Norwich & Peterborough BS

System

PeacefulWaters wrote: »

They may seek to sell the book to a competitor.

HSBC would be the obvious choice as they provide the clearing for the accounts. However, Nationwide or one of the challenger banks are more likely.

realaledrinker

Deleted_User wrote: »

The book might be bought by Virgin Money. Did they not buy the savings business of Northern Rock? Plus they want a share of the current account market.

Yeah but they still don't offer a full feature current account after at least 3 years promising one. Unlikely.

Biggles

Heng_Leng wrote: »

HSBC would be the obvious choice as they provide the clearing for the accounts.

I wondered whose fault it was.

Anthorn

Here in Peterborough where I live the news is filtering through and was discussed this morning on BBC Radio Cambridgeshire. In a nutshell, people are appalled that such a strong local brand is disappearing. On the other hand YBS pointed to most account holders wanted to operate their accounts online and online banking will still be available for N&P customers. What was highlighted was new mortgages: Local people like to have a face to face discussion about a new mortgage and the lack of that is likely to put N&P at the bottom of their list of prospective lenders. Another affected group are those older people in smaller Cambridgeshire villages who are not online and therefore cannot bank online and are finding their local options limited or non-existent when the local N&P branch closes. The militant side is pointing to hitting back at YBS by closing their N&P accounts but personally I'd say there's not a lot left that is not already closing or already closed.

Personally, I live in Peterborough but I only used N&P briefly for their debit card during one trip overseas. Like a lot of local people the bank brand matters and the bigger the better but recently I have moved to Yorskshire Bank which also has a branch in Peterborough and the "B" account.

Lastly, YBS which is a mutual owned by its members and owns N&P is ceasing or has already ceased to serve its members and sadly is going for the profits.

JuicyJesus

Heng_Leng wrote: »

HSBC would be the obvious choice as they provide the clearing for the accounts. However, Nationwide or one of the challenger banks are more likely.

HSBC wouldn't be interested at all; the customer base simply isn't one they're interested in and they're already reducing capacity in their branch network while also being preoccupied with the DPA and the whole ring-fencing thing.

Aquamania

Anthorn wrote: »

... On the other hand YBS pointed to most account holders wanted to operate their accounts online and online banking will still be available for N&P customers...

I hope no-one get confused that a current account and online account management can be 2 very different things.

I remember when we had an N&P current account with online banking, we could also see details of all our other accounts we held with N&P, such as a traditional BS share account operated otherwise through a passbook.

(We closed the lot when the writing was on the wall quite a few years back, and they closed our local, more outlying, branch )

PeacefulWaters

Anthorn wrote: »

Here in Peterborough where I live the news is filtering through and was discussed this morning on BBC Radio Cambridgeshire. In a nutshell, people are appalled that such a strong local brand is disappearing. On the other hand YBS pointed to most account holders wanted to operate their accounts online and online banking will still be available for N&P customers. What was highlighted was new mortgages: Local people like to have a face to face discussion about a new mortgage and the lack of that is likely to put N&P at the bottom of their list of prospective lenders. Another affected group are those older people in smaller Cambridgeshire villages who are not online and therefore cannot bank online and are finding their local options limited or non-existent when the local N&P branch closes. The militant side is pointing to hitting back at YBS by closing their N&P accounts but personally I'd say there's not a lot left that is not already closing or already closed.

Personally, I live in Peterborough but I only used N&P briefly for their debit card during one trip overseas. Like a lot of local people the bank brand matters and the bigger the better but recently I have moved to Yorskshire Bank which also has a branch in Peterborough and the "B" account.

Lastly, YBS which is a mutual owned by its members and owns N&P is ceasing or has already ceased to serve its members and sadly is going for the profits.

Usung the services in this way is exactly why their current account is a loss leader. If it's not bringing in other revenue from customers like you there's no way other members should subsidise your unprofitable relationship.

System

JuicyJesus wrote: »

HSBC wouldn't be interested at all; the customer base simply isn't one they're interested in and they're already reducing capacity in their branch network while also being preoccupied with the DPA and the whole ring-fencing thing.

I had qualified the comment that other providers are more likely... but since HSBC provide sort code 40-65-00 and they seem to be after current account holders across their 3 UK brands (HSBC, First Direct and M&S) it's as not as simple as you state.

Your branch comment is tosh. Clearly they'd any new provider would take on the book/customers not the staff/branches.

JuicyJesus

Heng_Leng wrote: »

I had qualified the comment that other providers are more likely... but since HSBC provide sort code 40-65-00 and they seem to be after current account holders across their 3 UK brands (HSBC, First Direct and M&S) it's as not as simple as you state.

HSBC provide a lot of sort codes for a lot of agency banks they would never ever want to take over. It will have precisely no bearing on who or what they take over.

Your branch comment is tosh. Clearly they'd any new provider would take on the book/customers not the staff/branches.

That isn't what I said. What I said was that they don't have much spare capacity in their branch network for both their own customers and also N&P's customers.

NoodleDoodleMan

Personally, I live in Peterborough but I only used N&P briefly for their debit card during one trip overseas.

We opened a Gold Lite current account back in the day when Martin flagged it up as a best offer for the fee free debit card for overseas use.

Transferred to the Gold Classic current account to retain the debit card for foreign ATMs when relevant terms and conditions subsequently changed, although I can't remember the precise details now.

They must have pulled in a whole bunch of new customers for this debit card deal, who, like me, used it as an auxiliary account for holiday purposes.

To be honest, I'm surprised it has lasted this length of time without being withdrawn from the market - I had hoped existing customers would still be permitted to hold the Gold Classic account, alas it days are numbered according to the press release.

That leaves only the Metrobank (SEPA only, not worldwide) and the Nationwide FlexPlus current accounts with fee free debit cards for overseas ATMs.

Maybe Metrobank will spot the developing opportunity to attract new customers by offering online applications, rather than the present archaic requirement for a visit in person to one of their geographically restricted branch locations.