BREAKING: Sale of 632 Lloyds TSB branches to Co-Op has collapsed

Jaycee_Dove

By the way I do take back some of my earlier posts above the smoothness of transfer.

Full details in the other Lloyds/Coop thread but basically Lloyds are struggling to persuade Lloyds to transfer my ISA opened at Lloyds from a branch where they registered it that will soon leave lloyds to the one where it was opened that will stay as a Lloyds and not become a TSB branch. !!!

And in order to do this they want me to sign a declaration saying I am happy for Lloyds to deduct 6 months interest as a penalty from Lloyds for closing my Lloyds account so it can be transferred by Lloyds to Lloyds.

Needless to say I have refused to sign and assorted Lloyds departments all over the UK are currently trying to figure out what to do about this utter farce that Project Verde has created for innocent customers.

kittycatty

We went into a branch of LLoyds this morning and spoke with the manager, he was quite bemused as they weren't aware of any account being changed etc. Basically they have passed the complaint upto the escalation team as ut seem there are 100's of people in the same position, i.e accounts were closed and moved to another lloyds branch so new account numbers etc, not informed about anything, no new cards issued and old cards now swallowed in hte machine. They have set up a dedicated team to deal with the mess and promised a call within 5 working days, there is nothing on the system to say they ever tried contacting my partner, the only reason he was moved is Acton closed as as he has a Jersey account they had to retain him as a customer so moved him to Chiswick branch.

So he has no card, he can access online banking so can get money by paying me and I can withdraw but the whole thing is a mess. They did say they would like to resolve the matter so we don't have to take it further to the FOS.

rb10

Jaycee_Dove wrote: »

By the way I do take back some of my earlier posts above the smoothness of transfer.

You will notice from these forums that even when a bank makes the tiniest change to their products, terms or service, people will complain.

On the whole Lloyds/Verde/Co-op thing, you are pretty much alone in terms of people complaining about this.

To be perfectly honest, it looks to me as though you have made an absolute mountain out of a molehill.

Why do you need to transfer your ISA elsewhere? Just leave it where it is, and they will look after it. When it reaches the end of its fixed term, you can then transfer it. There's no need for a local Verde branch for your ISA.

And as for transferring your other account(s), I have no idea why you've spent so much time on it. You could have easily transferred your account to another bank in a tiny fraction of the time. I opened a Nationwide FlexDirect account the other day in just a few minutes (admittedly as an existing customer).

c0113tt3

Jaycee_Dove wrote: »

By the way I do take back some of my earlier posts above the smoothness of transfer.

Full details in the other Lloyds/Coop thread but basically Lloyds are struggling to persuade Lloyds to transfer my ISA opened at Lloyds from a branch where they registered it that will soon leave lloyds to the one where it was opened that will stay as a Lloyds and not become a TSB branch. !!!

And in order to do this they want me to sign a declaration saying I am happy for Lloyds to deduct 6 months interest as a penalty from Lloyds for closing my Lloyds account so it can be transferred by Lloyds to Lloyds.

Needless to say I have refused to sign and assorted Lloyds departments all over the UK are currently trying to figure out what to do about this utter farce that Project Verde has created for innocent customers.

We had the same problem, with 2 , 2 year fixed rate isas, both with different branch codes, which one of them was leaving lloyds to TSB/coop. We complained by email, to the ceo, ceo complaints team then responded days later. At first their response was the same as yours, that a penalty fee would apply to merge the isas together under the branch that was not being transferred. After complaining that it was not our decision or fault that instigated the action to have to merge, we insisted that any charges were to be paid back. They agreed and put it in writing, and was then done in branch, instructing the branch that there were notes on file that no penalty fee applied. The paperwork was done, and needed to goto head office for processing. The dim wits still charged even thoough it was written on file and documents not to charge, butto their credit after 1 phone call to ceo customer services, within 2 hours, the charge was paid back, plus an extra compensation payment. Isa can be done, you just need to complain at the right level.

pqrdef

c0113tt3 wrote: »

We complained by email, to the ceo

I hope you didn't cause ructions between Antonio and Paul.

c0113tt3 wrote: »

They agreed and put it in writing, and was then done in branch, instructing the branch that there were notes on file that no penalty fee

The Co-op would have had good cause to object to that. But of course they're no longer in the picture. TSB can now be cheerfully asset-stripped before it's given away (it's doomed to failure anyway).

