Lloyds TSB to cease Agency Banking facilities

Dr_Cuckoo3

Lloyds TSB will be withdrawing their Agency Banking facilities in the UK shortly

Therefore a change of sort code is likely for banks using Lloyds TSB for clearing eg CitiBank , Bank of Cyprus and many building societies

Apologies if already posted

Hazzanet

Do you have a source for this? What is the reason they're ceasing agency banking services?

Dr_Cuckoo3

Hazzanet wrote: »

Do you have a source for this?

Yes the source is one of their Agency Bank customers

Dr_Cuckoo3

pwuk

Are you sure that's a genuine letter - there's a sentence referring to Barclay's having excellent levels of service!

Hazzanet

Hmm, interesting. I wonder what the thinking behind it is? Surely it isn't losing them money?

<complete_speculation> With respect to Citibank, they've slowly been winding down their presence in the UK, really only offering current and savings accounts for a year or two now. I can't see those two products generating a significant return for them, so perhaps they'll use this as an excuse to withdraw from the UK retail banking market in its entirety. </complete_speculation>

Dr_Cuckoo3

Hazzanet wrote: »

Hmm, interesting. I wonder what the thinking behind it is? Surely it isn't losing them money?

<complete_speculation> With respect to Citibank, they've slowly been winding down their presence in the UK, really only offering current and savings accounts for a year or two now. I can't see those two products generating a significant return for them, so perhaps they'll use this as an excuse to withdraw from the UK retail banking market in its entirety. </complete_speculation>

CitiBank obtained the HMRC contract in 2009 though and have the 08-32-00 sort code for these

http://www.ybonline.co.uk/personal/internet-banking/HMRC-Payment-Details-Changes

They may well depart from retail banking though and a sort code change would be advisable before implementing faster payments in any event

notts_phil

Don't think Cyprus bank customers will be that worried as the cant be many of them

cottager

Hazzanet wrote: »

<complete_speculation> With respect to Citibank, they've slowly been winding down their presence in the UK, really only offering current and savings accounts for a year or two now. I can't see those two products generating a significant return for them, so perhaps they'll use this as an excuse to withdraw from the UK retail banking market in its entirety. </complete_speculation>

Dr_Cuckoo3 wrote: »

CitiBank obtained the HMRC contract in 2009 though and have the 08-32-00 sort code for these
They may well depart from retail banking though and a sort code change would be advisable before implementing faster payments in any event

What could be the implications for the HMRC account if your speculation about CitiBank is near the mark? Would they need to change provider again?

I'm interested from the angle of HMRC still being unable to accept Faster Payments... constantly frustrating. :mad:

Dr_Cuckoo3

notts_phil wrote: »

Don't think Cyprus bank customers will be that worried as the cant be many of them

More on this forum than Islamic Bank of Britain account holders who also have a Lloyds sort code

cottager wrote: »

What could be the implications for the HMRC account if your speculation about CitiBank is near the mark? Would they need to change provider again?

I'm interested from the angle of HMRC still being unable to accept Faster Payments... constantly frustrating. :mad:

I dont think the HMRC account is classed as a retail banking product

The 08-32-00 sort code isn't a Lloyds sort code

There are banks in the UK which do not provide retail banking

Perhaps Citibank were aware of Lloyds proposals in 2009

System

08-xx-xx is the co-op bank range.

I would have thought that Citibank would be amongst the first to announce any change of sort code since their Lloyds sort codes are used for current account i.e. salary payments etc.