Clydebank MSP slams decision to close town’s municipal bank


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THE determination to shut Clydebank Municipal Financial institution for good subsequent yr has been slammed as an “erosion of the city’s historical past”.

Marie McNair, MSP for Clydebank and Milngavie, informed the Put up that she is extraordinarily disillusioned that facility will shut completely on March 31, 2023 – simply after celebrating its a centesimal birthday final yr.

It comes as West Dunbartonshire Council, which owns the financial institution, made the shock announcement final week, blaming the excessive price of complying with modifications within the legislation.

Marie McNair mentioned: “I’m extraordinarily disillusioned on the Council’s determination to shut the municipal financial institution.

“It’s an erosion of our city’s historical past particularly after 100 years of service. 

“There are numerous constituents, particularly older residents who’ve accounts there. They’re inconvenienced by this determination and I name on the Council to behave of their curiosity to minimise the damaging impression it can trigger.”

The financial institution has 2,477 clients and of those, 414 are stay accounts, which means they’ve had transactions inside the previous 12 months. The rest are thought of to be dormant.

The council didn’t affirm what number of workers work on the financial institution however it did say it’s at the moment partaking with financial institution workers and commerce unions consistent with its redeployment framework.

In an announcement revealed on the authority’s web site, the council mentioned the closure transfer was “on account of a overview of its operations discovering that substantial monetary funding must be made to make sure compliance with latest modifications in regulatory necessities for anti-fraud and cash laundering measures, and buyer due diligence”.

The financial institution, which is situated inside the Clyde Buying Centre, offers a financial savings facility to residents of West Dunbartonshire and past.

In response, Damon Scott, chief government of Dunbartonshire Chamber of Commerce, mentioned: “That is unlucky information and can, in fact, be disappointing for purchasers.
“It’s, nevertheless, not stunning that in a big cost-crisis financially prudent selections are having to be made by each the private and non-private sector.”

He added: “On a extra constructive notice, rates of interest for individuals who are within the place to avoid wasting are on the rise and all the primary banks and constructing societies and credit score unions nonetheless present an especially secure choice for managing and saving cash. 

“While there are decreasing numbers of bricks and mortar branches, private and enterprise banking is adapting with native submit workplaces beginning to provide a variety of face-to-face banking providers and choices.”

Clients of the financial institution – the oldest municipal financial institution in Scotland, and considered one of solely two nonetheless in operation – should make various banking preparations, transfer their funds, and shut their accounts by March.

The council mentioned that on account of potential uncertainty relating to the closure, council workers shall be readily available to supply clients help with the subsequent steps.
Clients ought to organize to shut their accounts as quickly as potential.


https://www.clydebankpost.co.uk/information/23084261.clydebank-municipal-bank-set-close-march-next-year/?ref=rss ,



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