Lloyds TSB - Lloyds Bank & halifax

simoncmo

Hi all i dont know if anyone can help i was banking with lloyds tsb and it has now obviously changed to lloyds. I have an outstanding debt with halifax and i am slightly concerned that all both halifax and lloyds bank both appear under the lloyds banking group that they will be able to sieze the money from my lloyds bank account to pay off the debt with halifax.
Or are they still under two diffrent banking licenses ?

Thanks

Simon

pinkdalek

They currently trade under seperate licences, Halifax trade under Bank Of Scotland's license, however will it be like that forever? Who knows.

Best advice would be sever your connection e.g. bank elsewhere that is not connected to Lloyds Banking Group.

Mister_Zen

When I took my DMP out I was told by Stepchange to not use Halifax as they are linked to LTSB.

opinions4u

A few years ago they had a policy of not applying right of set off across brands.

Their T&Cs do, however, allow for it.

I wouldn't take the risk.

nwc389

It has happened previously that funds have been taken from one arm to the other so I would say move to another banking group.

pqrdef

And the new switching service involves more active co-operation from the old bank, including sending your money elsewhere and closing your account.

You can safely assume they'll check up on what you owe before they do that.

Get your money out of Lloyds without alerting them to the fact that you're switching.

opinions4u

nwc389 wrote: »

It has happened previously that funds have been taken from one arm to the other

Out of interest, when?

ACDeag

simoncmo wrote: »

Hi all i dont know if anyone can help i was banking with lloyds tsb and it has now obviously changed to lloyds. I have an outstanding debt with halifax and i am slightly concerned that all both halifax and lloyds bank both appear under the lloyds banking group that they will be able to sieze the money from my lloyds bank account to pay off the debt with halifax.
Or are they still under two diffrent banking licenses ?

Thanks

Simon

They have both been under the Lloyds Banking Group for 5 years now.

nwc389

opinions4u wrote: »

Out of interest, when?

Since the two systems were merged , so that would be in the last 2 years .

Archi_Bald

ACDeag wrote: »

They have both been under the Lloyds Banking Group for 5 years now.

There is no Lloyds Banking Group licence.

Bank of Scotland plc and Halifax share one licence, as do a bunch of other, such as BM, Saga, Intelligent Finace etc

The Lloyds Bank plc licence is quite separate and used to be shared only with C&G, which has now been swallowed up by TSB plc who have their own licence.

ACDeag

Archi_Bald wrote: »

There is no Lloyds Banking Group licence.

Bank of Scotland plc and Halifax share one licence, as do a bunch of other, such as BM, Saga, Intelligent Finace etc

The Lloyds Bank plc licence is quite separate and used to be shared only with C&G, which has now been swallowed up by TSB plc who have their own licence.

I don't think anyone suggested there was a shared licence. All that was being pointed out was that they had had the same owner for 5 years. TSB Bank is in fact the old Lloyds TSB Scotland PLC renamed as TSB Bank PLC with the relevant branches that were outside Scotland transferred to it.