Millions of Barclays customers will be denied access to online and telephone services this weekend as the bank carries out essential work to comply with new ‘ring-fencing’ rules.
Users will be locked out of internet and telephone banking, as well as the Barclays’ Mobile banking app and Pingit, between 11.30pm this Saturday (19 August) and 3.30pm Sunday (20 August).
It’s the first of many outages for Barclays customers, which will continue for one weekend a month until January, except in December.
What it means for you
Customers will be unable to access their accounts to check balances or transfer money.
If you need to transfer money into your account for use during the system outage, Barclays advises customers to do so before 11.30pm on Saturday 19 August.
Any money transferred to a customer’s account while the services are down will be credited after the work is done.
However, Barclays customers will still be able to withdraw cash from ATMs and use their cards to pay for things over the weekend as normal.
Barclaycard services will not be impacted by the work.
Why is this happening?
Barclays is undertaking major work to comply with new ‘ringfencing’ rules.
Banks have been ordered to separate their retail banking from riskier parts of the business, like investment banking, by January 2019.
As part of the work Barclays will be issuing around 900,000 personal, business and corporate accounts with new sort codes.
In order to do this, the bank has to come offline, which will impact all its customers.
For more take a look at: Ring-fencing: new rules could mean your bank account details need to change.
When is the next blackout?
Barclays hasn’t confirmed when the next outage for online and telephone banking will take place after this weekend.
The bank says it will let customers know through their app, online banking website, text message and email to let them know the dates.
A Barclays spokesperson said: “This weekend we will be carrying out work on our systems to align with new banking legislation to set up our ring-fenced bank, which will come into effect in the first half of 2018. We have worked hard to minimise disruption and apologise for the inconvenience this will cause to our customers.”
Beware scams
The Financial Conduct Authority (FCA) has warned bank customers should be on high-alert for banking scams as banks undertake work to comply with the ring-fencing rules.
It advises all bank communications be treated with caution.
If you receive a letter, email, text or call from someone who claims to be from your bank, it’s best to disregard it and call the number on the back of your card to verify information.
Remember your bank would never call or write to you to ask for your personal information, account details or your PIN.