Barclays is introducing annual cash deposit limits, which control the amount of cash one can pay into their personal accounts held with the bank.
From July 1, 2024, Barclays customers will have an annual limit of £20,000 to pay into their accounts in a bid to help the high street bank detect 'suspicious activity'. This limit will then reset every January.
A Barclays spokesperson said: “We take financial crime and our responsibility to prevent money laundering seriously. We have contacted customers to let them know that from July we are making some changes to the amount of cash customers can deposit into their Barclays accounts.
“We have set the limit at an amount that will allow us to better identify suspicious activity, while still ensuring our customers have access to cash.”
A GB News reader explained they had recently received an email from the high street bank.
On their website, Barclays explained that even if someone has more than one personal account with them, the total amount of cash they can pay in across all of the accounts is still £20,000.
The new limit on cash deposits will be introduced for all customers from July 1
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This limit includes any children’s savings accounts they have with them, but doesn’t include cash paid into any business accounts.
Speaking on the deposit limit, Martin Quinn, campaign director at Payment Choice Alliance said: “By imposing annual £20k limits on cash deposits do Barclay’s really think that their customer base is all up to illegal activity?
“It might sound like a lot, but imagine if you sold a car, were paid in cash, nothing illegal taking place, but according to the bank, you must be laundering cash.
“The real reason I fear is that Barclays want to continue to erode the branch network, close branches and force us all online, because without a branch how can you pay cash into your account, they want to make it as hard as possible for the British public to safely deposit cash”.
Britons can also make payments and pay in cheques using their app or Online Banking.
How your cash deposits count towards your limit
Any money that is deposited into Barclays accounts at branch counters or self-service devices will count towards their overall cash deposit limit.
Any cash paid into a personal joint account counts towards the yearly cash deposit limit for each account holder.
There’s already a £10,000 cash deposit limit at the Post Office, which will still apply.
When customers pay in cash at a Post Office, they count towards both their overall limit and their Post Office limit.
Barclays will let people know when they’re near their cash deposit limit.
Customers can also check their remaining limit balance using the self-service devices, or talk to staff in person, over the phone or by sending the bank a message in the app.
The news follows the high street bank's announcement of branch closures across the UK.
Ron Delnevo, chair of the campaign committee at Payment Choice Alliance said: “Yet again, a bank ignoring the needs of individual customers.
“One small size fits all! If a Barclays customer wants to deposit £50,000 in cash during a year, why shouldn’t they? Many small businesses operate via personal accounts and have more than £20,000 in cash sales.
"This is just another attempt by a bank to force small businesses to stop accepting cash, as they try to impose 'cashless' on everyone in GB!”
When banking at the post office, those with business accounts can pay in up to £10,000 in cash into their account using their debit card and PIN or business deposit card. Each business will have its own cash deposit limit every year.
The news follows the high street bank's announcement of branch closures across the UK.
In April 2024 alone, Barclays is closing 21 locations.
Banks and building societies have blamed closures on internet banking and digital services becoming increasingly popular.
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However, many communities are at risk of becoming “bankless” in the near future with access to cash services.
Barclays previously announced their “banking pods” due to the vast majority of branch closures planned this year.
The bank said it will expand its “flexible banking formats” in response to changing customer needs.The plans include the launch of new banking pods, which will be purpose-built, semi-permanent structures in locations such as shopping centres and retail parks.
The pods will provide a dedicated, private space and can be moved depending on demand, the bank said.
At least 10 will be rolled out across the UK by summer 2023 following the success of the bank’s first pod in St Austell, Cornwall, Barclays said. The pod does not allow cash transactions, however.
List of Barclays closures this month:
- 22/23 High Street, Burton-on-Trent, England, DE14 1HU – April 11, 2024
- 306 Romford Road, Forest Gate, England, E7 9HH – April 11, 2024
- 28 High Street, Ely, England, CB7 4LA – April 11, 2024
- 20 Old Brompton Road, South Kensington, England, SW7 3DL – April 12, 2024
- 33 Market Square, Kirkby Stephen, England, CA17 4QN – April 12, 2024
- 36 Dunraven Place, Bridgend, Wales, CF31 1JB – April 12, 2024
- City Office Park, Tritton Road, Lincoln, England, LN6 7AR – April 12, 2024
- 10 North Street, Bishop's Stortford, England, CM23 2LH – April 12, 2024
- 33-35 High Street, Grantham, England, NG31 6PH – April 17, 2024
- Market Square, Penrith, England, CA11 7YB – April 17, 2024
- Unit 27, Longbridge Town Centre, Birmingham, England, B31 2UQ – April 18, 2024
- 1 Yorkshire Street, Rochdale, England, OL16 1BH – April 18, 2024
- 27 Station Road, Clacton-on-Sea, England, CO15 1TD – April 18, 2024
- 9 The Parade, Neath, Wales, SA11 1RE – April 19, 2024
- 11/13 Queen Street, Ramsgate, England, CT11 9DZ – April 19, 2024
- 28 Molesworth Street, Wadebridge, England, PL27 7DN – April 25, 2024
- 38 Market Street, Lancaster, England, LA1 1HS – April 25, 2024
- 78/80 Kilmarnock Road, Shawlands, Scotland, G41 3NN – April 26, 2024
- 32 High Street, Cardigan, Wales, SA43 1HH – April 26, 2024
- 92 High Street, Maidenhead, England, SL6 1PX – April 26, 2024
- Unit 62, Bluewater Park, Greenhithe, England, DA9 9SQ – April 26, 2024.
