Lloyds TSB and HBOS to merge

jd87

Says on the BBC News website ticker that the two banks are in "advanced merger talks".

I'm just worried that when this whole financial crisis is over, we will be left with only a small handful of banks on the high street, with reduced competition between them, and we as the consumers will lose out.

Paul_Herring

They are, at this moment in time, NOT to merge; they're simply in talks about it. It might not happen.

Sheesh :rolleyes:

cgg2033

First post, so hello all!

Out of curiosity here. I had an account, and currently have debt with Bank of Scotland. I switched to a Lloyds TSB account, so if they merge, who am I in debt to?

rail.link

To the merged entity, I would think.

sazziecee

I have credit cards with both banks, currently at 0%

I assume if they merge then I will be unable to BT between them??

!!!!!!!!

jd87

Paul_Herring wrote: »

They are, at this moment in time, NOT to merge; they're simply in talks about it. It might not happen.

Sheesh :rolleyes:

Oh sorry, clearly you know better than the BBC's Robert Peston. Sheesh...

To the person asking about the credit card balance transfer. I wouldn't worry. You have two separate products which will remain as two separate products for the time being. Though eventually, if the brands themselves actually merge fully, they will phase out duplicate products.

BYALPHAINDIA

jd87 wrote: »

Says on the BBC News website ticker that the two banks are in "advanced merger talks".

I'm just worried that when this whole financial crisis is over, we will be left with only a small handful of banks on the high street, with reduced competition between them, and we as the consumers will lose out.

I wouldn't worry about that, Banks will 'ALWAYS' make money no matter how many of them are left?

The Banks are now getting a 'Dose' of their own medicine.

Etccarmageddon

"merge" I think is the wrong term - LloydsTSB would be paying (cheaply) to buy HBOS.

5pound

Suppose we'll just be left with a big three then HSBC, RBS and Lloyds-Hbos! I'm sure though some other bank like Santander will spot an opening and use their Abbey-Alliance and leiceister portfolio to take it to the big three so less choice but competition should still be strong.

Shockedwife

My hubby's in an IVA with my wage taken into account in the agreement. All debts are his apart from a joint overdraft and loan at Lloyds.
Before the IVA, I managed to open a sole account with Halifax which both salaries are now paid into. By taking MSE advice and changing dates of DD, I now have a small 'buffer' at the end of the month for emergencies.

However, if Lloyds take over, what will happen to the money in the account? There seems to be loads after pay day, but after IVA payment, mortgage and utility bills all on DD, there's only my 'emergency' money - a couple of hundred pounds.

Lloyds are chasing me for the joint depts and this month said that my 'arrangement' with them has been going on too long, and handed me over to their debt dept.
Should I try and move accounts again? Can Lloyds demand money from the account (which in reality isn't there)? Been through two and a half years of hell, and finally thought that we could see light at the end of the tunnel.

Any advice please?

zx2011

Will they call it The Lloyds Trustee Savings Bank of Scotland, Halifax, Cheltenham, Gloucester and Birmingham Midshires?