Lloyds TSB/Co-op branch transfers. When will we be told what to do?

stclair

So are you saying the bank have sent out this "second letter" already?

They should have sent it with the first one to save on postage.

Could you post these letters onto mse at all blanking out your details?

pqrdef

Jaycee_Dove wrote: »

Indeed they emphasise that you will have to close your account at the branch being sold, apply for a new one at an unaffected branch.

And in the meantime, you've got no bank, no cards, no DDs, nowhere to get wages or benefits paid to. And you'll have to clear your overdraft. And no help from the switching service. Hardly a feasible option really.

Then you will be treated as a brand new customer and so will lose all privilges you might have (such as an overdraft). You will not be entitled to any account you currently have and will have to select one from those currently available to new applicants.

No 4% Vantage then. Have to wonder if they came up with that as a deliberate disincentive.

It looks to me as if they are planning to do anything possible to stop you staying with Lloyds TSB.

Well, if you sell a shop as a going concern, you can't then set up next door in the same trade. The sale contract would include the goodwill for the buyer to inherit the custom. Lloyds can't really sell their customers for good cash money and then take them straight back. Customer choice doesn't enter into the concept of this deal. It's not Lloyds's fault entirely.

Though they could have moved everybody's account to their nearest branch before they put anything on the market. As it is, they've now got themselves a significant number of customers for whom it's not feasible either to accept the transfer or to reject it. Their best option will be to find another bank, so they can do an overlapping switch, though if they've got an overdraft even that will be problematic.

If I were Barclays or RBS, I'd be thinking next year would be a good time for a big promotion campaign and maybe a switching incentive.

And I'd take evens on the Co-op doing a Santander and pulling out. They got a cheap deal, but it's looking more expensive by the day.

pqrdef

The other implication is that there won't be a better option. So if you go along with the transfer to TSB, wait until it's sold, then try to switch to Lloyds, they'll probably say you can't, at least, not without closing the TSB account first.

callum9999

Jaycee_Dove wrote: »

It is pretty obvious from your reply that you have been fortunate not to have to become a full time carer for 10 years and take care of the financial problems this involves.

Having a bank you trust with local branch staff you know and depend on weekly within reach of a bus ride during the two hours per week I am given to do stuff like shopping and banking is enormously important.

And I have had the second letter as noted in the post above. My local brabch agreed it was worrying and have asked me to bring it in to show them so we can try to find a solution.

Happily they are being more understanding than some on here.

I will report back on what happens.

As someone who has been a full time carer, what exactly are these "financial problems" that require weekly trips to speak to branch staff?

While I don't wish to trivialize it as I know how stressful a "job" it is, how is it relevant to which bank you are with? Or are you saying it's wrecked your finances and the local staff are sympathetic and waive fees etc?

Jaycee_Dove

What I meant was that we have to pay for many of our day to day things with cash (special transport, for instance) and live somewhere without cash machines. So visits to the bank to get cash are crucial.

There are other reasons also - my income comes in via cheques (including non UK currency) and have to be paid in regularly.

As I only have two hours per week to travel in by bus to somewhere with chemists, supermarkets and banks and do all these things in one go whilst someone else is giving me this respite I need a bank that understands my predicament and speeds things through.

Thats all.

Anyhow, I visited the branch today and discussed the second letter with them. They reassured me quite a bit saying that several of the staff have been told they have to close their accounts because they are registered miles away at branches being sold! So they are aware this is creating havoc and have now put a number of complaints through.

They have been promised there will now be a smooth procedure in the new year and they are reassessing the way in which current customers with good accounts can get similar ones when having to apply as a new customer.

I was promised they would make sure there would be no serious drama involved if I wanted to stay. I think they were shaken by the number of people finding themselves effected by default because they had not even realised they were registered at branches far from where they now lived and that happened to be on the sale list.

So I am now happy to wait until the new year with more optimism.

stclair

Jaycee_Dove wrote: »

What I meant was that we have to pay for many of our day to day things with cash (special transport, for instance) and live somewhere without cash machines. So visits to the bank to get cash are crucial.

There are other reasons also - my income comes in via cheques (including non UK currency) and have to be paid in regularly.

As I only have two hours per week to travel in by bus to somewhere with chemists, supermarkets and banks and do all these things in one go whilst someone else is giving me this respite I need a bank that understands my predicament and speeds things through.

Thats all.

Anyhow, I visited the branch today and discussed the second letter with them. They reassured me quite a bit saying that several of the staff have been told they have to close their accounts because they are registered miles away at branches being sold! So they are aware this is creating havoc and have now put a number of complaints through.

They have been promised there will now be a smooth procedure in the new year and they are reassessing the way in which current customers with good accounts can get similar ones when having to apply as a new customer.

I was promised they would make sure there would be no serious drama involved if I wanted to stay. I think they were shaken by the number of people finding themselves effected by default because they had not even realised they were registered at branches far from where they now lived and that happened to be on the sale list.

So I am now happy to wait until the new year with more optimism.

Can we all see this "second letter" please or copy it out word to word for us all to see?

Im sure alot of people would be keen to see its content.

Jaycee_Dove

I do not know how to copy a letter onto here. But I summarise the main points in post 59 on page 3.

If you want me to copy it word for word it is quite long so that will have to be tomorrow when I have free time. But will gladly do so then.

pqrdef

Jaycee_Dove wrote: »

several of the staff have been told they have to close their accounts

:rotfl:

Jaycee_Dove wrote: »

I think they were shaken by the number of people finding themselves effected by default because they had not even realised they were registered at branches far from where they now lived and that happened to be on the sale list.

Well perhaps they're hopelessly incompetent and don't know their own bank, or perhaps they've connived at this situation to put pressure on the regulator.

stclair

Jaycee_Dove wrote: »

I do not know how to copy a letter onto here. But I summarise the main points in post 59 on page 3.

If you want me to copy it word for word it is quite long so that will have to be tomorrow when I have free time. But will gladly do so then.

Yeah if you could find a way to post the letter that would be great.

rb10

Jaycee_Dove wrote: »

What I meant was that we have to pay for many of our day to day things with cash (special transport, for instance) and live somewhere without cash machines. So visits to the bank to get cash are crucial.

There are other reasons also - my income comes in via cheques (including non UK currency) and have to be paid in regularly.

But presumably there is an ATM at the Lloyds TSB branch that you go to? Or at the supermarket? So you could use your TSB/Co-op/other card at the ATM to get cash?

Cheques (both Sterling and foreign currency) can be posted to the bank or paid in at the Post Office.

You may have to change the way you do banking, but don't immediately think it's impossible.