Brexit News

Brits who live in EU face being stripped of their UK bank accounts and credit cards

todaySeptember 21, 2020 3

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Some of Britain’s biggest banks have begun contacting customers based in EU countries such as Spain, warning them that their accounts will be closed down within weeks because the cost and complexity of operating without a continuation of pan-European banking rules is too much.
It’s believed thousands of Brits who live in Europe face being stripped of their UK bank accounts and credit cards, because of the UK government’s failure to agree rules for operating after Brexit.
If a way isn’t found to continue Europe-wide banking rules, or ‘passporting’, UK banks will be breaking the law if they don’t apply for new licenses in each European Union Country.
Britain’s biggest banking group, Lloyds, began writing to customers in August, warning them that their accounts would close down on December 31st.

Written by: BayRadio News

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