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

realaledrinker

Choose between a bank owned 43% by the government or one owned by an ethical, consumer lead co-operative.

anna42hmr

emuzeg wrote: »

? 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?

TSB/the new owner will be the same thing, tsb is the branding that branches will be using following the split (and lloyds tsb will loose the tsb bit) http://uk.finance.yahoo.com/news/millions-lloyds-customers-told-banking-153452801.html

stclair

anna42hmr wrote: »

TSB/the new owner will be the same thing, tsb is the branding that branches will be using following the split (and lloyds tsb will loose the tsb bit) http://uk.finance.yahoo.com/news/millions-lloyds-customers-told-banking-153452801.html

Plus in the link you posted this was one of the questions:

Q: What if I don’t want to switch banks?

A: When the transfer is formally agreed next year, Lloyds will contact all affected customers again. Those who don’t want to switch will be informed of the procedure they need to follow to continue banking with Lloyds. The majority of customers will be automatically switched to the new bank.

So I would presume a process will/may be put in a place to allow customers to transfer to stay with LLoyds.

Jaycee_Dove

I hope so, but as I have many cogent reasons for wanting to stay (see other threads in here) I called and asked about this. I was told that their instructions are to sell customers, not branches, so they cannot help me. They offered no assurance that this would be possible if I just waited - which, as they saw my concern, they could very easily have done. I then called my local branch (which is not being sold) and they also would not give me this assurance and both sympathised and apologised. They also agreed that they would submit a note about my concerns. But advised that I really should take this up with the government and EEC as they were the ones guiding how they had to handle this sell off.

They also confirmed that from early next year those customers being sold would have new cards issued as part of a move into a temporary interim bank. Whilst for now these customers could still use LLoyds branches by later in 2013 when the sale went through they could not. So if this ability to stay with Lloyds is not in place pretty soon this suggests we will have been half transferred already if and when it is.

emuzeg

Hmm well i like the current account with vantage interest rates with lloyds so want to stay!!

bendipa

Why would anyone want to stay with Lloyds, a bank that merged with Bank of Scotland in 2008, and got themselves into a heap of financial trouble by doing so, requiring an eventual bail-out by the State?? Then there was the more recent debacle with PPI.

At least the Co-op never dug themselves into a financial hole while the other big banks did. Your money is far safer in their hands I'd have thought. For those with an overdraft who decide to transfer to the Co-op, I would advise that you register with one of their branches, and speak to a branch manager about overdraft facilities, before you find yourselves subjected to punitive charges. These are £20 for unauthorised overdrafts + £20 for each day the overdraft increases up to a maximum of £150 per quarter. If you go for an authorised overdraft you pay £20 pa as long as you do not exceed the agreed limit. There's also interest payable at 18.9% pa on o/d balances. This rule applies to their basic accounts I wouldn't rely on Lloyds and leave it to them to ensure a smooth transfer

jonesMUFCforever

The accounts ownership is changing not the sort code or account number and the terms and conditions will be the same until such time as the new owner changes them.
You never know they might be better off long term with the COOP.

The major hassle for customers will be that in certain cases they will no longer be able to use Lloyds branches when the accounts have been transferred.

Chrisblue1962

I have basic accounts with both Lloyds TSB and the Co-operative Bank, both of which have advantages and disadvantages.

I would like to know if the option to transfer is open to all Lloyds TSB customers and not just those "affected branches" (mine is not!)?

It is perhaps understandable that the choice is only being given to customers only at the branches being affected / transferred as to give it to all current customers could possibly trigger a "stampede to the exits"..

So, does anyone know if it is possible to transfer to a branch which is being transferred as I'd like to be given the option to choose between "New Lloyds" and "New TSB"?

BugsyBrowne

Chrisblue1962 wrote: »

I have basic accounts with both Lloyds TSB and the Co-operative Bank, both of which have advantages and disadvantages.

I would like to know if the option to transfer is open to all Lloyds TSB customers and not just those "affected branches" (mine is not!)?

It is perhaps understandable that the choice is only being given to customers only at the branches being affected / transferred as to give it to all current customers could possibly trigger a "stampede to the exits"..

So, does anyone know if it is possible to transfer to a branch which is being transferred as I'd like to be given the option to choose between "New Lloyds" and "New TSB"?

No offence but you say you only have a basic account so I can't understand how you would benefit from what bank it is.

Chrisblue1962

BugsyBrowne wrote: »

No offence but you say you only have a basic account so I can't understand how you would benefit from what bank it is.

Basically, at the moment my Co-op Cashminder account has an online debit card but can use any cashpoint and my Lloyds TSB basic account has an offline debit card but I can only use Lloyds TSB cashpoints..

So, I'd be hoping that the "New TSB" would allow basic account holders to have an offline debit card with a cashpoint card which can be used anywhere...well, I can dream