Lloyds TSB / Co-op Merger - accounts mis-match?

Chrisblue1962

As it stands , Co-op are due to take over a large number of Lloyds TSB branches, and I assume accounts too, in the not too distant future.

I currently have a Co-op Cashminder account, which has a Visa debit card, which in reality is still Electron debit "badged" as a full Visa debit card, which will not operate at pay-at-pump facilities, my local station on Merseyside or on trains but does operate at all cashpoints.

Contrast this with my Lloyds TSB Cash account that will operate at pay-at-pump facilities but will only at Lloyds TSB cashpoints.

When Project Verde is complete , does anyone know how or heard how the Co-op plan to address the inconsistency between two very similiar accounts?

MoneySaverLog

AFAIK co-op accounts will remain the same as they are now. It's what happens to existing LTSB customers which will be interesting. Will they get new CO-OP Branded accounts, even though they did not ask for them?

Though I've heard the opposite recently that CO-OP data will go into a copy of the LTSB system (like they did with Halifax)

I'd imagine the cards would work as they do now, if it changed they'd have to write to everyone affected to tell them how so.

My guess is that they are already tweaking the systems with CO-OP Halifax and LTSB going down at the same time, regardless of what they say about it not being connected it just seems too much of a co-incidence.

Also the number of planned overnight weekend updates LTSB are doing at the moment suggests they are up to something too.

opinions4u

Here's a helpful link.

Verde branches will be branded TSB.

The branches being sold to Co-op will firstly be rebranded to TSB (rather than Lloyds TSB) in the summer of 2013 ahead of a deal being completed by November 2013. They will then transfer to the Co-op under the TSB brand. Co-op has not said yet when a further rebranding from TSB to Co-op will take place.

Lloyds Banking Group will have to rebrand its remaining network of 1,300 Lloyds TSB branches – the new brand is not yet decided – and has said it will keep customers updated on its plans

My money's on Lloyds Bank.

Unless they're going to dramatically drop the brand altogether and call just trade under the Halifax name!

As to the original question, no idea. Probably years off.

Gromitt

According to local media, if your branch will be taken over by co-op then you'll be written to and given the choice to either switch to the co-op, or move branch and stay with LTSB. No response assuming you don't mind moving your account. Whether you'll get the same kind of account remains to be seen.

opinions4u

Gromitt wrote: »

According to local media, if your branch will be taken over by co-op then you'll be written to and given the choice to either switch to the co-op, or move branch and stay with LTSB. No response assuming you don't mind moving your account.

I'd suggest the local media are wrong.

Lloyds Banking Group have to give up a certain amount of market share.

They won't achieve this if the let half the affected customers remain.

Whether you'll get the same kind of account remains to be seen

The same terms and conditions will apply. Along with the same rights for the provider to vary them.