MSE News: Lloyds to sell branches to Co-op: what it means for you

spingoblin

My money is on the co-op group keeping strong brands like Brittania and TSB as their group financial product and not merging them into the not very snappy to say 'co-operative bank' - co-op bank branches will become TSB - you mark my words.;)

ChiefGrasscutter

I won't half laugh if all the serious money held in those branches to be sold simply migrates back to another branch of lloyds.
Co-op would then be left with just a bunch of buildings and a load of marginal accounts.

In fact since this possibility is so obvious I'd expect there there will be some complex aspect of the deal (ie commercially sensitive/not published) that Lloyds compensates Co-op in some monetary way if this happens on a significant scale. In other words Co-op either get the clients and their money, but if the clients say no then they get some money from Lloyds instead as recompense.

MoneySaverLog

Well I know for one I'd move to a Lloyds branch if I was affected (I'm not :T). You only have to look at their call costs (0844 customer Services) to know what kind of operation the Co-Op would make of it all in the end.

shipshop

I opened a Lloyds account some time ago in one of the bramches now being sold. As this account was opened in an area where i worked it was fine at that time. I then subsequently requested that this acount be moved to the area where I lived as i stopped working in the part of London where i once worked. I was told at that time that it was not possible to transfer my account to the bank nearest to me and that to do that i would have to close the original account and open a new account in the area where i live. The Lloyds branch where I live is not being closed. I am now faced with not being able to move my account and also now being with a bank i dont want to be with at all in a place where it is not easy for me to visit. It seems that as a customer my wishes are not being taken into account by all this :mad:

MoneySaverLog

People now have a valid reason for wanting to move their bank account locations and Lloyds really now need to look at this.

It's no longer a case of it does not matter which branch you bank with. If you're on the Verde list you should be able to request a transfer to stay with them after all.

shipshop

MoneySaverLog wrote: »

People now have a valid reason for wanting to move their bank account locations and Lloyds really now need to look at this.

It's no longer a case of it does not matter which branch you bank with. If you're on the Verde list you should be able to request a transfer to stay with them after all.

I totally agree this is unacceptable

pqrdef

There are two aspects to this account-at-distant-branch thing.

(1) Your local branch is a Verde and that will leave you without a local Lloyds branch. In that case, moving the account doesn't help much. But a Verde branch might be able to offer some services for Lloyds customers.

(2) Your account branch is a Verde and you haven't got a local Co-op branch. In that case, it might not help if you had, because it could be a while before old Co-op branches can do much for Verde customers. But it might be possible for Lloyds branches to offer some services for Verde customers.


As for moving accounts, as soon as Verde gets properly separated off as TSB, it should be possible to open a new Lloyds account at a non-Verde branch and migrate yourself. I'm not sure it would help to be migrated by Lloyds. You'd get a new sort code anyway.

Unless the new redirection-based switching service is live by then, but that seems to have gone a bit quiet.

Radiogaga

Can anyone help with what will happen re the terms and conditions of our existing accounts? I have a C&G mortgage and will be moving soon to an SVR ( guaranteed as no more than base rate plus 2% in the contract) which has not been available to new customers for some years.

I was really happy to finally get some benefit from signing up to a fixed rate mortgage just before the rates plummeted. Will the Co-op be able to completely override that existing mortgage agreement and replace it with a new rate of their choosing, or will they remain bound by it?

exel1966

Come on MSE, get your act together.

Why do we have two Official MSE threads on exactly the same subject ?

How about merging them ?

https://forums.moneysavingexpert.com/discussion/4079891

Deepfatfriar

All my Lloyds accounts will closed shortly.

Had I wanted a Coop account I would have joined them when I wished.

No way am I going to sponsor the Labour Party, it is their cretinous understanding of finances that got us into this mess.