed what the business actually does then that could have an effect.

So if you have moved form one industry to another and not informed them, then that could cause an issue.

Especially if you are now involved in a business activity that they would not want to support.

Has where are your payments are coming from or going to changed?

Barclays will almost certainly have areas where payments are coming from or going to which fall into a high risk category.

So if anything regarding your payments has changed, then that too could be a reason Barclays are closing business accounts.

They will not want to be seen dealing with certain countries and will not support a business account in areas they feel is too risky.

So when we are asked why are Barclays closing Business Accounts, it could be for a number of reasons.

The key issue if they do is, if Barclays will not support your business, it’s fair to assume the other high street banks won’t either.

So if your Barclays account has been closed, contact us to see what your other options will be.

Telephone 020 3286 3929 or Apply Online here