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

MoneySaverLog

opinions4u wrote: »

One of the things up for sale is the TSB brand.

I cannot see that happening till after the 2012 Olympics

opinions4u

MoneySaverLog wrote: »

I cannot see that happening till after the 2012 Olympics

The sale doesn't have to complete until the end of 2013.

There is absolutely no chance of it happening before the Olympics!

Joe_Bloggs

Lumped in with project Verde is Intelligent Finance. What will happen to those with offset mortgages ? How will offset savings be treated if the buying bank does not entertain offset mortgages ?
J_B.

opinions4u

Joe_Bloggs wrote: »

Lumped in with project Verde is Intelligent Finance. What will happen to those with offset mortgages ? How will offset savings be treated if the buying bank does not entertain offset mortgages ?
J_B.

The T&Cs of existing mortgages and offsets will be upheld.

To be honest, IF as a brand probably has great potential if the new owners want to invest in it. Bet they chuck it in with Smile and wind it slowly down though.

Joe_Bloggs

Terms and conditions are subject to interpretation and change. IF. change their terms and conditions frequently. They recently changed them for existing mortgages years after they stopped mortgage lending.

J_B.

.

opinions4u

Joe_Bloggs wrote: »

Terms and conditions are subject to interpretation and change. IF. change their terms and conditions frequently. They recently changed them for existing mortgages years after they stopped mortgage lending.

J_B.

.

Not to the detriment of existing offset arrangments.

Not particularly kind to those moving property though.

flexrider

vindicated wrote: »

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

Aviod santander like the plauge....awful if you want better banking go first direct. only just switched from santender...No more hassle over telephone banking numbers the customer services hassle you over for a basic search on account via phone...No more stupid security questions like

1. how much did you spend recently( erm your the bank why do i need to answer that one)
2. date of account opening( opened my x account 6 years ago before sant took over how am i suppost to know that today)
3. more hounding to take a personal telephone number id whch is useless when you ask for new cards (have to keep resetting the internet banking because of new cards and banking id)

First direct

Ring up speak to a person....find balances or whatever....hang up job done! :T

Ron_Jones

Let's face it - who or what is the Co-op Bank?
Already having trouble getting its own customers sorted with its on-line banking system, so when another 9 million accounts arrive?????
How many branches are there, and where are they?
No matter what - if you are presently banking with any of the Lloyds TSB Branches on the "sale" list then you are going to be inconvenienced. How much depends on how many direct debits/standing orders/ direct credits/etc you now have on your account. Every one will need amending with a new sort code and account number - no matter what action is taken. Who takes responsibility for this, and don't forget a lot of TSB customers are quite aged and will need help.
Can this project really get off the ground?
Am I alone in suggesting we leave well alone?

opinions4u

Ron_Jones wrote: »

Let's face it - who or what is the Co-op Bank?

A Manchester based bank that appears to have survived the credit crunch rather well.

While I'm no fan of their pious "ethical" spin they do seem to be doing okay for themselves.

Already having trouble getting its own customers sorted with its on-line banking system, so when another 9 million accounts arrive?????

I'm sure it will be thought through and communicated well. They have a good 18 months+ to sort it out.

How many branches are there, and where are they?

300 at present, including Britannia. There's one in my nearest town centre. I'm sure their web site will tell you how close they are to you. This purchase of Lloyds TSB and C&G branches will take them close to 1,000. That will be a good 50% more than Halifax have.

No matter what - if you are presently banking with any of the Lloyds TSB Branches on the "sale" list then you are going to be inconvenienced. How much depends on how many direct debits/standing orders/ direct credits/etc you now have on your account. Every one will need amending with a new sort code and account number - no matter what action is taken. Who takes responsibility for this, and don't forget a lot of TSB customers are quite aged and will need help.

Sort code changes are not uncommon. They are usually straight forward. Customers cope. Forward referencing can also be put in to place. It should be fairly close to painless.

Can this project really get off the ground?

It can and it will.

Am I alone in suggesting we leave well alone?

As our EU masters have said it can and must happen, I don't think it's up to you.

MoneySaverLog

Ron_Jones wrote: »

Am I alone in suggesting we leave well alone?

You can still leave, but they wont advertise it.

Find out if your branch is affected and if it is ask to move branch :T

Mines OK as it's not due to be sold, but I'm surpised that the one at Dale End in Birmingham and the one just up the road from where I live are being sold :mad: