Co Op MAY quit banking

john1002

Now I dont want to scare anyone, as I have an account as well, but just heard on radio from bbc's robert preston that co op may consider leaving banking due to regulatory and economic concerns and burdens.

Cant believe the goverment would allow this as it is like the co op saying that your making life harder for us so were going to throw a tantrum and leave.

Also logistics who would take over these products, of course stranger things have happened so if it did happen there would be a massive outcry and well were would we all go both subprime and prime.

john

iquit

Too late, you've scared the life out of me!

michael1983l

Well the Co-op deal to buy 600 Lloyds branches has just fallen through. I forsee a bad day for banking shares today, Barclays reveal a fall in profits to 1.8 billion and Lloyds fail to sell the branches they were banking on to streamline their business.

john1002

iquit sorry about that , to be fair the piece was about the co op/lloyds deal and was the last parting words from mr preston, with no cavavet to say it was not likely etc.

Just seems that these banks can do what they want, and it is the general public that have to pay. So wrong!!

john

iquit

I knew about the purchase of Lloyds branches falling through & barclays fall in profits but Co-op leaving banking is just too much.

iquit

It'll be back to money under the mattress for many if it does happen.

john1002

Heres an extract from the news feed:

Speaking on the Today programme the BBC's business editor Robert Peston said that "there is a very big chance that the Co-op would pull out of banking all together."

"If it were to pull out, that... would be a genuinely important event and I think that there is a high probability of that," he added.

Now normally I would not take much stock in news reports like this, but robert has a proven track record in bringing stories as exclusives and them coming true so it is concerning.

john

rossireps

iquit wrote: »

Too late, you've scared the life out of me!

me too as i cant have barclays so would be well stuffed

JustinCredibleGillespie

http://www.bbc.co.uk/news/business-22276390

john1002

I would think that various organisations would cherry pick the parts they want, like with credit cards, remember Egg and marbles. The banking part would be the concern though who would take our cashminder accounts, barclays does spring to mind or could the co op do what Llouds is having to do and a new creation will happen like TSB.

Cant believe that we would have our cashminder accounts closed down with no solution can you imagine the fall out especially as it is likely to fall close to the general election time in 2015.

john

fiveyearplan

I'm glad I spread my banking. I have a joint halifax account that I opened pre BR then they made me take my name off but as soon as i was discharged I got my name back on the account.