Lloyds TSB to cease Agency Banking facilities

Hazzanet

Still no word that I can see that the Citibank 30-00-45 sort code is to change imminently - anyone else heard anything or have any insider information?

What I did notice is that over the last couple of days, they've completely restructured their Current Account range, removing the Citibank Access account. The starting package is the Citibank Plus account with a monthy fee of £8. I'm assuming they intend to leave people on the Access product alone?

The Plus blurb also says that you can have 'foreign currency accounts' without a 'management fee'. I hold a EUR and USD account, so wonder whether they're lining themselves up to start charging for those services again.

Dr_Cuckoo3

The Swansea Building Society letter states that Lloyds TSB are withdrawing their "Agency Banking" facilities throughout the UK

Swansea Building Society's Head Office branch is across the road from a Lloyds TSB branch which is due to be sold (29 The Kingsway) :think:

presumably the facilities are provided by that branch

The following banks offer cheque accounts and use Lloyds TSB sort codes and have not mentioned any forthcoming changes
Citibank
ICICI
Islamic Bank of Britain
Bank of Cyprus
Julian Hodge Bank
Wesleyan Bank
Bank of East Asia

Citibank now accept faster payments inwards using sort code 30-00-45 according to the sort code checker http://www.ukpayments.org.uk/sort_code_checker/

some banks are attempting to send faster payments to that sort code at the moment

It seems odd to facilitate faster payments on a sort code they will not be keeping much longer :idea:

pmduk

Could it be that the sort codes will be transferred to whoever takes on the agency banking role?

antrobus

It is also possible that Neil Rosser or someone else at the Swansea Building Society got the wrong end of the stick. If Lloyds had decided to get out of 'agency banking' I'd have expected to see some report somewhere confirming this. However the only reference I can find to this is in fact this thread. Whilst the Swansea isn't quite the smallest building society in the country, it's still pretty tiny - £184m in assets, compared to £700 billion odd for Lloyds - so it might well be the case that Lloyds have simply decided to dump them as a customer.

jonesMUFCforever

Lloyds are getting out of the agency banking business - it started with the closure of all of the Halifax agencies.

Dr_Cuckoo3

pmduk wrote: »

Could it be that the sort codes will be transferred to whoever takes on the agency banking role?

I suspect that any Bank offering Agency Banking would be a clearing Bank with it's own range of sort codes (including Bank of England)

http://www.chequeandcredit.co.uk/membership/-/page/list_of_members/


http://www.chequeandcredit.co.uk/membership/-/page/eligibility/

"Indirect Access to the Cheque and Credit Clearing System

Some 400 banks, building societies and other payment service providers have access to the GB cheque clearings through agency arrangements with one of the settlement members. An entity wishing to become an "indirect clearer" makes the necessary contractual arrangements directly with the member concerned. The Cheque and Credit Clearing Company does not get involved with these commercial arrangements."


"settlement members" aren't listed on the website , so I assume these are the 10 member clearing banks plus Bank of Scotland