Lloyds names Co-op as preferred buyer of bank branches

rb10

jennifernil wrote: »

Can I not move my accounts to a branch in England?

Possibly so, but that will (effectively) involve closing your accounts and opening brand new ones, since the sort code will be different. Lloyds may move your direct debits across to the new account for you.

Remember that many branches in England are part of the sale.

Dr_Cuckoo3

JohnR wrote: »

Is there a list of the branches which are to be transferred?

yes

http://www.guardian.co.uk/news/datablog/2011/jun/08/lloyds-banking-group-selling-sold?mobile-redirect=false

hgt

As a general rule, the Lloyds TSB branches transferring to Co-Op bank are those which were formally branches of TSB (i.e. customers with sort codes beginning 77). Any customer will have the right to refuse to move if they wish, essentially their accounts can be transferred behind the scenes to a Lloyds branch which is not part of the sale.

I've personally had experience of both banks, and my opinion I much prefer the Co-Op bank as their customer service is very good, staff are friendly, and they don't keep trying to cross sell products. So I don't think any customers of Lloyds TSB branches in scope for sale have anything to fear... if anything their experience with Co-op is likely to be better.

As a satisfied customer of Co-Op bank, I just hope the sudden expansion does not adversely affect the existing customer service etc, and I hope they retain that 'small bank' feel.

I'll agree it's true that some Co-op bank systems are a little primitive, but they are investing heavily in IT so by the time any Lloyds TSB customers transfer, any problems should be a thing of the past. Also regarding Faster Payments... from s slow start, Co-Op bank are now ahead of the game... as I write this they are the only bank in the UK which will allow an immediate FPS transfer of the full £100,000 scheme limit.

44colin

I detect some concern from Lloyds customers that their local branch might be sold to the Cooperative Bank.

Do not worry - I have been a Coop Bank customer for 36 years and have never had a problem. On the other hand I have been involved in the attempted transfer of a charity's account from Barclays to Lloyds and you could not invent the levels of incompetence and sheer jobs-worth attitude I have encountered at Lloyds in that simple account transfer. I'm hoping my local Lloyds' branch eventually transfers to the Coop but it does not appear to be on the list - unfortunately

pqrdef

jennifernil wrote: »

Can I not move my accounts to a branch in England?

Isn't Bank of Scotland now the Scottish name for Lloyds?

Hungerdunger

JuicyJesus wrote: »

The Co-op are not too dissimilar from the other banks on most things.

Apart from the minor point that they didn't need to be bailed out by UK Taxpayers during the recent crisis.

meatandtwoveg

hgt wrote: »

As a general rule, the Lloyds TSB branches transferring to Co-Op bank are those which were formally branches of TSB (i.e. customers with sort codes beginning 77). Any customer will have the right to refuse to move if they wish, essentially their accounts can be transferred behind the scenes to a Lloyds branch which is not part of the sale.

I've personally had experience of both banks, and my opinion I much prefer the Co-Op bank as their customer service is very good, staff are friendly, and they don't keep trying to cross sell products. So I don't think any customers of Lloyds TSB branches in scope for sale have anything to fear... if anything their experience with Co-op is likely to be better.

As a satisfied customer of Co-Op bank, I just hope the sudden expansion does not adversely affect the existing customer service etc, and I hope they retain that 'small bank' feel.

I'll agree it's true that some Co-op bank systems are a little primitive, but they are investing heavily in IT so by the time any Lloyds TSB customers transfer, any problems should be a thing of the past. Also regarding Faster Payments... from s slow start, Co-Op bank are now ahead of the game... as I write this they are the only bank in the UK which will allow an immediate FPS transfer of the full £100,000 scheme limit.

I have a C & G account, i hope all the golden oldies out there, all pensioners, all carefull savers, lobby there MP's for a CO-OP takeover.............For me the best alternative, if we cannot stay under the Lloyds umbrella, which i prefer, but you do not always get what you want in life, i just want my savings back........NBNK, no way, you will lose your shirt under those cowboys....

pqrdef

Hungerdunger wrote: »

Apart from the minor point that they didn't need to be bailed out by UK Taxpayers during the recent crisis.

If the acquire a chunk of Lloyds' mortgage book, their balance sheet may be more problematic in future.

noodle_doodle

What a complete pain in the crevice.

I have a branch-based lloyds tsb account my wages get paid into (and going by the guardian map, it's staying as a lloyds-tsb), and a joint lloyds tsb scotland account with my wife that the mortgage gets taken out of. At the moment I can instantly transfer between the two, but what happens when the joint account is hived off to the co-op? And if the account number changes I can see that causing problems with the mortgage coming out correctly too, you can give the banks all the info you like but it's a coin toss whether they take it on board.

Lokolo

noodle_doodle wrote: »

What a complete pain in the crevice.

I have a branch-based lloyds tsb account my wages get paid into (and going by the guardian map, it's staying as a lloyds-tsb), and a joint lloyds tsb scotland account with my wife that the mortgage gets taken out of. At the moment I can instantly transfer between the two, but what happens when the joint account is hived off to the co-op? And if the account number changes I can see that causing problems with the mortgage coming out correctly too, you can give the banks all the info you like but it's a coin toss whether they take it on board.

All banks need FPS working by Jan 1st. So you shouldn't have any problems.

I do not believe the account number nor sort code is changing.