Co-op closing 10 more branches

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Legacy_user
Legacy_user Posts: 0 Newbie
in Budgeting & bank accounts
Recently advised that they are closing a further 10 branches and one happens to be one that I use!

I prefer to have some branch access, so I'm considering switching out but obviously aware that they're going to be sold.

Anyone close to the process of the sale and know if a tie up is imminent / likely?
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  • WillPS
    WillPS Posts: 3,469 Forumite
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    I very much doubt anyone with privileged information is going to share it on a public forum.

    I personally expect the process will take a long time.

    You can always switch back if a branch in the buyer's chain is convenient for you.
  • JVenture
    JVenture Posts: 8 Forumite
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    To be honest you can use the Switch service to change banks in less than 7 days so just move to one which has a branch near you and then if another comes along switch again, usually bonus's for switching as well so always worth it.
  • Zanderman
    Zanderman Posts: 4,683 Forumite
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    Heng_Leng wrote: »
    ...I prefer to have some branch access, so I'm considering switching out but obviously aware that they're going to be sold....

    Doubt you'll get an answer on your question about the coop sale (it was only recently announced it was up for sale, so it may take some time to progress...).

    But why do you want branch access? Unless you have specific needs to visit your own bank most things can be done online or at a post office. We're just about to lose our last High Street bank in my town (3 out of 4 closed in last 2 years, last is going soon) but it won't affect any of our banking, despite our banking, to some extent, with all of them.

    And none of those local banks were ever Coop, despite our using Coop and Smile as our main accounts for over 15 years. Indeed I don't think I've ever entered a Coop Bank branch, anywhere, ever. But we pay cash and cheques in to the Coop at the PO, and do all the other stuff online.

    But maybe I'm telling you stuff you already know and you really need branch access for some other reason.
  • JVenture
    JVenture Posts: 8 Forumite
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    Co-op is not "For Sale" the co-operative group sold a majority stake in the bank to a large hedge fund during the financial crisis which effectively lost them the bank, what the group has decided recently is to drop its current stake in the failing bank to support the rest of the group.
  • gt94sss2
    gt94sss2 Posts: 5,630 Forumite
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    JVenture wrote: »
    Co-op is not "For Sale" the co-operative group sold a majority stake in the bank to a large hedge fund during the financial crisis which effectively lost them the bank, what the group has decided recently is to drop its current stake in the failing bank to support the rest of the group.

    Yes - it is. The hedge funds have had enough and are trying to sell their stake - see https://www.theguardian.com/business/2017/feb/13/for-sale-co-op-bank-looks-for-buyers
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    JVenture wrote: »
    To be honest you can use the Switch service to change banks in less than 7 days
    The CASS has a 7-working day timescale. How can you complete a 7-working day switch in "less than 7 (calendar) days"?
  • System
    System Posts: 178,093 Community Admin
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    JVenture wrote: »
    To be honest you can use the Switch service to change banks in less than 7 days so just move to one which has a branch near you and then if another comes along switch again, usually bonus's for switching as well so always worth it.

    The only switch incentives​ options are HSBC or Nationwide RAF. I don't like HSBC and Nationwide isn't a full clearing bank.

    I like to have a proper branch for BGC counter payments, larger cash transactions and CHAPS etc. The Post Office isn't a like for like offering.
  • WillPS
    WillPS Posts: 3,469 Forumite
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    What advantages are there to banking with a 'full clearing bank'?
  • GibbsRule_No3
    GibbsRule_No3 Posts: 610 Forumite
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    JVenture wrote: »
    To be honest you can use the Switch service to change banks in less than 7 days so just move to one which has a branch near you and then if another comes along switch again, usually bonus's for switching as well so always worth it.

    Often wondered this, can you use Switch to change a Basic account?
    Paddle No 21 :wave:
  • WillPS
    WillPS Posts: 3,469 Forumite
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    GibbsRule_No3 wrote: »
    Often wondered this, can you use Switch to change a Basic account?
    I've used TSB Cash accounts as donors for a switch twice, so yes.
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