Lloyds TSB branch sale

MoneySaverLog

stclair wrote: »

A very good point..

Lloyds Bank was the very first bank I worked for oh the memories

I worked at TSB where their HQ was on the Coventry Road for all of two weeks, pre the merger, before moving after getting a better offer at HSBC. Left the banking industry years ago though.

System

I would imagine that when a branch is sold, all the accounts held at that branch will also be sold to the new owner, hence those people with accounts at the branch would become a customer of the new owner.

Every bank has the right to sell it's business and DPA does not come into it at all (since your contract with the bank says they can sell if they want)

All customers effected should receive a communication from the bank to inform them what will happen, so that they can decide if they want to become a customer of the new owner, or if they want to move their account to a branch that is not part of the sale or transfer to a different bank if they wish.

Lloyds will not be allowed to ask customers if they wish to move their account to another branch, that would be against the rules.

The Lloyds branch sale will closely follow the process that RBS have established for their branch sale (which is due to go ahead during 2012)

However, at this stage, no buyer has been found for the Lloyds branches, no process has been setup, so everything said is guesswork

pmduk

MoneySaverLog wrote: »

But it won't be a Lloyds TSB branch anymore so I cannot use it once it has been sold. So it might as well be closing.

If your account is held at that branch you will automatically become a customer of the new bank and therefore still able to use the branch

MoneySaverLog

Yes, but I'm happy with Lloyds TSB and do not want to be a member of the 'New Bank'.

It does not matter to me anyhow, as my branch where I opened my account is not on the list of closures.

SingleSue

BAA1 wrote: »

I would imagine that when a branch is sold, all the accounts held at that branch will also be sold to the new owner, hence those people with accounts at the branch would become a customer of the new owner.

Every bank has the right to sell it's business and DPA does not come into it at all (since your contract with the bank says they can sell if they want)

All customers effected should receive a communication from the bank to inform them what will happen, so that they can decide if they want to become a customer of the new owner, or if they want to move their account to a branch that is not part of the sale or transfer to a different bank if they wish.

Lloyds will not be allowed to ask customers if they wish to move their account to another branch, that would be against the rules.

The Lloyds branch sale will closely follow the process that RBS have established for their branch sale (which is due to go ahead during 2012)

However, at this stage, no buyer has been found for the Lloyds branches, no process has been setup, so everything said is guesswork

I best give my mum the heads up then, she will not be keen to just be moved over to another bank without her say so (and with possibly completely different rules...she is one of those who refuses even a debit or cashpoint card and does all her banking in branch!)......and as there is no other branch of Lloyds locally, it will mean her leaving them after over 40 years.

I can see mum getting het up about all of this, she is very resistant to change, I've been trying to get her to change electricity and gas companies for years for better deals but she won't even do that!

MoneySaverLog

SingleSue wrote: »

I best give my mum the heads up then, she will not be keen to just be moved over to another bank without her say so (and with possibly completely different rules...she is one of those who refuses even a debit or cashpoint card and does all her banking in branch!)......and as there is no other branch of Lloyds locally, it will mean her leaving them after over 40 years.

I can see mum getting het up about all of this, she is very resistant to change, I've been trying to get her to change electricity and gas companies for years for better deals but she won't even do that!

Yes it is a very sad day for Lloyds TSB customers who are forced out by closure of local branches. It's not going to happen for sometime though.

Going4TheDream

SingleSue wrote: »

So will customers be advised before it goes ahead? Only ask as our local Lloyds is one of those affected and it will leave my mum with no access to Lloyds locally..and knowing her, she would not be too keen on someone she hasn't chosen having her details.

She is not going to be a happy bunny having to move her banking to another bank at all.

I went it it the bank the other day to ask this as I dont want to be 'sold'. The guy said that they would be writing to those affected, but would mainly affect old TSB accounts with 77 sort codes, C&G and Scotland and a few lloyds branches where maybe there are more than one in the town.. strange really how they were 'coerced to merge with HBOS' and now they have done so are told they are too big.

opinions4u

MoneySaverLog wrote: »

Yes it is a very sad day for Lloyds TSB customers who are forced out by closure of local branches. It's not going to happen for sometime though.

I think it should be made clear that the branches are not closing.

They, and the accounts within, will simply be operated by a different bank.

Some customers may dislike it. Some may like it. Most probably won't care as long they can get their money out of the ATM on pay day and use the branch to deposit the cheque Granny sends them each Christmas.

Talk of branch closure is unnecessarily alarmist.

SingleSue

Well it is branch closure if you wish to stay with Lloyds and your next nearest one is going to be a 30 minute car drive away in a town where parking is a nightmare and the roads even worse.

My mum will only be happy if whoever she banks with still allows her to do all her banking via the branch, no having to use internet banking, no ATM, no debit cards and being able to take out small and large amounts over the counter....yes, she is stuck in 1960 I think, she doesn't even have direct debits!

Personally, I don't have loyalty to a particular bank, so if mine were to close, I would just move over to another one (as long as I can have internet banking, ATM and debit card etc and only rarely have to visit the branch, the complete opposite to my mum) but mum and I would think a lot of the older generation find it most unsettling.

SingleSue

Going4TheDream wrote: »

I went it it the bank the other day to ask this as I dont want to be 'sold'. The guy said that they would be writing to those affected, but would mainly affect old TSB accounts with 77 sort codes, C&G and Scotland and a few lloyds branches where maybe there are more than one in the town.. strange really how they were 'coerced to merge with HBOS' and now they have done so are told they are too big.

The one earmarked in our town is the only Lloyds we have (we used to have two, the old TSB one which closed a couple of years ago and this one) and it has always been Lloyds.

So if that gets sold on, Lloyds will no longer have a presence in our highstreet or town in any form.