Savings accounts

'My savings are missing': technical glitch reduces Barclays customers' cash to zero


Barclays’ online banking customers are reporting that their savings accounts are being displayed as having a balance of zero.

Telegraph Money reader Paul Hodgson, 47, a Barclays customer of more than 20 years, wanted to use the bank’s app to check that his pay had come in.

But he was shocked to find his main savings account, an Isa, was showing as empty where there should have been several thousand pounds. There were no suspicious transactions to indicate that the money had been stolen or transferred elsewhere.

Other customers have taken to social media to report similar problems.

When he called the Barclays helpline, Mr Hodgson was told the bank was aware of the problem, and that his money was still there, but were unable to tell him what had gone wrong or when the problem would be resolved.

When he checked the app later that evening and again the following morning, his money was still missing. Despite phoning numerous times, the issue was not resolved.

Mr Hodgson said: “Despite lots of reassurance, and being given explanations ranging from it’s now fixed to me needing to update my operating system, nothing has changed. My savings were missing last night and they’re missing today."

Another customer, Ian Flintham, reported on Twitter that his bond account was also displaying a balance of zero. However, support staff on Twitter appeared to be unaware that there was a problem with savings accounts.

Tom Adams, of Savings Champion, a price comparison website, said technical glitches were one of the reasons customers were turning to so-called challenger brands.

“It’s a reaction to the service they’re getting from traditional banks,” he said.

A spokesman for Barclays could not explain why Mr Hodgson’s balance was showing as zero.

Digital-only banks such as Monzo, which has 750,000 users, or Revolut, which claims more than three million regular and 60,000 business users, are gradually growing their share of the market.

Mark Locke, of The Lang Cat, a communications specialist, said: “Instances like this where people log in to their online banking app and find their account missing money can be really worrying.

"It’s a poor show when big banking brands can’t provide the reassurances their customers require that their money is safe with them. Reliability and trust go hand in hand. When the former goes, the latter is quick to follow."

TSB’s disastrous IT migration led to the bank receiving more than 200,000 complaints last year and losing 80,000 customers. Customers found themselves locked out of accounts, had debit cards and PINs sent to the wrong address and were targeted by fraudsters.


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