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 annual limit if £20,000 to pay into their accounts.
This limit will then reset every January.
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.
This limit includes any children’s savings accounts they have with them, but doesn’t include cash paid into any business accounts.
The new limit on cash deposits will be introduced for all customers from July 1
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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.
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.
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.
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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:
GB News has contacted Barclays asking for comment.
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