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Bank switch could save Wyre Forest District Council £32k
MORE than £32,000 could be saved by Wyre Forest District Council after the authority switched banks.
Councillors predict moving its banking services from the Co-operative Bank to Lloyds Bank after April next year could save the authority at least £32,000 over four years. Card transactions will continue to be made with Global Payments. The council has banked with the Co-op for the past 11 years but the bank had notified all local authorities it would withdraw from banking service agreements and would not submit new tenders.
Wyre Forest worked with Focus on Banking to review its arrangements and the new Lloyds contract will be for four years with the option to extend for a further two, then another choice to extend it by another year.
Conservative councillor Nathan Desmond, cabinet member for resources and transformation, said: “The council has worked hard to ensure it appoints an outstanding banking service provider and we look forward to forging a positive and effective professional relationship with Lloyds.”
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