Inter-Bank Transactions (Continued)
The BMB originally agreed to participate in the Inter-Bank Transactions Scheme with Trustee Savings Banks in October 1938. The
amount of withdrawal on demand was limited to £3, or up to £20 at short notice. Settlement between the Banks was immediate.
Following
a meeting in Birmingham in 1946, the scheme was simplified, and settlement was made on the 15th of each month.
Any loss incurred
in dealing with a Municipal Bank depositor by a Trustee Savings Bank was made good by the Municipal Bank. Reciprocally, a Trustee
Savings Bank bore responsibility for any loss incurred by the Municipal Bank in dealing with a TSB depositor.