An 89-year-old man lives on only 100 euros a month, because his bank, the ‘Yorkshire Building Society’, does not allow him access to his savings, about 114,000 euros. This retiree has been trying for more than 5 years to get the bank to give him the money from his savings without success because the English banking system has blocked it. It’s as if he retired with no savings.
Don Lowe lives on Hydra, a small island in Greece, but he is from England. He left his country when he was still a teenager to live adventures around the world. He searched for oil in Libya, made documentaries and even wrote more than 120 books, during which time he brought up to 4 children into the world. But that’s not all, he is also known for his friendship with singer Leonard Cohen, something that arose when musicians and artists from all over the world met on the small Greek island of Hydra during the 1960s. The singer has since passed away, but their friendship was long and lasting.
“I’m kind of a legend. I’ve written a lot of books, they’ve even made movies about me. I’m one of the first to come here. Leonard Cohen is an old friend of mine, I grew up with him. People write to me from all over the world, they even visit me,” Lowe recalls in an interview with The Telegraph.
Now Lowe’s life is quieter, enjoying the views he has on the beautiful island of Hydra, where he lives in a cabin without electricity, internet or mobile phone. What’s more, cars, bicycles and any other wheeled vehicle are prohibited on this island.
Although unfortunately, his life has not been completely at peace in recent years, since he has been fighting for almost 5 years to access his life savings, about 126,000 pounds sterling (approximately 144,000 euros) and which are currently blocked in the English banking system.
“I don’t waste anything and I live simply. I don’t have my own house here, I live with my daughter. I just need to buy some food. I get water from a well.”
Don lives about 2,400 kilometers from his money and, although it may not seem like it, he has a six-figure fortune that he cannot access in any way. There are more stories like his, in fact he is one of thousands of Britons living abroad who saw their accounts closed after Brexit in January 2020. While some banks changed the rules immediately, others tightened conditions later.
One of those entities was Yorkshire Building Society, which decided to close expat accounts giving only 60 days to move the money. For Don, that changed everything.
“I’m still English and I’ve had an English passport for all these years. I’ve always had an English bank account and I’ve always used it.”
“I received a letter informing me that they were closing the account. They were supposed to give me three months’ notice, and when I received the letter, it was only three days away.”
An impossible check to cash
In March 2020, Don claims that the bank sent him a check with all his money. But soon after came another blow: his bank in Greece blocked his account for not having regular income, leaving him with no way to deposit that check.
“When the check expired, I called Yorkshire and they said, ‘No problem, we’ll send you another one.’ I didn’t object, as long as I could find another bank to transfer the money to if they couldn’t reactivate my account.”
He tried to look for alternatives, but without success.
“I contacted about 12 institutions in England, but they all said they were subject to the same obligation and would not do it.”
“They haven’t offered me any other option than a check and I need an account. They told me, ‘Why don’t you put it in the account of someone you trust?’, but I couldn’t access it. Who can you trust these days?” he says of the bank that has his money.
“They took it out of my hands.”
Don has been trying to find out what happened to his savings. He says he wrote to the bank’s headquarters and also to the British Treasury, but did not receive any solution.
“I don’t want to depend on anyone, I don’t want help from the government. I’ve always lived like this in Greece. I have my coin in my pocket in case I need something, a piece of bread. I can catch a fish.”
“To be honest, someone made a mistake at some point. I think it’s an injustice because the whole system is designed for us to take care of our children. I’m not happy that this got out of hand.”
“Where is the money now? Is it still safe? Yorkshire Building Society has not verified this. I have tried to apply for reactivation.”
“To be honest, I think about it every day, even in bed at night.”
You have to survive with the minimum
With no possibility of traveling to the UK for health reasons, withdrawing money in person is not an option. His state pension is paid into his son’s account in England and he has to make do with the bare minimum.
“I’ve been living on 100 euros (£83) a month and I can do it. I have some cash at home right now. The last time I went to the Greek bank and told them this story, they gave me some money and told me I couldn’t use my account anymore,” he explains of his situation.
“What bothers me is that I have learned to save money. I have now accumulated a six-figure sum. I have lost around £30,000 in interest.”
“My body is in top shape, but I have problems with my eyesight. I keep writing, but I can barely see the paper. I have to do it because it is the only positive thing that keeps me going, otherwise I would jump out the window. This is the pressure that those in power put on me.”
The bank’s response
Yorkshire Building Society claims that they have maintained contact with Don and that, following the intervention of Telegraph Money, they are working to return his funds.
A spokesperson reminds that their accounts are only available to residents of the United Kingdom and that clients who move to Europe have 60 days to move their money.
“If they do not, we will close their account and issue them a check for all remaining funds, including interest accrued up to the time of closure.”
They also explain that if the check is not cashed, the money is considered inactive and is held in custody until the customer provides the necessary documentation to recover it.
A simple life, despite everything
Despite having his life savings blocked in his home country, Don maintains a calm, almost philosophical view of his situation.
“It’s not about whether money would change my life. I love my life the way it is. I consider myself a free man. I don’t know anyone who lives like me. I’ve traveled the world, I was looking for my place and I found it in Greece,” says Lowe.
“I’m 89 years old and I still look out the window and see the beauty around me, my little cabin in the hills. I’m so lucky to be here. There are so many dissatisfied people in the world.”