From the “probably should’ve seen this coming” files:
Lloyds, Barclays and Coutts have informed retail and business customers that they will lose their accounts before or when the Brexit transition period ends on 31 December and more banks are expected to follow suit.
I wonder what position the neobanks will take, particularly (given this community, natch) Monzo?
Interestingly, I get to keep my Irish and Dutch bank accounts for up to 3 years after December. The UK Government has allowed this, but the EU has not allowed British expats the same opportunity vice versa.
Problem is even in the UK the EU and UK direct debit system was separate due to the UK’s euro opt out.
The opt out worked out for the UK economically so the minor inconvenience was a small factor to play.
You would hope that, given historical ties between NI & the U.K., something could be worked out at least for ROI banks. I imagine that people living in NI particularly are likely to have an account in the ROI, so this could affect a significant number of individuals.