I am leaving smile/coop bank

1jim

callum9999 wrote: »

Other than jealousy and envy, I have no idea why so many people throw strops about high executive pay in most of these industries.

They get paid a hell of a lot because they do a hell of a lot of work - hard work at that - and earn a lot of money for their companies. Just because the work isn't physical, doesn't mean it isn't hard.

Use your common sense. Why on Earth would shareholders allow such high pay if they weren't going to benefit from it?

No problem at all with high pay if the building society is performing well, my point about nationwide was profits were down, ppi claims were huge but directors pay went up to the same directors in charge of that huge success

[Deleted User]

I see that the new owners are going to sell assets ( telegraph) and are scrapping the co-op divi. That will affect many of their retail customers. Going from bad to worse and I will breathe a sigh of relief when my changeover takes place, in just a few more days. I want all my money out of there asap

Archi_Bald

kittie wrote: »

I see that the new owners are going to sell assets ( telegraph) and are scrapping the co-op divi. That will affect many of their retail customers.

Excuse my genuine ignorance - how is this affecting their retail customers?

Thrugelmir

Archi_Bald wrote: »

How ethical is it to run a bank into the ground with hundreds of millions of debt, and making thousands of people redundant?

A business making a wrong decision has happened before and will happen again. Perhaps the Co-Op's own unwieldly internal voting structure and lack of expertise has cost it dearly. Committees are rarely the best way of running a bank.

[Deleted User]

Archi_Bald wrote: »

Excuse my genuine ignorance - how is this affecting their retail customers?

just one example: I was in a queue at the local coop store and the person in front of me was saying how the divi adds up and helps her through her christmas spending. She is a local person and does almost all her food shopping there. Many of the people local to this store are obviously finding things tough and a few £ here and there really helps them. Also get points on coop energy, coop pharmacy etc

divi= points for purchases. Points=cash

I see that halifax have got all the bill payments and DDs etc in my account now. Very good so far and they have also credited £100 incentive.

We are keeping coop visa accounts for the time being

realaledrinker

kittie wrote: »

I see that the new owners are going to sell assets ( telegraph) and are scrapping the co-op divi. That will affect many of their retail customers. Going from bad to worse and I will breathe a sigh of relief when my changeover takes place, in just a few more days. I want all my money out of there asap

No, you are confusing the statement made by the CEO of the Co-operative Group at the half year meeting last weekend. The Divi and possible sale of non-core businesses such as security & cash collection relate to the Co-operative Group, not the Bank. Group have to come up with a contribution of £462m into the bank bail-in and the hedgies £120m plus converting their bonds into shares. The taxpayer puts in NOWT.

Plus they havent scrapped the divi - they are not paying an interim divi - which is not that surprising given the loss for the half year!

Lansdowne

It may however be that the divi payable for holding a balance in Co-op bank account, mortgage or insurance is to end, I haven't seen anything about that. That divi of course adds to the amount the customers can get via shopping. For some people that replaced the tiered Britannia bonus payout which was higher the more years you had spent as a Britannia member.

Anthorn

kittie wrote: »

I see that the new owners are going to sell assets ( telegraph) and are scrapping the co-op divi. That will affect many of their retail customers. Going from bad to worse and I will breathe a sigh of relief when my changeover takes place, in just a few more days. I want all my money out of there asap

Do you have a link to that information?

We are talking about the Co-operative Bank not The Co-operative Group. I think you really need to learn the difference between the two. Here's a clue, it's not the Bank which issues the divi!

Anthorn

Lansdowne wrote: »

It may however be that the divi payable for holding a balance in Co-op bank account, mortgage or insurance is to end, I haven't seen anything about that. That divi of course adds to the amount the customers can get via shopping. For some people that replaced the tiered Britannia bonus payout which was higher the more years you had spent as a Britannia member.

Here it is direct from the beak in a letter I received from The Co-operative Group this morning:

For the period January to June 2013 we made a loss, so we don't have a profit to distribute.

What we need to understand is that for holding funds in a Co-operative Bank account you get points and not dividend and those points are converted to dividend when that dividend is declared. Since there is no dividend those points are worthless: You could have billions and trillions of points and you would still get nothing.

varndeanian

I'm not leaving just yet either (only left RBS a year ago). I'm hoping my local branch survives and also that the Premier Priviledge Accounts do too. These were always recommended by MSE at the time when they were available to new applicants.