Co-op Takeover of some branches.

callum9999

pqrdef wrote: »

If they get a choice. RBS recusants in England have been transferred to Scottish branches, bizarrely, but not to NatWest branches in England, although NatWest is just a different brand of the same bank.

If it turns out that you can successfully operate a "branch-based" current account through a branch 300 miles away, this only makes a nonsense of the whole idea that accounts are branch-based and customers belong to branches.

Meanwhile, Lloyds TSB (Scotland) plc shares a brand with the English version, but is a separate company with its own banking licence. And it's being sold lock stock and barrel. So it's not clear that Lloyds TSB Scottish customers will get any option to stay with the Lloyds brand, but in any case, they'd presumably be better off with their local BoS branch.

Just watch how the banks run rings round the regulators, frustrating intentions and producing unintended consequences.

Perhaps its time somebody announced a review of banking regulation, which seems to be in as big a mess as the banks.

I know, we've already had one, but that didn't work, so let's have another one.

And are you sure Natwest is merely a brand? I was under the impression it's a completely separate bank (albeit under the same ownership and using the same systems of RBS). It wouldn't surprise me if there was no way of switching accounts between the two (can you do that with Lloyds and Halifax?)

What do you mean "if"? My Natwest student account is based at a bank 150 miles away from me for much of the year (and many thousands away for most of the rest of the year!) and I've had no troubles. I get the impression that the vast majority of people only use branches intermittently nowadays - and even those who don't can use any branch, not just their "home" one. That does make the system rather redundant I agree - but I don't really see any incentive to change it.

pqrdef wrote: »

Fascinating that it's all being done in the name of competition. Because the attitude of the regulators seems to be that banks are much of a muchness and people can switch their banking to a different bank's product range just as easily as switching to a different brand of tinned peas or toilet paper if their local supermarket changes hands.

But it's not that simple. Vantage is my only reason for being a Lloyds TSB customer at all. Same with packaged accounts - you buy for the particular combination of benefits, so an alternative product is no substitute at all.

It's not as simple as picking up a value tin instead of a branded tin no (what in life is...) but it's as simple as it could really be... I'd be confident that the average 8 year old could be adequately guided through the process - let alone adults!

datostar

Apparently the new Verde Co-op branches and accounts will continue to use Lloyds back office and computer functions. Sounds like a bit of a dog's breakfast but at least they might be spared the problems that Santander had (has?) in consolidating the various brands.

pqrdef

rb10 wrote: »

pqrdef, I don't think it'll be any time soon before we find out details like that for the Lloyds sale.

One might have hoped that somebody would have worked out what they were wishing on customers before wishing it on them.

But obviously the regulators didn't know how it would work before demanding the sale, because that would depend on who was buying.

BASFORDLAD

Only time will tell as to what will happen

cottager

EarthBoy wrote: »

It's not just the ex-TSB branches. It's a selection of English branches, some of which may have formerly been TSB, but some of which have only ever been Lloyds.

I was completely unconcerned and thinking I was unaffected till you said that!
Having now checked the list, it seems the branch with my Vantage accounts isn't involved. Phew...
http://www.lloydstsb.com/media/lloydstsb2004/pdfs/Verde_transferring_branches.pdf

notts_phil wrote: »

I think it will be good to have many more co-op branches around

In principle I'm inclined to agree, and they should benefit from having much more of a high street presence and physical branches to walk into; but I'd rather check them out myself when the dust has settled than be "absorbed"

Southend1

I took out my mortgage in a C&G branch - does this mean the mortgage will be taken over by Co Op?

Edwardia

jonesMUFCforever wrote: »

As far as I understand the new CO-OP will retain the old sort codes and account numbers - which will make it interesting to say the least!

That'll be a nightmare when setting up direct debits.

realaledrinker

I was under the impression that the deal involved branches with a sort code beginning 77-XX-XX (old TSB sort codes) rather than 30-XX-XX.

Anything else would be a nightmare to separate out.

busiscoming2

Southend1 wrote: »

I took out my mortgage in a C&G branch - does this mean the mortgage will be taken over by Co Op?

I'd like to know this too.

agrinnall

Sale confirmed today http://www.bbc.co.uk/news/business-18898125