| Admin History | From the foundation of the Bank in 1694, individual members of the public, as well as private businesses, were able to open accounts at the Bank of England into which they could deposit and withdraw money. This process was managed by the Bank’s Drawing Office (A Domestic History of the Bank of England 1930 – 1960, Hennessy, p.236). Between 1807 and 1933 Drawing Office functions were split between the Private Drawing Office (which managed the cash accounts of private individuals and companies) and the Public Drawing Office (which managed the cash accounts opened under Acts of Parliament, or by people in positions of trust in the government public companies.) The two offices were amalgamated back into one in 1933. The general practice in regards to private accounts was governed by two Minutes of the Commitee of Treasury and Minutes of the Drawing Office. The first on 30th November 1921 in which the Committee of Treasury recommended no Drawing Account be opened in the name of any UK of foreign bank or of any foreign subject resident abroad. A second Minute dated 25th August 1930 went on to recommend that the Bank should decline in the absence of exceptional cases, to open accounts for persons (other than staff), firms or companies. During this period (1924-1964) it was the Bank’s policy to withdraw from private business and a reduction of 95% in personal accounts and 75% in total private accounts was recorded (C56/20 ‘CASHIER'S DEPARTMENT FILE RELATING TO THE WORK OF OFFICES: PRIVATE DRAWING OFFICE’ 1960-1967 - Document entitled 'Private Accounts' dated 28.5.1965). On the 12 November 2015 the Bank announced it would be withdrawing from the provision of Personal Banking Services, which included private account facilities for individuals associated with the Bank and personal accounts for members of staff and Bank pensioners. All the accounts were closed by 2017. |