North Lanarkshire municipal bank will finally cease its operations on September 30.Remaining customers are now being urged to take action to empty and close down their accounts ahead of the closure in less than five months’ time, by making alternative arrangements and transferring their balances and automated payments.
Additional deposits are now being “discouraged” as part of the winding-up process, with no new accounts having been opened since the bank’s planned closure was first announced last October.
The Lanarkshire Live app is available to download now. Get all the news from your area – as well as features, entertainment, sport and the latest on Lanarkshire’s recovery from the coronavirus pandemic – straight to your fingertips, 24/7.The free download features the latest breaking news and exclusive stories, and allows you to customise your page to the sections that matter most to you.Head to the App Store and never miss a beat in Lanarkshire - iOS - Android Board members decided on the course of action in response to a banking review highlighting the “prohibitive cost” of meeting current requirements relating to anti-fraud and money laundering measures and customer due diligence.
North Lanarkshire’s municipal bank – originally founded in 1924 and the established across the authority when it was created in 1996 – is one of only two such savings banks in Scotland.
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