Bad timing: Norwich & Peterborough are now with HSBC — ethical banking?

Questionable-HSBC

I was calling N&P about a separate issue, and they just informed me that they're switching from using the Cooperative Bank's systems to those of HSBC.

It couldn't be a worse time, given that HSBC have been in the news for UK tax avoidance.

Perhaps the ethical score on MSE for N&P should be re-considered because they are now lining HSBC's pockets more.

:A

I really liked them as a bank, especially with their free foreign spending cards.

What do you folks think about the significance of this change?


P.S. I was enquiring with them to find out whether or not they'll be offering Apple Pay to their current account customers. They commented that it is dependent on when HSBC roll it out since they provide them with card technology.

dr_adidas01

Questionable-HSBC wrote: »

I was calling N&P about a separate issue, and they just informed me that they're switching from using the Cooperative Bank's systems to those of HSBC.

It couldn't be a worse time, given that HSBC have been in the news for UK tax avoidance.

Perhaps the ethical score on MSE for N&P should be re-considered because they are now lining HSBC's pockets more.

:A

I really liked them as a bank, especially with their free foreign spending cards.

What do you folks think about the significance of this change?


P.S. I was enquiring with them to find out whether or not they'll be offering Apple Pay to their current account customers. They commented that it is dependent on when HSBC roll it out since they provide them with card technology.

There is no significance in this change The Co-Op are hardly as ethical as they once were look at all the problems they have had over the last 18 months!!

If your naive to believe that none of the other banks have been helping their customers avoid tax then you will be sadly disappointed.

The reason we don't know about it is, that HSBC have been found out and the other banks haven't.

N&P have probably decided that it is more cost effective to switch to the HSBC system.

If you don't like it then switch to another provider!!

Questionable-HSBC

So, as I understand, your argument is, "everybody's doing it"?

dr_adidas01 wrote: »

If your naive to believe that none of the other banks have been helping their customers avoid tax then you will be sadly disappointed.

The reason we don't know about it is, that HSBC have been found out and the other banks haven't.

Have Co-Op Bank been found out?

In addition, Co-Op are more ethical than HSBC in other factors that influence the score on MSE.

JuicyJesus

What exactly do you mean by "HSBC's systems"? If it is just that they are using HSBC's sort code ranges (e.g. account sort codes start 40) then they are not actually part of HSBC as such, and don't actually use HSBC's banking systems; they just use HSBC to clear their cheques.

planteria

JuicyJesus wrote: »

...then they are not actually part of HSBC as such,...

they are definitely not 'part' of HSBC. N&P is a brand of Yorkshire Building Society. and yes, all of the Building Societies use one of the clearing banks to clear cheques, and i wouldn't have any concern with them using HSBC rather than Co-op Bank. i bank happily with HSBC but have found Co-op Bank to be hopeless, CS-wise, in the past.

Herbalus

The trouble with smaller providers is that they simply can't operate everything themselves. I got to know the finance guys of a pretty major charity a while back, and as they sent a lot of people abroad for long stints I asked why they used Barclays, because the cost of using Barclays debit cards abroad is quite high.

The charity would have loved to switch away from Barclays (this was at the time of the Bob Diamond headlines - so as for "they're all as bad as each other" that's pretty accurate!), but they couldn't find a smaller, more ethical provider that would cope with the charities main business needs.

Biggles

It should be an improvement, N&P's online banking has never been the slickest around.

System

Their internet banking is the same as before, they've pretty much just changed the logos to be a wine coloured version of Yorkshire Building Society's logo.

As for them using HSBC clearing systems, AFAIK it's simply to improve their Faster Payment infrastructure as they can now be received 7 days including bank holidays.

Tesco Bank or Coventry Building Society also both use HSBC for clearing.

Biggles wrote: »

It should be an improvement, N&P's online banking has never been the slickest around.

mrchiggles

Coop are removing their agency bank sponsorship services, they had no choice!