What' the interest rate on the new ISA?

Jaycee_Dove

rb10 wrote: »

You will notice from these forums that even when a bank makes the tiniest change to their products, terms or service, people will complain.

On the whole Lloyds/Verde/Co-op thing, you are pretty much alone in terms of people complaining about this.

To be perfectly honest, it looks to me as though you have made an absolute mountain out of a molehill.

Why do you need to transfer your ISA elsewhere? Just leave it where it is, and they will look after it. When it reaches the end of its fixed term, you can then transfer it. There's no need for a local Verde branch for your ISA.

And as for transferring your other account(s), I have no idea why you've spent so much time on it. You could have easily transferred your account to another bank in a tiny fraction of the time. I opened a Nationwide FlexDirect account the other day in just a few minutes (admittedly as an existing customer).

I think that is a bit of an unreasonable post.

I did precisely what the letter from lloyds told me to do when they informed me of the branch sale three weeks ago.

The problems that occurred were caused by them - not me.

THEY insisted I move my ISA from branch to branch as it was a Lloyds ISA and could only remain intact at a Lloyds branch, which the branch it was registered at was about to no longer be.

And as the post that follows shows or the one from kitty about branch transfer without notification show I am not the only one having problems.

Jaycee_Dove

c0113tt3 wrote: »

We had the same problem, with 2 , 2 year fixed rate isas, both with different branch codes, which one of them was leaving lloyds to TSB/coop. We complained by email, to the ceo, ceo complaints team then responded days later. At first their response was the same as yours, that a penalty fee would apply to merge the isas together under the branch that was not being transferred. After complaining that it was not our decision or fault that instigated the action to have to merge, we insisted that any charges were to be paid back. They agreed and put it in writing, and was then done in branch, instructing the branch that there were notes on file that no penalty fee applied. The paperwork was done, and needed to goto head office for processing. The dim wits still charged even thoough it was written on file and documents not to charge, butto their credit after 1 phone call to ceo customer services, within 2 hours, the charge was paid back, plus an extra compensation payment. Isa can be done, you just need to complain at the right level.

Thanks for this helpful reply.

Hopefully that is the promise they gave me so it will arrive in writing shortly.

Until it does I am not signing approval of the transfer.

rb10

Jaycee_Dove wrote: »

I think that is a bit of an unreasonable post.

I did precisely what the letter from lloyds told me to do when they informed me of the branch sale three weeks ago.

The problems that occurred were caused by them - not me.

THEY insisted I move my ISA from branch to branch as it was a Lloyds ISA and could only remain intact at a Lloyds branch, which the branch it was registered at was about to no longer be.

And as the post that follows shows or the one from kitty about branch transfer without notification show I am not the only one having problems.

The letter did not tell you that you have to transfer your ISA across to LLoyds.

Had you just left it where it is, it would then have gone across to Verde, and you'd have had none of this trouble. Nice and simple.

System

I'm totally confused - the OP wanted to redeem a fixed rate ISA penalty free because the branch was moving over to LTSB Scotland?

I thought the only time this was mandated was when it went over the 85K protection limit?

rb10 wrote: »

The letter did not tell you that you have to transfer your ISA across to LLoyds.

Had you just left it where it is, it would then have gone across to Verde, and you'd have had none of this trouble. Nice and simple.

Jaycee_Dove

rb10 wrote: »

The letter did not tell you that you have to transfer your ISA across to LLoyds.

Had you just left it where it is, it would then have gone across to Verde, and you'd have had none of this trouble. Nice and simple.

The letter told me to call the number printed in it and that each account would need to be transferred separately. I asked if the ISA was included and had to be transferred and they told me that it had to do.

But, of course, it has not done so as they want me to waive the 6 months interest and I have declined. Unless they provide me a written statement that I will not have to sign over this interest then I will not sign the waiver and it will not be transferred.

What then is up to them as it was the person on the phone who told me the ISA had to be moved. I was only really interested in moving my bank account.

So far that transfer has gone smoothly. Will know for sure after 8 May the official transfer day.

But if the ISA has to stay wherever it is going to via the branch transfer in order not to lose interest then that is okay by me.

However, in two separate phone calls Lloyds have told me that they are transferring ISAs for customers staying with them and not moving to Verde and will do so without customers losing any money. Just awaiting proof of that in wrtiting before okaying the branch transfer. If it does not come then the ISA will stay wherever it is now.