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Lloyds TSB/Co-op branch transfers. When will we be told what to do?
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I'm surprised that there are not more people fretting about this, especially with the popularity of the 4% Vantage offer. When the listed branches get transferred to Co-op, there's no way that offer will be available! It makes sense that one Llloyds account cannot be transferred to another branch, so hopefully those concerned will soon be sent an easy process to follow.0
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That 4% offer finishes November 2013 just before the changover of accounts is supposed to happen.I'm surprised that there are not more people fretting about this, especially with the popularity of the 4% Vantage offer. When the listed branches get transferred to Co-op, there's no way that offer will be available! It makes sense that one Llloyds account cannot be transferred to another branch, so hopefully those concerned will soon be sent an easy process to follow.
How does anybody know what offers will be on then??
It could be that Lloyds customers wanting to go the other way!0 -
Co-op have already announced that the accounts they buy will remain on Lloyds systems in a separated environment so there will be little impact if any on the customers on Day 1 as their branch will already have been rebranded TSB.
The main issue will be if you want to pay into a TSB account in a Lloyds branch - you wont be able to, but you can use the post office to pay in cheques and cash into Lloyds and Co-op accounts so I see no reason why that would not continue. This will happen mid 2013 before Co-op take ownership as stated earlier.
I think Co-op would be shooting themselves in the foot if they were to reduce the Vantage interest rate, and don't forget Co-op tend to have much better fixed rate savings account interest rates, so it's not all one way.
Natwest/RBS customers have been able to open new accounts with RBS/Natwest if they didn't want to transfer to Santander, so I would imagine something similar being provided here.
At the end of the day, there will be a period when Lloyds still own the branches, now rebranded TSB. At that point the chinese wall comes down so then would be the time to switch your account to Lloyds - using the industry 7 Day switching process which will be live by then.
As stated above, plenty of time so no need to get stressed.Ethical moneysaver0 -
What i dont get is why HBOS aren't allowing lloyds customers to use them branches to pay in since they own it.
im in scotland all branches in scotland will be closed.0 -
What i dont get is why HBOS aren't allowing lloyds customers to use them branches to pay in since they own it.
im in scotland all branches in scotland will be closed.
My branch is in London but I live in Scotland, I asked the question as was told I can pay in at Bank of Scotland (And in fact have done so a few times), but you use either a paying in book with Bank Giro Slips (You can request one from Lloyds) or the Credit slips in the back of your cheque book.
But it takes 2 - 3 working days to credit your Lloyds account.0 -
If you read the thread you'll discover that Lloyds abandoned the concept of "their" branch many years ago. Lloyds' customers accounts are scattered all over the country, and this is the problem.realaledrinker wrote: »Co-op have already announced that the accounts they buy will remain on Lloyds systems in a separated environment so there will be little impact if any on the customers on Day 1 as their branch will already have been rebranded TSB.
I opened my Lloyds account in 2010. I haven't moved since then, and I told them which of the two nearest branches I wanted to be at. They ignored that and allocated me to a branch 20 miles away at the far side of a big city. If I had to go there, I would need half a day to drive there and back.
But the people who keep pestering me to go in for a financial review aren't at that branch, or at the branch I specified, or at the other local branch, but at yet another branch, also too far away.
As for my savings accounts, I've no idea where they are. One of my eSavers has a branch sort code, one doesn't.
Many people are going to find that their loan account is claimed by the branch they opened it at, rather than the branch where their current account is.
It's chaos, and they really ought to have sorted it out before they put Verde up for sale, because at present nobody even knows which accounts are being sold."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
The glib rubbish you get from lazy journalists who haven't bothered to understand anything.dalesrider wrote: »"So from spring 2013 the Lloyds branches will be renamed TSB, but will carry on business as usual."
The usual business of a Lloyds branch includes serving customers whose accounts are at other branches. Some of those customers will become TSB customers, but some won't.
So if these TSB branches aren't going to serve Lloyds customers, they won't be carrying on business as usual.
Take, for instance, a branch in a shopping mall. A lot of people will call in while they're shopping, but not so many of those will actually have their account based there."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
We know what you'll be told to do. You'll be told to use the nearest Lloyds branch that's included in the sale. That's for your own account - they won't acknowledge any problem at all where your mother's account is concerned.Jaycee_Dove wrote: »This is why I need guidance from Lloyds and am not getting it.
You'll also be told about online banking, phone banking, cashpoints and post office counters.
You probably won't get much help with staying at Lloyds. They could make it very easy, but the regulators are breathing down their necks to make sure they don't poach the customers the Co-op is paying for.
Lloyds' problem is how to explain to their customers that they're making this difficult when they could be making it easy."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
And of course we have to remember that the boss of the sale/transition process will be moving over to become the boss at the Co-op.
He's not going to want to leave behind half the customers he's supposed to be taking with him."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
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