Barclays Lost a Family's Heirlooms Worth £750,000!

Valuable Items Estimated to be Worth £750,000

A customer of Barclays has encountered difficulties in obtaining adequate recompense for the disappearance of a suitcase filled with valuable possessions, which had been stored at the Barclays Queensway branch in London. The suitcase, which held gold jewellery, precious stones, rare Persian coins, valuable editions of the Quran, and a prayer rug, was estimated to have a worth of approximately £750,000. The customer had availed the services of Barclays' Safe Premium service to store the suitcase from 1995 until the cessation of the service in Spring 2012.

Initial Compensation Offer of £58,000

The bank initially claimed that the suitcase was untraceable and proffered the customer £58,000 as compensation, citing that it was in accordance with the contract signed between the parties. However, upon scrutinising the contract, the customer found no mention of a limitation on compensation for loss caused by theft or negligence. Despite repeated enquiries, the customer could not establish the origin of the £50,000 limit that was imposed.

Metropolitan and City of London Police Unable to Investigate

The customer sought the assistance of the head of the Metropolitan and City of London police, however, was informed that the force did not possess the resources to examine the case. Despite repeated requests, Barclays has not furnished the necessary information to the police.

Barclays Requests Valuation and Offers £58,125 in May 2019

Barclays requested the customer to furnish a list of the missing items, and at the customer's behest, 61 similar items belonging to the customer's family were valued by the auction house, Bonhams. The estimated value of these items was approximately £750,000. Upon receipt of the valuations from Barclays, there was a prolonged period of inactivity before the bank finally offered to reimburse the customer £58,125 in May 2019. The offer was based on the limit stipulated in Barclays' standard terms and conditions, which apply to items that are lost while in safekeeping, subject to sufficient evidence of ownership. These terms and conditions now necessitate customers to obtain insurance coverage for their possessions.

Additional Offer of £8,000 by Barclays

The additional £8,000 offered by Barclays comprised a reimbursement of the charges incurred since 1995 and the value of three coins, which were similar to those that had been gifted to the customer's siblings by their father. Barclays was willing to accept a valuation of these coins and repay the customer accordingly, however, refused to recognise the other valuations, contending that there was no evidence to support the assertion that these items were stored in the suitcase.

Frustration Over Barclays' Handling of the Situation

Despite the customer's lapses, such as failing to take out insurance or maintaining records of the deposited items, they remain dissatisfied with the manner in which Barclays has managed the situation. The customer has been transferred from one employee to another, and the quest for the missing suitcase, the disagreements with various Barclays staff members regarding the contents and amount of compensation, and the prolonged delays have proved to be a source of vexation.

Why Store Your Valuables with Chards?

We are proud to offer premium storage solutions for discerning clients, both domestically and abroad. Our services are low-cost, fully insured, and tailored to meet the needs of those who demand exceptional quality and security.

We provide our clients with a dedicated and segregated metal account, boasting discreet allocations of coins and bars. Our storage facilities, located in the highly reputable Blackpool, are of a world-class standard and offer unparallelled security. Alternatively, for those seeking overseas storage, we offer bonded warehouses to accommodate the safekeeping of bullion.

For added peace of mind, we offer pre-payment metal accounts in the form of our Saving Account and DigitAul Account. Our knowledgeable and helpful team is always available to assist in selecting the best solution to meet your specific requirements.

We take pride in ensuring the safety and security of our clients' assets, and as such, customer stock held at our facilities has undergone independent verification by the reputable firm, Azets.

For further information, please do not hesitate to contact us on 01253 343081.

Why Trust Chards Coin and Bullion Dealer?

At Chards Coin and Bullion Dealer, we have been a trusted name in the industry for over 59 years, offering our discerning clientele secure storage solutions. Our Harrowside premises boast robust strong rooms, equipped with dual-layered safes to ensure the protection of your valuable assets. Our extensive experience in handling gold and silver bullion products has honed our understanding of the importance of security measures, leading us to secure full insurance coverage with Lloyds of London, the premier risk-management services provider globally.

Our commitment to transparency and accountability is evident in the regular external audits of our stocks and our strict adherence to in-house governance and quality processes. Our Swiss vaulting suppliers are renowned companies with whom we have maintained a successful relationship for many years, known for their adherence to world-class standards and insurance coverage.

Chards Coin and Bullion Dealer is one of the largest and most respected bullion dealers in the United Kingdom, with a prominent presence in Blackpool and an abundance of positive reviews, garnering over 2000+ 5-star ratings on Trustpilot. Entrust us with the safeguarding of your valuable possessions and rest assured that your assets are in the hands of a trusted and reputable name.