LLoyds TSB branch sell off - For customers who wish to stay with Lloyds

Jaycee_Dove

You did indeed.....but now the sale to the Coop has collapsed it all seems rather silly.

Plus, I just called my LLoyds TSB credit card number to ask which account to pay them through as mine is being switched in less than 2 weeks.

They kept me on hold 20 minutes whilst 'checking it out' to eventually admit that nobody has a clue! They are awaiting instructions from Lloyds apparently.

I can see my payment for this month going walkies.

jonesMUFCforever

No it won't!
If you use your existing account then pay as normal.
If the new one is live and you have funds in it pay from there.

Jaycee_Dove

Unfortunately, Jones, we were both too optimistic!

Today Lloyds have informed me that in order for Lloyds to transfer my ISA from Lloyds to Lloyds to register it at a branch that will stay as Lloyds I must sign a declaration agreeing to give up 6 months interest to compensate Lloyds for losing my account that they have closed to reopen again! Needless to say I have declined and half the staff in the UK appear to now be trying to figure out a way round this mess.

jonesMUFCforever

Jaycee_Dove wrote: »

Unfortunately, Jones, we were both too optimistic!

Today Lloyds have informed me that in order for Lloyds to transfer my ISA from Lloyds to Lloyds to register it at a branch that will stay as Lloyds I must sign a declaration agreeing to give up 6 months interest to compensate Lloyds for losing my account that they have closed to reopen again! Needless to say I have declined and half the staff in the UK appear to now be trying to figure out a way round this mess.

Then do nothing until it matures! You will lose nothing then - and you can transfer it back to your new Lloyds branch.
I take it - this is because you have a fixed rate ISA? If so the rate you have fixed at is probably higher than you can get now so stay put!!

Jaycee_Dove

jonesMUFCforever wrote: »

Then do nothing until it matures! You will lose nothing then - and you can transfer it back to your new Lloyds branch.
I take it - this is because you have a fixed rate ISA? If so the rate you have fixed at is probably higher than you can get now so stay put!!

It is a fixed rate but the rate is identical as it is the same identical lloyds ISA. Opened on March 28. Transferred a few days later from one branch to another by lloyds because of the sell off.

But they say they have to close it, reopen the exacty same ISA with the exact same rates BUT charge me 6 months interest as the penalty for closing it.

They confirm it is them that insist on closure - not me - as I agreed to what they offered (a simple branch transfer).

So they are seeking a way to deduct the interest and then repay it on the same day. But have as yet to put that in writing. Unless they do I will not sign the agreement.

opinions4u

Jaycee_Dove wrote: »

It is a fixed rate but the rate is identical as it is the same identical lloyds ISA. Opened on March 28. Transferred a few days later from one branch to another by lloyds because of the sell off.

But they say they have to close it, reopen the exacty same ISA with the exact same rates BUT charge me 6 months interest as the penalty for closing it.

They confirm it is them that insist on closure - not me - as I agreed to what they offered (a simple branch transfer).

So they are seeking a way to deduct the interest and then repay it on the same day. But have as yet to put that in writing. Unless they do I will not sign the agreement.

I understand why you won't do anything without a written promise. Sensible.

But you have two choices here:

1. Go through whatever bureaucracy they dream up to resolve an issue the products were never designed for or:

2. Wait until it matures and sort it then.

Me? I'd take the easy option on this.

Jaycee_Dove

opinions4u wrote: »

I understand why you won't do anything without a written promise. Sensible.

But you have two choices here:

1. Go through whatever bureaucracy they dream up to resolve an issue the products were never designed for or:

2. Wait until it matures and sort it then.

Me? I'd take the easy option on this.

Problem is that TSB - the interim bank being created pre any sale to whoever might bite now Coop have pulled out - has no ISAs. So nobody at lloyds knows where the ISA would go if not transferred. It cannot stay attached to the Lloyds branch being sold as that will not be connected to lloyds at all. In fact staff told me that as of 13 May they will not even have access to one another's files! Which seems bonkers, if true, given reports in other threads on the Lloyds sell off on here where some customers have had their accounts transferred without warning because they were registered in branches that will cease to exist. If someone is away for a month they might return to discover what has happened after this deadline.

kittycatty

Jaycee_Dove wrote: »

Problem is that TSB - the interim bank being created pre any sale to whoever might bite now Coop have pulled out - has no ISAs. So nobody at lloyds knows where the ISA would go if not transferred. It cannot stay attached to the Lloyds branch being sold as that will not be connected to lloyds at all. In fact staff told me that as of 13 May they will not even have access to one another's files! Which seems bonkers, if true, given reports in other threads on the Lloyds sell off on here where some customers have had their accounts transferred without warning because they were registered in branches that will cease to exist. If someone is away for a month they might return to discover what has happened after this deadline.

Manager from Camberley branch confirmed that after the 13th May Lloyds staff will not have access to any transferred accounts (tsb) you can use their telephones etc but at branch level all accounts will be gone.

They will still have access to accounts that have been closed and re-opened that stay with them though.

marlewuk

Jaycee_Dove wrote: »

Problem is that TSB - the interim bank being created pre any sale to whoever might bite now Coop have pulled out - has no ISAs. So nobody at lloyds knows where the ISA would go if not transferred. It cannot stay attached to the Lloyds branch being sold as that will not be connected to lloyds at all. In fact staff told me that as of 13 May they will not even have access to one another's files! Which seems bonkers, if true, given reports in other threads on the Lloyds sell off on here where some customers have had their accounts transferred without warning because they were registered in branches that will cease to exist. If someone is away for a month they might return to discover what has happened after this deadline.

It should just carry on as it is but under the separate tsb bank. as others have mentioned, you can transfer back once matured if you wish.

Jaycee_Dove

marlewuk wrote: »

It should just carry on as it is but under the separate tsb bank. as others have mentioned, you can transfer back once matured if you wish.

Without them sorting it out that is what I will indeed do.