Elaine Kemp, Company Secretary explained: “All customers were contacted directly on a number of occasions prior to the bank closing at the end of September, alongside an extensive communications programme to highlight the bank’s closure via social media and other communication methods to maximise account withdrawals before the bank’s formal closure.

“All banking operations have now ceased and remaining funds, in line with legal and regulatory requirements, are currently being held by the council on behalf of Municipal Bank customers to allow any remaining account holders to withdraw their money. We have put in place a process to allow account holders to apply to withdraw any remaining balances and this should be done as soon as possible via the Council's First Stop Shops.”

Customers should contact the NLMB helpline on 01698 403135 to arrange account closures. No payments or deposits can be made as the Bank is now closed.

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.

For further information visit: www.northlanarkshire.gov.uk/municipal-bank