MSE News: Lloyds to sell 632 branches to Co-op: what it means for you

JacksterD

pmduk wrote: »

The whole situation is the EU interfering in the market in the first place. Including the enforced sale of RBS group branches.

The whole situation is the result of the UK Government buying up shares in RBS and Lloyds Banking Group, breaking EU state aid rules. The current selling off of branches is as a result of the EU trying to straighten out a market which has been distorted.

Jaycee_Dove

jennifernil wrote: »

I don't think you can open a new account now, if you are still a customer, without it being given a number that will automatically assign it to your existing branch, which in the OP's case is moving away from Lloyds.

She would first have to close ALL her Lloyds accounts, then apply at the branch in Wales to open new accounts.

She has no guarantee that they will allow her to open any new accounts. If she has savings accounts, there could be a penalty to close a fixed term account, and until ALL her accounts are closed, she is still a customer whose accounts will be sold.

Yes, she has internet and can do most banking there, but if you live in a small village, and use the local shop, you may well need to make more cash purchases than many of us are used to doing. The village will not have an ATM, so she has to travel to the bank regularly to withdraw some cash, so she needs a bank that has a local branch.

She has a local Lloyds branch, but after the sale of her accounts, will not be able to use it, hence the need to move to/stay with a bank whose branch she can use.

Her original branch is a good distance away, but the nearest branch of Lloyds will be staying with Lloyds, and her mother also has her Lloyds accounts at this nearest branch, so she ideally wants to open accounts at this branch.

Thank you. You are absolutely correct and I appreciate you having read and understood my posts.

I am going into the bank again and will ask directly if I can open up a new account at the Lloyds branch I visit (the one not moving). If they will allow that it will solve my problems (well apart from my ISA which will get transferred to Coop I guess but I can worry about that next year).

Will report back tomorrow what they say, but I am not hopeful given what I have been told so far.

Jaycee_Dove

stclair wrote: »

The divestment team have said a new account can be opened on a new sort code however they will be treated as a brand spanking new customer. This can all be done by calling them on 0800 015 0024. Then once the new account is open they can close the other one.

I was told not at present. To wait for a third letter next year. After they transfer effected customers to an interim bank and issue new cards around March. But I will ask in branch tomorrow. Thanks.

jonesMUFCforever

Jaycee_Dove wrote: »

I was told not at present. To wait for a third letter next year. After they transfer effected customers to an interim bank and issue new cards around March. But I will ask in branch tomorrow. Thanks.

Please stop badgering the branch with this - they have no more information than we have on here.
Honestly next year a letter will tell you the procedure if you want to stay with Lloyds.
Relax have a nice Christmas and new year and be patient.

interlog

I too wish to stay with Lloyds and received a letter yesterday advising that my account is subject to this sale.

I called them today and after giving them my details they - on my behalf - completed a form.

I was told that next year I will be told how to remain with Lloyds.

pmduk

interlog wrote: »

I called them today and after giving them my details they - on my behalf - completed a form.

I was told that next year I will be told how to remain with Lloyds.

I'm pretty certain that's how it will work ie, exactly the same as the failed RBS/Santander transfer. People are panicking too early, before any decisions have been made.

realaledrinker

Lloyds cannot be seen to be proactive in helping customers to stay with them. The final sale price would be reduced if customers left in droves before the sale to Co-op. Also the EU authorities would intervene forcing Lloyds to realise further assets to meet their mandate.

pqrdef

pmduk wrote: »

I'm pretty certain that's how it will work ie, exactly the same as the failed RBS/Santander transfer.

It's not the same at all. With RBS/Santander, if your main objective was to carry on banking in person at the same local branch, all you had to do was nothing.

With Lloyds/TSB, people are being told they may not be able to carry on using the branch they currently use.

Thrugelmir

realaledrinker wrote: »

Also the EU authorities would intervene forcing Lloyds to realise further assets to meet their mandate.

The mandate is market share i.e. customers along with debt.

So Lloyds had to carve up its branch network to meet the demands of the EU. Not an easy task. Hence why Llloyds is treading carefully.

pqrdef

Hey, I'm a Verde victim. I've got The Letter now. They must be sending them out in waves.

They've sold the Co-op an old Easy Saver with £1.47 in it. The rest of me stays with Lloyds, so far as I know.

Looks like the figires might be a bit phoney, if the number of customers they're "selling" includes some that they're also keeping.

I hope their plans for internet banking include splitting people in two.