Norwich & Peterborough BS

JuicyJesus

In fairness, you do have five months to switch. Even doing things manually, that's more than enough time.

m1kjm

My mother said people were queueing out of the door in order to withdraw their money at her local branch.:rotfl:

EarthBoy

m1kjm wrote: »

My mother said people were queueing out of the door in order to withdraw their money at her local branch.:rotfl:

How does she know that was what they were queuing for? Did she ask them all?

antrobus

EarthBoy wrote: »

N&P already do manual switching...

Yes, I know. That's why I noted the N&P's claim that they are very good at doing manual account switching

EarthBoy wrote: »

..so the only thing different here is that they'll give you a list of providers who've promised to make this manual process as quick and easy as possible. I'm sure the banks already make the process as quick and easy as possible, -it's in their interests to do that if they want your business, so really the only thing new here is that you'll now get a list. How fabulous.

There might well be some customers who ignore all the letters from N&P (and the list) and don't do anything at all. What's going to happen come the end of August when N&P discontinue the current accounts? I still think they might convert those accounts to ordinary savings accounts, so that at least the customer has access to their money.

I was trying to a bit helpful to those people who have N&P current accounts. Presumably if they are reading this thread, they might well be the kind of people who actually read the letters they receive.

Besides, banks and building societies are always closing or withdrawing various account offers. It's not like it's something new. They all have established procedures for such things.

System

Dalavich wrote: »

Not really a helpful comment. Let's see your bank close your account and see how you feel? Especially when you don't know when and where you can open a new account and move everything without the CASS in place?!

N&P are closing my current account.
I'm just not throwing my toys out of the pram like you!

NoodleDoodleMan

As there are 100,000 current account holders I imagine that other banks with switching incentives will also see it as not being a problem either.

I wonder how many of the 100,000 hold the N&P Gold Classic current account only for the fee free incentive at ATMs abroad - with no direct debits.

I think all (?) of the banks offering a switching incentive require at least 2 standing DDs.

There might well be some customers who ignore all the letters from N&P (and the list) and don't do anything at all. What's going to happen come the end of August when N&P discontinue the current accounts?

What's to stop N&P sending customers with a credit balance in their current account as at close of business on 31st August a cheque to settle said amount ?

I reckon this is all a done deal, now YBS are just playing out time until then.

YorkshireBoy

NoodleDoodleMan wrote: »

I think all (?) of the banks offering a switching incentive require at least 2 standing DDs.

If you meant DDs (not sure what "standing DDs" are?), then there are at least 3 banks offering an incentive that don't require them. But it's irrelevant really, because with all of them you need to use the CASS...and N&P aren't members.

Stuart_W

m1kjm wrote: »

My mother said people were queueing out of the door in order to withdraw their money at her local branch.:rotfl:

In terms of the future balance sheet for YBS, this is probably good news. Customers that use branches regularly are the most expensive to maintain.

The average number of customer transactions per branch that is being closed is 7 a day - so amazing they've kept them open so long.

Losing a local branch is sad for the staff it affects, yes, but surely those 7 people each day can manage to use one kind of account or another that works at the local post office, can't they? Pretty much every other bank has now added post office access as an option.

[Deleted User]

Stuart_W wrote: »

In terms of the future balance sheet for YBS, this is probably good news. Customers that use branches regularly are the most expensive to maintain.

The average number of customer transactions per branch that is being closed is 7 a day - so amazing they've kept them open so long.

Losing a local branch is sad for the staff it affects, yes, but surely those 7 people each day can manage to use one kind of account or another that works at the local post office, can't they? Pretty much every other bank has now added post office access as an option.

Post Office bank account transactions aren't always instantaneous, for most banks the transaction isn't added for 3 days if paid in at a Post Office.

NoodleDoodleMan

If you meant DDs (not sure what "standing DDs" are?), then there are at least 3 banks offering an incentive that don't require them. But it's irrelevant really, because with all of them you need to use the CASS...and N&P aren't members.

Yes, poorly worded - by "standing" DDs I meant direct debits already running on the account, most banks offering incentives require these active at the point of switching, they won't accept them as add ons later.

Out of interest, what are the three banks that don't require DDs for an incentive?

Tesco - who else ?