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

pearl123

I too am not happy about the changes. I too also have a bank account which has the sort code of a place I lived in donkeys years ago. Lloyds refused to change it - they said there was no need.

Not sure what to do about this situation at the moment. I'm sure their telephones are hot today!

realaledrinker

No need to panic as the deal does not go through until November 2013 so plenty of time for these issues to be sorted. As the systems will remain the same anyway as will the branch staff, most people will see no discernable difference in the short term, except for the name above the door.

theswirly

I live in Worcester and, by the looks of it, my bank is remaining a Lloyds TSB and so my account is. However, I notice that the branch in Exmouth (near to where my Grandma lives) is changing to a Co-op bank and so her account will change to a Co-op account.

When I visit her, I often have to use the Exmouth branch to sort out any money stuff while I'm down there. Will I still be able to do this there (and indeed in any of the banks that are moving over) following the change, do you reckon?

Grand_Benders

Found this announcement page on the Co-op website. There is a FAQ section at the bottom:
Co-Op Announcement

And this quote from it confirms they will remain as separately covered entitites under the Compensation Scheme, so I'm assuming there won't be any offsetting either

I have savings in a Lloyds account and also a Co-operative Bank account. If your talks with Lloyds are successful, would my money be covered under the Financial Services Compensation Scheme (FSCS)?

Yes, Lloyds Banking Group and The Co-operative Banking Group are both separate members of the Financial Services Compensation Scheme (FSCS) and have separate limits in the unlikely event that either business becomes insolvent.
The limits will remain separate for the foreseeable future. In terms of what happens in the longer term, it is too early to confirm any details at this stage. If our talks with Lloyds are successful, this is something that we will discuss with the Financial Services Authority (FSA) in order to achieve the best possible outcome for customers. In any event, both the Co-operative Banking Group and Lloyds Banking Group will work together to ensure all customers are properly informed with and understand what impact, if any, this deal would have on them and their money.

MoneySaverLog

May be a BG could merge this thread...

https://forums.moneysavingexpert.com/discussion/3675759

with this one

1jim

I have my mortgage with Cheltenham and Gloucester, are coop buying these as well or is it just the deposit based business ?
Cheers

Chrisblue1962

I am wondering how they'll reconcile the differences between similiar products e.g.

• Co-op Cashminder basic bank account - universal cashpoint access but only Visa Electron debit card (despite what the Co-op say!...).

• Lloyds TSB Cash basic bank account - limited cashpoint access but universally accepted Visa debit card.

I have one of each of the above accounts and my Lloyds bank isn't being sold so I think I'll just have to wait and see, like the rest of us .

room154_2

I've been with the Co-Op for 8 years. In all that time they have never made a mistake with my account. They were the first bank to introduce internet banking, which again I have never had any problems with. They have always had very few high street branches, but you can use the post office and any cash machines. One good thing is that you get a statement whenever one page is full, rather than having to wait a month. I use my electron card a lot in the high street and on the internet. The only place so far who will not accept my card is Tesco online. I wouldn't use any other bank. I have used Nat West, Lloyd TSB, Nationwide and Halifax. I have had problems with them all. Give me the Co-Op any day.

casey_junior

Like room154 I've never had a problem with the Co-Op and I've been with them for over 40 years, never having set foot in one of their branches.
Should I still have total confidence in them?

peacock

Is this good news for us? A branch in town, instead of the post office. But I still can't use my card from my cash-minder account to buy from M&S online, because of the 'electron' effect - by the way, it's not electron, but the info with my new card says it is not accepted by systems that 'are unable to immediately check if the funds are available in your account,' because of the overdraft restrictions on that account.
Roll on another few years and maybe we can get a normal account. In the meantime, it means if there is a sale at M&S online, I have to buy a giftcard from my local M&S in order to get the bargains.