NatWest Bank – closure of the College sub-branch with effect from 12 May

Following the decision by NatWest to close the Sherfield Building sub-branch, the following operational changes are being introduced.

Banking of cash and cheques, and collection of change

The College has appointed Loomis (UK) Limited to securely collect and deliver cash to South Kensington campus. All cash will be collected / delivered to a dedicated room located in the Sherfield Building.  All College trading outlets and departments wishing to use this service will need to bring their daily banking and collect change from this room.  There will be a letter box in the door of the secure room for depositing cheques only.  Access to the room will be restricted to designated staff only. Detailed instructions will be issued to those directly affected.

Payments to academic visitors and newly-arrived overseas students without UK bank accounts

Since it will no longer be practicable to provide College cheques, opened for encashment at the branch, the following options are available:

(i) the payment can be made directly to an overseas bank account belonging to the payee, by wire transfer.  This will require the payee to provide full details of their overseas bank account in good time. They may then be able to draw cash directly against their overseas bank account.

(ii)  the payee can arrange for the funds to be deposited into the bank account of an existing UK-resident account holder.  This is a matter for personal arrangement between the intended recipient of the funds and the person into whose bank account they are being lodged.  The College will require signed authority before lodgement, and cannot accept legal responsibility if anything goes wrong with such arrangements.

As a result of these changes, there should be no need for employees conducting College transactions to go to the NatWest main branch (opposite South Kensington station), save in the most exceptional circumstances.

Personal banking

Please note that the arrangements set out above relate only to monies belonging to the College, its subsidiaries, the Students Union and associated trading businesses.  Employees and students holding personal accounts at NatWest will need to use the ATM machines, electronic banking, or visit a branch in person.

Further details and questions

A further, more detailed message will be sent to all staff who currently bank College cash and cheques at the NatWest branch.

Please refer any questions to the Treasury team in the Faculty Building: