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  • FIRST POST
    • Heng Leng
    • By Heng Leng 12th Mar 17, 3:28 PM
    • 3,775Posts
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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 2
    • agrinnall
    • By agrinnall 14th Mar 17, 9:10 AM
    • 17,261 Posts
    • 12,933 Thanks
    agrinnall
    I prefer to have the option of using my bank.
    Plain and simple.
    Originally posted by Heng Leng
    I have used Nationwide to make international payments, before discovering other cheaper alternatives, so the option is there if you want to use it.
    • takman
    • By takman 14th Mar 17, 9:10 AM
    • 2,076 Posts
    • 1,690 Thanks
    takman
    I prefer to have the option of using my bank.
    Plain and simple.
    Originally posted by Heng Leng


    Carrying out your banking in a branch is slow, inefficient and expensive. You should consider moving to the 21st century with the rest of us before bank closures force you to!.
    • antrobus
    • By antrobus 14th Mar 17, 11:18 AM
    • 14,488 Posts
    • 20,463 Thanks
    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/
    Originally posted by EarthBoy
    Yes, that is Plan B. That might not work either.
    • Heng Leng
    • By Heng Leng 14th Mar 17, 12:55 PM
    • 3,775 Posts
    • 1,145 Thanks
    Heng Leng
    Carrying out your banking in a branch is slow, inefficient and expensive. You should consider moving to the 21st century with the rest of us before bank closures force you to!.
    Originally posted by takman
    Apologies if one requires a full service bank that offers full clearing and working international payment facilities.

    One is a demanding customer
    • Heng Leng
    • By Heng Leng 14th Mar 17, 12:58 PM
    • 3,775 Posts
    • 1,145 Thanks
    Heng Leng
    I have used Nationwide to make international payments, before discovering other cheaper alternatives, so the option is there if you want to use it.
    Originally posted by agrinnall
    You'll find as they don't have a full setup (they use HSBC as an intermediary bank for their incoming payments) the option isn't always there. Been there, had the issues and choose to use a proper bank!
    • takman
    • By takman 14th Mar 17, 1:05 PM
    • 2,076 Posts
    • 1,690 Thanks
    takman
    Apologies if one requires a full service bank that offers full clearing and working international payment facilities.

    One is a demanding customer
    Originally posted by Heng Leng


    But you don't require either of those!. You only want a full clearing bank so you can use an archaic method of paying your bills when there are more effecient and less time consuming methods available.
    You also want to make international payments from your bank which is one of the most expensive methods of doing it.


    So by thinking you require those facilities from your bank your just wasting time and wasting money!.
    • Heng Leng
    • By Heng Leng 14th Mar 17, 1:53 PM
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    • 1,145 Thanks
    Heng Leng
    But you don't require either of those!. You only want a full clearing bank so you can use an archaic method of paying your bills when there are more effecient and less time consuming methods available.
    You also want to make international payments from your bank which is one of the most expensive methods of doing it.


    So by thinking you require those facilities from your bank your just wasting time and wasting money!.
    Originally posted by takman
    Thanks for your opinion, I waste neither as I use BGC when there is no other option.
    When I use the bank for forex, the cost is fully met by my employer.

    The cruix of this thread is i've ran out of transfer incentives bar Nationwide/HSBC.
    HSBC are the pits and Nationwide lack suitable facilities even if 'nicer'
    • agrinnall
    • By agrinnall 14th Mar 17, 2:49 PM
    • 17,261 Posts
    • 12,933 Thanks
    agrinnall
    The cruix of this thread is i've ran out of transfer incentives bar Nationwide/HSBC.
    HSBC are the pits and Nationwide lack suitable facilities even if 'nicer'
    Originally posted by Heng Leng
    So why not have 2 accounts, one with Nationwide for everything except the once in a blue moon need to pay using BCG and for those occasions when you want to waste your employer's money by using a bank for international transfers, and one elsewhere for those two functions?
    • Stuart_W
    • By Stuart_W 14th Mar 17, 5:22 PM
    • 1,345 Posts
    • 639 Thanks
    Stuart_W
    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
    Inaccurate on a few levels, as previously pointed out in part.

    The Co-op group did not "sell" to hedge funds. Hedge funds frantically bought up debt in the bank which was in turn converted to shares (called a debt-for-equity swap, or "bail-in" of investors). The Co-op didn't have any choice in this at the time, as the only other option was the Bank of England put the bank into resolution, but in reality this wouldn't have happened as the Bank of England would have forced a bail-in. This left the Co-op group with a 30% stake, later watered down further to just 20% when a further bail-in was required, and the Co-op group chose to reduce their holding rather than pay more money in.

    The hedge funds - used to making a quick profit - have decided to cut loses and get out. They don't want to put more money in. Some reports suggest that they may come to blows with the capital raising option in the event of no sale as they want to cut loses - so we could yet see the BoE force resolution on the bank, although extremely unlikely to effect personal customers, who will at they very least see accounts sold to another provider before the remainder of the bank is wound up. Keeping their 20% would mean putting more money in, which the Co-op Group have demonstrated they don't want to do, so the whole bank is for sale.
    • Heng Leng
    • By Heng Leng 15th Mar 17, 10:54 AM
    • 3,775 Posts
    • 1,145 Thanks
    Heng Leng
    So why not have 2 accounts, one with Nationwide for everything except the once in a blue moon need to pay using BCG and for those occasions when you want to waste your employer's money by using a bank for international transfers, and one elsewhere for those two functions?
    Originally posted by agrinnall
    I don't know why I started this thread tbh.

    I guess I was shocked that Co-op would close their only branch in a city of over 500k.

    Had a FlexAccount years ago, Nationwide used to be excellent but once Martin highlighted the free foreign usage, they got loads of free-loaders and their service subsequently went downhill and has never recovered.
    Last edited by Heng Leng; 15-03-2017 at 10:56 AM.
    • agrinnall
    • By agrinnall 15th Mar 17, 11:01 AM
    • 17,261 Posts
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    agrinnall
    I don't know why I started this thread tbh.
    Originally posted by Heng Leng
    Nor me.


    I guess I was shocked that Co-op would close their only branch in a city of over 500k.
    It's a bit rubbish but they are under a lot of pressure, and I suspect that in a few years time they'll be gone completely from the High Street, and possibly from the sector altogether.

    Had a FlexAccount years ago, Nationwide used to be excellent but once Martin highlighted the free foreign usage, they got loads of free-loaders and their service subsequently went downhill and has never recovered.
    So who do you think has a better offering? And why not just mix and match across several providers to get the functionality that you want, the same as the rest of us do?
    • Heng Leng
    • By Heng Leng 15th Mar 17, 1:38 PM
    • 3,775 Posts
    • 1,145 Thanks
    Heng Leng
    So who do you think has a better offering? And why not just mix and match across several providers to get the functionality that you want, the same as the rest of us do?
    Originally posted by agrinnall
    I already do but my N&P is on it's way out and essentially so is Co-op as a full service bank.
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