Greig Smith, 29, assistant manager at the Whitehouse Road branch of the Bank of Scotland in Edinburgh, admitted a series of fraud charges when he appeared before Edinburgh Sheriff Court.
The court heard Smith could bypass security systems because he created the new accounts using a mixture of names and addresses of existing customers. The accounts he then set up were student accounts which gave the holder a 1,000 overdraft.
After setting up an account, Smith withdrew the 1,000 from each account and used it to pay off his own debts, including his student loan. Evidence was given that he defrauded the bank of over 50,000.
Prosecutor John Kirk explained that no customers had lost money as the accounts were fictitious. He said: “It is the bank itself that is the loser here.”
It was said Smith had been living above his means and was desperate to repay his debts. He has been made bankrupt and is unemployed. Sentencing will be in March.