Co-op closing 10 more branches

24

Comments

  • agrinnall
    agrinnall Posts: 23,344 Forumite
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    Heng_Leng wrote: »
    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.

    Having had a Nationwide FlexAccount as my 'main' account for almost 18 years I'm not sure what it is that you want that they are not able to do - it's certainly not something I have ever come across.
  • EarthBoy
    EarthBoy Posts: 3,039 Forumite
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    agrinnall wrote: »
    Having had a Nationwide FlexAccount as my 'main' account for almost 18 years I'm not sure what it is that you want that they are not able to do - it's certainly not something I have ever come across.

    Presumably for the BGC counter payments that Heng Leng mentions:

    "I like to have a proper branch for BGC counter payments"

    This will be where you take your bill to the bank and pay over the counter. They tear off the Bank Giro Credit part and stamp the bill as paid. You can only pay this way at the clearing banks.

    I haven't paid a bill that way for nearly 25 years, and I struggle to understand why anybody wants to queue to pay a bill when you can pay it online.
  • pmduk
    pmduk Posts: 10,655 Forumite
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    I recently noticed that one of the Manchester branches closed last year in their cull of branches has been reopened for some strange reason.
  • IanManc
    IanManc Posts: 2,080 Forumite
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    edited 13 March 2017 at 9:53PM
    pmduk wrote: »
    I recently noticed that one of the Manchester branches closed last year in their cull of branches has been reopened for some strange reason.

    The branch in Cross Street, which was a Britannia branch before being rebranded as a Co-op bank, has reopened because they've closed down the huge "flagship" Co-op Bank branch a couple of hundred metres away in Corporation Street.
  • System
    System Posts: 178,093 Community Admin
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    EarthBoy wrote: »
    Presumably for the BGC counter payments that Heng Leng mentions:

    Had a BGC a few months ago - the company only accepted D/D or BGC. They had overcharged me by DD previously and it was my parting payment, BGC was preferable.

    Nationwide don't offer full clearing or international payments facilities (they use HSBC for the latter)
  • antrobus
    antrobus Posts: 17,386 Forumite
    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. ..

    They are looking for a buyer. They may not find one.

    I believe that the bank has a plan B, though.
  • EarthBoy
    EarthBoy Posts: 3,039 Forumite
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    edited 13 March 2017 at 11:09PM
    antrobus wrote: »
    They are looking for a buyer. They may not find one.

    I believe that the bank has a plan B, though.

    Plan B is to ask existing investors for more money. There's no guarantee that the existing investors will cough up though, and if they don't the bank will have to be rescued by the Bank of England.

    http://www.telegraph.co.uk/business/2017/03/09/co-op-bank-racks-losses-seeks-buyer/
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    First Post Combo Breaker
    Heng_Leng wrote: »

    Nationwide don't offer full clearing or international payments facilities (they use HSBC for the latter)

    Why on earth would you use a bank for international payments anyway? This is MSE, if you don't use a third party for international payments you are just throwing money away.
  • System
    System Posts: 178,093 Community Admin
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    agrinnall wrote: »
    Why on earth would you use a bank for international payments anyway? This is MSE, if you don't use a third party for international payments you are just throwing money away.

    I prefer to have the option of using my bank.
    Plain and simple.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    First Post Combo Breaker
    Heng_Leng wrote: »
    I prefer to have the option of using my bank.
    Plain and simple.

    I have used Nationwide to make international payments, before discovering other cheaper alternatives, so the option is there if you want to use it.
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