Savers’ outrage over council closure of Municipal Bank

East Dunbartonshire Council headquarters
East Dunbartonshire Council headquarters

There has been an angry response to the announcement that East Dunbartonshire Council is to close its Municipal Bank.

Last week we revealed that councillors had voted to wind up the bank at a meeting last month.

East Dunbartonshire Municipal Bank currently operates out of council offices at Bearsden, Lennoxtown and Southbank Road in Kirkintilloch and is marketed as “the friendly bank”.

It has traditionally offered a competitive rate of interest which compares favourably with the larger banks and building societies, with deposits being invested with the council to help reduce council tax.

A detailed plan of the closure and the timescale for the closure will now be prepared, with the first step of this process set to be a meeting of the directors after the summer.

But some residents are now wondering where they will bank.

On the Herald’s Facebook site, Lindyann Watson said: “This a great bank and I have used it for 12 years.

“Through problems in past with debt I am unable to get a bank account with any other branch so will be sad to see this close.”

Kathy Chappelle added: “My children have accounts with the Municipal bank, opened for them by their grandpa when they were born. They have had money paid in ever since.

“It is a community bank used by the community. When are they notifying customers and what happens with all the accounts, money and transactions? When is this council going to start working for us?”

Meanwhile, other readers say the bank should be used by the council to provide a credit union-style alternative to controversial payday load companies.

Council leader Rhondda Geekie said that all employees and customer of the bank would be informed of detailed arrangements “as soon as closure details, including the timescales, are available.”