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

bendipa

EarthBoy wrote: »

You forgot to look under "other accounts" where you will find details of the Cashminder:
http://www.co-operativebank.co.uk/servlet/Satellite/1193206368743,CFSweb/Page/Bank-CurrentAccounts

I did see it, however it's not featured in their printed bumph about their different current accounts. nor is it displayed as a main current account on that web page I linked. Anyway it seems you are not allowed overdraft facilities with a Cashminder, so even if it's still running I wouldn't recommend switching to it in any case.

pqrdef

bendipa wrote: »

For those with an overdraft who decide to transfer to the Co-op

The Co-op Bank as such doesn't get a look-in at this stage. The plan is that Co-op Bank and TSB will operate as separate banks for a period of years, same as Lloyds / HBOS or RBS / NatWest. An eventual merger is only a long-term aspiration.

It remains to be seen whether they will assimilate the Co-op and TSB product lines or differentiate them.

It also remains to be seen how much the Co-op and TSB branches will be able to do for each other's customers. They won't be on the same IT systems until at least 2015, so Verde customers maybe shouldn't rely on doing all their banking at a handy Co-op branch.

Especially, when TSB customers get a text alert, they probably shouldn't rely on money paid in at the Co-op reaching their account the same day.

pqrdef

Chrisblue1962 wrote: »

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!)?

I'm thinking of opening a TSB account as a new customer as soon as an application form appears on a website. No need to switch.

On the other hand, the Co-op have been known to do switching incentives, and they might decide that would be a good way to boost TSB. And I'd hate to miss out by jumping the gun.

EarthBoy

bendipa wrote: »

I did see it, however it's not featured in their printed bumph about their different current accounts. nor is it displayed as a main current account on that web page I linked. Anyway it seems you are not allowed overdraft facilities with a Cashminder, so even if it's still running I wouldn't recommend switching to it in any case.

Cashminder isn't meant to be a main current account, it's just a basic bank account. I don't know of any basic accounts which allow overdrafts.

pmduk

EarthBoy wrote: »

I don't know of any basic accounts which allow overdrafts.

None of them do, the whole aim of basic accounts is to offer only basic facilities. They're often aimed at people with less than perfect credit scores who wouldn't qualify for lending anyway.

callum9999

Jaycee_Dove wrote: »

With respect that is a pretty forgiving way of looking at things. One which as a customer of only Lloyds for all 35 years of my banking life I am not willing to follow.

I have NOT left. They have sold ME - their customer - against my wishes. It is grossly unfair to have to 'join again' as you put it when the only alternative they offer is for me to bank at a branch of another bank a three hour bus ride away.

Surely you can grasp why this is an enormous imposition for a full time carer for someone who requires 24/7 care and everything doing for them and who has to have a nurse looking after her during the two hours a week that I get to travel by bus to do things like banking.

Suddenly being asked to travel an extra 70 miles to do that or go through hoops to rejoin a bank I have no desire to leave is not exactly great PR.

It's not meant to be PR... I really don't understand why you find the prospect of changing banks so arduous, a child could do it with ease and you don't even need to leave the house...

jonesMUFCforever

thatsean wrote: »

Why don't you rejoin online then?

..........Because the new account will have the same sort code as their old account number therefore the new and old account will be transferred.
There will be a system in place next year whereby customers will be able to transfer back to Lloyds - don't panic!

stclair

jonesMUFCforever wrote: »

..........Because the new account will have the same sort code as their old account number therefore the new and old account will be transferred.
There will be a system in place next year whereby customers will be able to transfer back to Lloyds - don't panic!

I have two accounts with lloyds that are on totally different sort codes.

Jaycee_Dove

callum9999 wrote: »

It's not meant to be PR... I really don't understand why you find the prospect of changing banks so arduous, a child could do it with ease and you don't even need to leave the house...

I do not want to change. LLoyds has been my only bank all my life and I want to stay.

As I keep explaining it is not just all my accounts I would have to move (including an ISA with possible penalties for moving) but also my mothers accounts that I moved to Lloyds years ago so that I could do all the banking in one place.

So quite a lot would be involved in moving several accounts from two people to another bank.

Those disabled and those caring for disabled prefer stability as we have limited financial flexibility owing to our circumstances.

callum9999

Jaycee_Dove wrote: »

I do not want to change. LLoyds has been my only bank all my life and I want to stay.

As I keep explaining it is not just all my accounts I would have to move (including an ISA with possible penalties for moving) but also my mothers accounts that I moved to Lloyds years ago so that I could do all the banking in one place.

So quite a lot would be involved in moving several accounts from two people to another bank.

Those disabled and those caring for disabled prefer stability as we have limited financial flexibility owing to our circumstances.

I'm confused. What exactly is happening to your branch then? You're being sold but the branch is still going to operate as Lloyds?