Future of Airdrie Savings Bank

Important information for our customers.

Whilst we are financially strong, a comprehensive strategic review of all future options concluded that - as a very small bank - we will not have the resources in the years ahead to provide the products and services our customers need in an increasingly digital world.  The Board and Executive Team have therefore, taken the difficult decision in the best interests of our customers to close down our accounts and ask our customers to move to an alternative banking provider.

As you may know, we have found it increasingly difficult to maintain our position as a small independent savings bank in today’s highly-competitive financial world. In recent years, this has forced us to take some difficult decisions – including the closure of several branches – in a bid to tackle a shrinking customer base, declining footfall across our network and ever-rising operating costs.

As part of the phased reduction in our business activities, we have established a new business relationship with TSB. This new relationship will include transferring all secured customer loans to them.

TSB can trace its origins back to the early 1800’s as an association of savings banks; the first savings bank started in the Scottish Borders. TSB was a savings bank and we still share a similar ethos and culture.

Key Information

In preparation for a phased end to our business activities we must inform you of the following:

  • We will be closing our Coatbridge and Bellshill branches on Friday 28 April 2017;
  • Our full range of accounts will be affected over a period of time;
  • Our current account service, including Internet Banking and VISA Debit and Electron card use will be withdrawn on 28 April 2017;
  • Mortgages and other Secured Loans will transfer to TSB and we will write to you very soon with the details of this transfer.

The main Airdrie branch and Head Office in Stirling Street will remain open for as long as it takes us to help, support and enable our customers to transfer their banking business to an alternative financial services provider of their choice. But we expect it to close before the end of 2017. Customers will continue also to have access to telephone banking through our Customer Contact Centre.

Next Steps

We will write to you again soon to explain what you need to do and the full range of support we will be offering to close your accounts and move your services to an alternative financial services provider.  We propose to contact you, depending on the products you hold with us, within the following timescales:

Business   Account Customers

January 2017

Current Account   customers

January –   February 2017

Secured   Lending Customers

January 2017

Unsecured   Lending Customers

February 2017

Savings Account   customers

February –   March 2017

 

We understand you may have some questions in relation to the changes and what these mean for you.  We have set out answers to some questions you may have in our Overarching Q & A.  Please click here to find out more.

 

Alternatively, for more information, please speak to a member of staff, go to the ASB website; call our Customer Contact Team on 01236 766851; or e-mail us at: info@airdriesavingsbank.com.


 

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