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

jonmcclelland

Would the Co-Op have to turn them into 'banks', they could just use them as co-op buildings, especially since they're wanting to expand their legal services business and it would make sense for them to operate things close together as 'one stop shops'

Deepfatfriar

amiehall wrote: »

I definitely agree but if the terms are anything like the RBS sale, Lloyds will be specifically banned from encouraging sale customers in any way to remain with Lloyds.

Yes they are I think.

Having tried to open a new account in a Lloyds branch that is not being sold I was told this is NOT allowed.

The only way I can do this is to close my existing LLoyds account in the branch that is being sold. I tried and their computer system will NOT allow it.

This is great if you have lots of DD's etc.

I thought all this was being done on the grounds of choice yet I am barred from exercising my choice in not moving to the Coop.

ChiefGrasscutter

That is definately cause for a formal complaint.

Deepfatfriar

Probably but exactly to whom ?

My MP is disinterested beyond belief and my MEP has yet to answer my emails on the issue.

pqrdef

Deepfatfriar wrote: »

Having tried to open a new account in a Lloyds branch that is not being sold I was told this is NOT allowed.

I'd try again next summer when the Verde branches have been rebranded TSB.

1jim

Does anyone know if the c&g mortgages are being moved over to coop with this transfer?

opinions4u

1jim wrote: »

Does anyone know if the c&g mortgages are being moved over to coop with this transfer?

Some are, some aren't.

I think the line is drawn at those sold by C&G branches. But it could be a little more complex than that.

1jim

opinions4u wrote: »

Some are, some aren't.

I think the line is drawn at those sold by C&G branches. But it could be a little more complex than that.

If they do transfer mortgage, can they change terms and conditions? I currently am on svr which is 2%above boe base rate, as much as I like the coop (have smile bank) I wouldn't want them upping my svr to their rate

opinions4u

1jim wrote: »

If they do transfer mortgage, can they change terms and conditions? I currently am on svr which is 2%above boe base rate, as much as I like the coop (have smile bank) I wouldn't want them upping my svr to their rate

I believe that they T&Cs in relation to the link to base rate are set in stone. If they were changeable then LBG would have changed them. As they have with Halifax who had different T&Cs.

That said, a new owner will look at the T&Cs afresh to see if they feel there are alternatives.

There will be elements of the T&Cs that allow variation subject to notice. But I believe an SVR change to be highly unlikely.

emuzeg

I just got the letter from Lloyds saying that from 2013 it will all begin and my branch and account are part of the move. The letter does not mention anything about Coop just that they will 'choose a new owner'. I am curious though about how I will be affected as I will be living abroad from Jan 1st. I will change my address with Lloyds to my overseas address but will it mean anything different? Will they send out the new cards there with no issues and should I elect to stay with the new TSB plc or allow myself to be moved to the 'new owner'. Does anyone suspect which will be the better of the two? What are the pros and cons of either staying or moving?