The customers of the online banking service of Barclays are reporting that their savings accounts are being displayed as having a zero balance.
Some customers were shocked to find that their savings account was showing as empty where there should have been several thousand pounds even when there were no suspicious transactions to indicate that the money had been stolen or transferred elsewhere.
Some customers have taken to social media to report their problems.
Some of them were informed that the bank was aware of the problem and that their money was still there. However, they were unable to explain what had gone wrong or when the problem would be resolved.
A customer named Ian Flintham reported on Twitter that his bond account was displaying a zero balance. However, the support staff on Twitter seemed to be unaware that there was a problem with savings accounts.
Tom Adams of a price comparison website called Savings Champion said that technical glitches were one of the reasons that customers were turning to so-called challenger brands.
He stated: “It’s a reaction to the service they’re getting from traditional banks.”
A spokesperson for Barclays was not able to explain why the balances show a zero balance.
Digital-only banks including Monzo, which has approximately 750,000 users, or Revolut, which claims that it has more than three million regular and 60,000 business users, are gradually increasing their share of the market.
Mark Locke, of a communications specialist called The Lang Cat state: “Instances like this where people log in to their online banking app and find their account missing money can be really worrying.”
He added: “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.”
The disastrous IT migration of TSB led to the bank receiving more than 200,000 complaints in 2018 and losing 80,000 customers. Customers discovered that they were locked out of their accounts, had debit cards and PINs sent to the wrong address and were targeted by fraudsters.