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  • FIRST POST
    • Heng Leng
    • By Heng Leng 12th Mar 17, 3:28 PM
    • 3,940Posts
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    Heng Leng
    Co-op closing 10 more branches
    • #1
    • 12th Mar 17, 3:28 PM
    Co-op closing 10 more branches 12th Mar 17 at 3:28 PM
    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?
Page 1
    • WillPS
    • By WillPS 12th Mar 17, 4:13 PM
    • 178 Posts
    • 85 Thanks
    WillPS
    • #2
    • 12th Mar 17, 4:13 PM
    • #2
    • 12th Mar 17, 4:13 PM
    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
    • By JVenture 12th Mar 17, 6:26 PM
    • 8 Posts
    • 3 Thanks
    JVenture
    • #3
    • 12th Mar 17, 6:26 PM
    • #3
    • 12th Mar 17, 6:26 PM
    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
    • By Zanderman 12th Mar 17, 6:54 PM
    • 1,203 Posts
    • 3,597 Thanks
    Zanderman
    • #4
    • 12th Mar 17, 6:54 PM
    • #4
    • 12th Mar 17, 6:54 PM
    ...I prefer to have some branch access, so I'm considering switching out but obviously aware that they're going to be sold....
    Originally posted by Heng Leng
    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
    • By JVenture 12th Mar 17, 7:25 PM
    • 8 Posts
    • 3 Thanks
    JVenture
    • #5
    • 12th Mar 17, 7:25 PM
    • #5
    • 12th Mar 17, 7:25 PM
    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
    • By gt94sss2 12th Mar 17, 7:34 PM
    • 3,969 Posts
    • 1,834 Thanks
    gt94sss2
    • #6
    • 12th Mar 17, 7:34 PM
    • #6
    • 12th Mar 17, 7:34 PM
    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.
    Originally posted by JVenture
    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
    • By YorkshireBoy 12th Mar 17, 7:41 PM
    • 29,191 Posts
    • 16,991 Thanks
    YorkshireBoy
    • #7
    • 12th Mar 17, 7:41 PM
    • #7
    • 12th Mar 17, 7:41 PM
    To be honest you can use the Switch service to change banks in less than 7 days
    Originally posted by JVenture
    The CASS has a 7-working day timescale. How can you complete a 7-working day switch in "less than 7 (calendar) days"?
    • Heng Leng
    • By Heng Leng 12th Mar 17, 8:23 PM
    • 3,940 Posts
    • 1,202 Thanks
    Heng Leng
    • #8
    • 12th Mar 17, 8:23 PM
    • #8
    • 12th Mar 17, 8:23 PM
    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.
    Originally posted by JVenture
    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
    • By WillPS 12th Mar 17, 11:21 PM
    • 178 Posts
    • 85 Thanks
    WillPS
    • #9
    • 12th Mar 17, 11:21 PM
    • #9
    • 12th Mar 17, 11:21 PM
    What advantages are there to banking with a 'full clearing bank'?
    • GibbsRule No3
    • By GibbsRule No3 13th Mar 17, 8:15 AM
    • 625 Posts
    • 360 Thanks
    GibbsRule No3
    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.
    Originally posted by JVenture
    Often wondered this, can you use Switch to change a Basic account?
    Paddle No 21
    • WillPS
    • By WillPS 13th Mar 17, 9:09 AM
    • 178 Posts
    • 85 Thanks
    WillPS
    Often wondered this, can you use Switch to change a Basic account?
    Originally posted by GibbsRule No3
    I've used TSB Cash accounts as donors for a switch twice, so yes.
    • agrinnall
    • By agrinnall 13th Mar 17, 9:58 AM
    • 17,891 Posts
    • 13,576 Thanks
    agrinnall
    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.
    Originally posted by Heng Leng
    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
    • By EarthBoy 13th Mar 17, 10:15 AM
    • 1,701 Posts
    • 1,020 Thanks
    EarthBoy
    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.
    Originally posted by agrinnall
    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
    • By pmduk 13th Mar 17, 3:54 PM
    • 7,316 Posts
    • 5,282 Thanks
    pmduk
    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
    • By IanManc 13th Mar 17, 6:26 PM
    • 284 Posts
    • 401 Thanks
    IanManc
    I recently noticed that one of the Manchester branches closed last year in their cull of branches has been reopened for some strange reason.
    Originally posted by pmduk
    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.
    Last edited by IanManc; 13-03-2017 at 8:53 PM.
    • Heng Leng
    • By Heng Leng 13th Mar 17, 6:39 PM
    • 3,940 Posts
    • 1,202 Thanks
    Heng Leng
    [QUOTE=EarthBoy;72243470]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
    • By antrobus 13th Mar 17, 7:48 PM
    • 14,909 Posts
    • 21,119 Thanks
    antrobus
    ..I prefer to have some branch access, so I'm considering switching out but obviously aware that they're going to be sold. ..
    Originally posted by Heng Leng
    They are looking for a buyer. They may not find one.

    I believe that the bank has a plan B, though.
    • EarthBoy
    • By EarthBoy 13th Mar 17, 10:02 PM
    • 1,701 Posts
    • 1,020 Thanks
    EarthBoy
    They are looking for a buyer. They may not find one.

    I believe that the bank has a plan B, though.
    Originally posted by antrobus
    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/
    Last edited by EarthBoy; 13-03-2017 at 10:09 PM.
    • agrinnall
    • By agrinnall 13th Mar 17, 10:14 PM
    • 17,891 Posts
    • 13,576 Thanks
    agrinnall

    Nationwide don't offer full clearing or international payments facilities (they use HSBC for the latter)
    Originally posted by Heng Leng
    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.
    • Heng Leng
    • By Heng Leng 14th Mar 17, 12:38 AM
    • 3,940 Posts
    • 1,202 Thanks
    Heng Leng
    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.
    Originally posted by agrinnall
    I prefer to have the option of using my bank.
    Plain and simple.
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