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

horace_2

I don`t know why posters are alarmed by the present confused sitution, this is for everyones benefit and yet another wonderful, absolutely wonderful master stroke from the European Union.

Do not despair the Euromorons have our welfare uppermost in their minds. All is fine all is bright--- just do as you are told.

h:rotfl:

vindicated

I was wondering about the impact in Scotland and if anyone has more detail then please let me know.

We dont have a Co-op for hundreds of miles from my local town, but have a Lloyds Branch and a Bank of Scotland branch within 2 minutes walk from one another.

If they are rebranding Lloyds to BoS in Scotland...is it likely two branches of BoS will stay open up here? Think there's roughly 300,000 people living in my wee city.

We actually now have three Santander branches after their takeover of numerous banks and they have been open for quite some time without closure.

I dont really want to move over to Co-op and would much prefer Lloyds to move me over to a BoS branch that is remaining open up here - will I receive a letter advising me of any changes and will i have the choice to stick with Lloyds as an entity (obviously under BoS as they will be the presence in scotland)

Any help or advice would be great

stclair

Do you think LLoyds TSB will set up a process to transfer accounts to other branches like the RBS Group have?

I know Co op bank customers can transact at the post office.

http://www.postoffice.co.uk/counter-services/counter-money-services/co-operative-bank

opinions4u

vindicated wrote: »

If they are rebranding Lloyds to BoS in Scotland...is it likely two branches of BoS will stay open up here?

The Lloyds TSB brand is disappearing in Scotland. Your Lloyds TSB branch is one of the Verde ones that form part of the sale. So, assuming it is Co-op who complete the transaction (which is by no means certain) then your branch will become a Co-op one.

We actually now have three Santander branches after their takeover of numerous banks and they have been open for quite some time without closure.

It will come. Eventually.

I dont really want to move over to Co-op and would much prefer Lloyds to move me over to a BoS branch that is remaining open up here

I'd be very surprised if that option is offered. But there's nothing to stop you opening new BoS accounts and transferring your Lloyds TSB account.

- will I receive a letter advising me of any changes and will i have the choice to stick with Lloyds as an entity (obviously under BoS as they will be the presence in scotland)

You will be written to when the final decisions are made. What your choices will be are less clear.

Although why do you fear the Co-op?

Thrugelmir

vindicated wrote: »

We actually now have three Santander branches after their takeover of numerous banks and they have been open for quite some time without closure.

This may well have something to do with property leases and their expiry dates. I would suspect that longer term there is a plan to rationalise branch networks and consolidate services.

vindicated

Its not that i fear Co-op, its just I chose my account and was provided one by Lloyds when others declined me...plus the features i have are good for me, i doubt Co-op will match those benefits.

Its really personal preference, and I would prefer to stay with the Lloyds group whether it be as Lloyds or Bank of Scotland....if I wanted Co-op then I'd have applied to them...all they offered me was a Cashminder so i imagine my current account would get downgraded to that if it went to Co-op under their 6 year rule of no current account for ex bankrupts :S

vindicated

Hmm I also read that the buyout may be similar to RBS & Santander where customers had the choice to remain an RBS customer or migrate over to Santander....Hope this is the case and I get migrated to BoS

debrag

WellI've just joined co-op, Bromley has no co-op branch but does have a Britannia. The Cheltenham & Gloucester branch on the high street is closing but the TSB is staying. Will the Cheltenham & Gloucester become a co-op branch or just be closed?

spingoblin

so we're not going to see a return of the old tsb brand which i thought these sold branches were intended to become?

just more co-op branches

opinions4u

spingoblin wrote: »

so we're not going to see a return of the old tsb brand which i thought these sold branches were intended to become?

just more co-op branches

debrag wrote: »

WellI've just joined co-op, Bromley has no co-op branch but does have a Britannia. The Cheltenham & Gloucester branch on the high street is closing but the TSB is staying. Will the Cheltenham & Gloucester become a co-op branch or just be closed?

We don't actually know yet.

The Co-op haven't made the purchase. They are merely "preferred bidders". Another choice Lloyds TSB have would be to float off this part of their existing business as an independent entity of its own.

One of the things up for sale is the TSB brand. They may choose not to bother with it though. It's possible they might not even buy it. It's possible they may decide that "TSB" is a name the Scots like and use it in Scotland only.

The C&G branches are part of the sale, but not the C&G name. It's reasonable to ask the question about the future of certain branches, but the answer isn't always clear. C&G has some surprisingly impressive premises. It could be that these are worth keeping ahead of branches currently branded Lloyds TSB.

Certainty of outcome is something nobody knows yet.