Norwich & Peterborough BS

janbeno

I have read through the thread with interest. I was appalled the way I found out that YB were closing the N&P gold account, this is our main current account wages paid in all dd's issued from it. When we received the 'letter' regarding closure that too I feel is a cop out. It was the printed version of the details already shown on the online webpage. I would have thought a 'proper letter' regarding just the gold account should have been sent. The letter recieved was basically a leaflet and ambigious as in 'could, seek ' etc. Surely YB I presume would want to retain as many savings accounts as possible,I hope others will not stay with YB for me that would be rewarding chronic customer service. We have chosen to leave N&P and take a considerable amount of savings with us to another bank.It will be interesting to see how well the YB's profits stack up at the end of the year?

System

janbeno wrote: »

I have read through the thread with interest. I was appalled the way I found out that YB were closing the N&P gold account, this is our main current account wages paid in all dd's issued from it. When we received the 'letter' regarding closure that too I feel is a cop out. It was the printed version of the details already shown on the online webpage. I would have thought a 'proper letter' regarding just the gold account should have been sent. The letter recieved was basically a leaflet and ambigious as in 'could, seek ' etc. Surely YB I presume would want to retain as many savings accounts as possible,I hope others will not stay with YB for me that would be rewarding chronic customer service. We have chosen to leave N&P and take a considerable amount of savings with us to another bank.It will be interesting to see how well the YB's profits stack up at the end of the year?

Remember that their current account is a share product, therefore you are a part owner of YBS. Worth considering this before closing ALL accounts! x

Dalavich

SPalin wrote: »

Remember that their current account is a share product, therefore you are a part owner of YBS. Worth considering this before closing ALL accounts! x

Very true. But what can you do? They've already decided the proposals will become reality, why else give dates?
As far as I'm concerned I'm voting with my feet and getting out while I can and I have time to do so. Already today I've found out I'm being sent away to site for 2 weeks without internet access, so I have to get things sorted now whilst I can.

janbeno

SPalin wrote: »

Remember that their current account is a share product, therefore you are a part owner of YBS. Worth considering this before closing ALL accounts! x

Actually now the way N&P / YSB has handled the situation is totally clear, if people like myself hop ship before they won't be entitled to the shares. I'm already going got my switch started.

System

Dalavich wrote: »

Very true. But what can you do?

Open another account with any of the YBS family including N&P.
This would maintain your membership x

Dalavich

SPalin wrote: »

Open another account with any of the YBS family including N&P.
This would maintain your membership x

Why would I want to retain my membership? Doesn't seem to serve any purpose. I voted against Keydata, I voted against YBS buying up N&P.

I've chosen to do the next best thing. Leave.

Similar to Kraft wanting to take over Unilever. We won't have a say, the only option is to take our money elsewhere.

I've already started the switch, so hopefully it'll all go smoothly.

After all it's pretty obvious what YBS wanted to do. They wanted us all to jump ship so they're not forced into taking action to move accounts for us, or those that are left will be minimal work. Also their silence on this thread is deafening. If they really cared about their customers and their brand, they'd be on this thread defending themselves.

System

Dalavich wrote: »

Why would I want to retain my membership? Doesn't seem to serve any purpose. I voted against Keydata, I voted against YBS buying up N&P.

I've chosen to do the next best thing. Leave.

Your membership of YBS is the equivalent of a shareholder. Should they get taken over or demutualise then you'd be due a share of the society's assets :cool:

bigadaj

SPalin wrote: »

Your membership of YBS is the equivalent of a shareholder. Should they get taken over or demutualise then you'd be due a share of the society's assets :cool:

And how likely is that.

all building societies taken over for the last ten years or more have been effectively bailed out because they were on the point of going bust, only nationwide would really be worth anything going forward.

System

bigadaj wrote: »

And how likely is that.

all building societies taken over for the last ten years or more have been effectively bailed out because they were on the point of going bust, only nationwide would really be worth anything going forward.

YBS is the number two in the UK.
Make of that what you want.

EarthBoy

SPalin wrote: »

YBS is the number two in the UK.
Make of that what you want.

Don't read too much into YBS being the number two in the UK, they are still less than a fifth of the size of the Nationwide, and only a bit larger than the number three society, the Coventry. Nationwide is bigger than all the other building societies added together.

https://www.bsa.org.uk/BSA/files/3a/3a7d6cda-aa0d-4e4c-b3a8-b507a633d774.pdf

Nobody is likely to want to take over the YBS, especially now they're closing their current accounts and concentrating on providing savings. The big banks don't want savers, otherwise they could easily get them by offering decent savings rates. They want current accounts, so that they can cross sell other products. YBS are removing the only thing that would make them even slightly attractive as a take-over target.