Customers of the North Lanarkshire Municipal Bank (NLMB) are being encouraged to act now and shut down their accounts ahead of the bank closing later this year.
All accounts held with the NLMB must be closed and alternative banking arrangements put in place before 30 September 2022.
The bank will help existing customers make arrangements for balance transfers, changing payments and provide guidance on how they can set up new accounts with other providers.
Elaine Kemp, Company Secretary said: “It is important customers act now to give themselves time to make alternative banking arrangements. People need to contact us so we can help them transfer their savings and payments to other accounts. We would also encourage family members to check with relatives if they may have an account.
“We have a range of support services available and the sooner you speak to us, the quicker we can make suitable arrangements to help. We are contacting all existing customers directly to remind them they need to contact us ahead of the bank closing down.”
Customers can close down their accounts in person at any Municipal Bank branch across North Lanarkshire with funds payable using the following methods:
- Faster Payment: transfer to an alternative account in the existing customer’s name with another banking provider.
- Cash: requires prior notice of 3 days for withdrawals of over £1,000. For safety and protection of customers, we recommend that cash withdrawals are limited to £1,000
- Cheque: requires prior notice of 7 days
The closure decision was taken by the NLMB board last year, following a review by the corporate bankers RBS and changes in the way banks must carry out anti-fraud and money laundering measures and customer due diligence over the last decade.
Customers should contact the NLMB helpline on 01698 403135 before attending a branch to close down their account to help manage demand and to speed up the process for them.
The Helpline will be available Monday to Friday between 10am and 3pm. No new accounts can be opened; and any additional deposits are being discouraged.