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CLYDEBANK Municipal Financial institution is about to shut for good subsequent 12 months – simply after celebrating its one hundredth birthday.
West Dunbartonshire Council (WDC), which owns the financial institution, made the shock announcement this week, blaming the excessive price of complying with adjustments within the legislation.
The financial institution will formally shut on March 31, 2023.
In a press release revealed on the authority’s web site the council stated the closure transfer was “because of a evaluate of its operations discovering that substantial monetary funding must be made to make sure compliance with latest adjustments in regulatory necessities for anti-fraud and cash laundering measures, and buyer due diligence”.
Prospects of the financial institution – the oldest municipal financial institution in Scotland, and certainly one of solely two nonetheless in operation – must make various banking preparations, transfer their funds, and shut their accounts by March.
WDC says that because of potential uncertainty relating to the closure, council workers will probably be readily available to supply prospects assist with subsequent steps.
WDC is nonetheless not capable of present monetary recommendation relating to various suppliers, and is as a substitute asking residents to contact their native Residents Recommendation Scotland workplace which is able to present unbiased info and recommendation.
Contact particulars for native branches might be discovered HERE.
Prospects ought to organize to shut their accounts as quickly as potential.
A helpline has been arrange by the council to debate withdrawal strategies, in addition to reply any questions and organize appointments to attend the financial institution in particular person.
Contact the helpline on 01389 738682 or 07557 327731 between 10am and 3pm, Monday to Friday, or e-mail email@example.com.
For additional info on the closure go to WDC’s web site HERE.
Clydebank’s Municipal Financial institution is the oldest in Scotland and celebrated its one hundredth birthday in June final 12 months.
The financial institution, which is situated throughout the Clyde Purchasing Centre, offers a financial savings facility to residents of West Dunbartonshire and past.