Norwich & Peterborough BS

richardmk

I asked what would happen to my membership as the current account is a share account conveying voting rights

Our core purpose as a mutual organisation is to provide our members with a safe home for their money and help to buy their home, and we believe the best way to do this is to focus on delivering mortgages and savings brilliantly.

Our Board of Directors, appointed by our members, have put forward the proposal to safeguard the financial interests of members. We are very confident the proposals would improve efficiency and reduce costs so we can deliver better long term value, and meet the changing needs of our members. They also enable us to invest significantly in further improving the services we offer mortgages and savings customers whilst reducing complexity.

As a mutual the provisions to transfer member accounts to another provider are complex and would potentially involve a part merger. We also feel that it is important customers have the freedom to make their own choices in selecting a new provider.

We understand that our customers will be disappointed by these proposals and we want to support them to find alternative providers for their current account needs. We continue to have the Groups customers at our heart and want to act in their best interests with a focus on the customer experience we provide.

As this was a group decision we will not be offering compensation.

JuicyJesus

NoodleDoodleMan wrote: »

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.

There's probably a good reason why they don't - people like yourself opening accounts solely to get free withdrawals abroad. It's unsustainable.

PeacefulWaters

richardmk wrote: »

I asked what would happen to my membership as the current account is a share account conveying voting rights

Our core purpose as a mutual organisation is to provide our members with a safe home for their money and help to buy their home, and we believe the best way to do this is to focus on delivering mortgages and savings brilliantly.

Our Board of Directors, appointed by our members, have put forward the proposal to safeguard the financial interests of members. We are very confident the proposals would improve efficiency and reduce costs so we can deliver better long term value, and meet the changing needs of our members. They also enable us to invest significantly in further improving the services we offer mortgages and savings customers whilst reducing complexity.

As a mutual the provisions to transfer member accounts to another provider are complex and would potentially involve a part merger. We also feel that it is important customers have the freedom to make their own choices in selecting a new provider.

We understand that our customers will be disappointed by these proposals and we want to support them to find alternative providers for their current account needs. We continue to have the Groups customers at our heart and want to act in their best interests with a focus on the customer experience we provide.

As this was a group decision we will not be offering compensation.

Open a savings account with £100.

AndyPK

So what is happening with their ISA's which were promoted on here a few years ago ?

System

JuicyJesus wrote: »

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...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.

The fact remains that they are effectively paying people to open new current accounts (not only HSBC proper but First Direct + M&S too) with all three brands having UK branch network access.

I'm not quite sure what facts you are actually disputing?

EarthBoy

AndyPK wrote: »

So what is happening with their ISA's which were promoted on here a few years ago ?

ISAs should continue as normal. It's only the current accounts they're closing. Savings accounts will just be renamed Yorkshire Building Society accounts.

Dalavich

I've used my N&P account for over 25 years, as a proper current account.

I feel really annoyed that I find out this news in the newspapers and on here. Would've been nice to be notified directly by them first.

So. Now what? Do I sit back and wait to see if another bank/BS offers to do us a special deal and make it hassle free. Or do I jump now and go with what's on offer now?

It does appear that I'm in a minority here, and seem to be one of a few that actually used the account for its intended purpose, although it's nice when I did work in Europe that I could use the account free.

The problem I have though, is once I get into March, I am usually working away and the luxury of getting time to set foot in a branch (that's if they're even open when I finish work - usually midnight!), is nigh on impossible. So TBH I am :mad::mad::mad::mad::mad::mad::mad: that now I've got to try and find time to get to sort this out! Some of us DO NOT WORK 9-5 Monday to Friday jobs!

JuicyJesus

Dalavich wrote: »

I've used my N&P account for over 25 years, as a proper current account.

I feel really annoyed that I find out this news in the newspapers and on here. Would've been nice to be notified directly by them first.

Letters do take time to come in the post.

So. Now what? Do I sit back and wait to see if another bank/BS offers to do us a special deal and make it hassle free. Or do I jump now and go with what's on offer now?

You won't get any switching bonuses either way. N&P, for whatever reason, are not part of the Current Account Switch Service. If anyone takes over the N&P current account book it's unlikely they'll want to give you any nice deals.

It does appear that I'm in a minority here, and seem to be one of a few that actually used the account for its intended purpose, although it's nice when I did work in Europe that I could use the account free.

I do sympathise. The offer being thoroughly rinsed by MSErs has led to one of the few nationwide mutual current accounts being discontinued due to lack of viability. I don't much care about things being mutual but for people who do that has to sting a bit.

The problem I have though, is once I get into March, I am usually working away and the luxury of getting time to set foot in a branch (that's if they're even open when I finish work - usually midnight!), is nigh on impossible. So TBH I am :mad::mad::mad::mad::mad::mad::mad: that now I've got to try and find time to get to sort this out! Some of us DO NOT WORK 9-5 Monday to Friday jobs!

I honestly wouldn't bother. Just open another current account online and move over the Direct Debits and such yourself. No branches needed.

Ectophile

It's people who do work 9 to 5 Monday to Friday who can't get down the bank - because that's when they are open!

There's nothing to stop you running two current accounts at the same time (I have had three in the past). So there's nothing to stop you opening a new account with any bank or building society immediately.

Then work out who you pay by direct debit, and who pays you money (probably your employer). Contact them at your leisure (most can be done over the phone).

The tricky bit is that you need to carefully watch how much is left in the account that is no longer receiving your salary.

NoodleDoodleMan

There's probably a good reason why they don't - people like yourself opening accounts solely to get free withdrawals abroad. It's unsustainable.

There is no requirement with a Metrobank current account to make a minimum monthly deposit, as is standard with just about ever other similar bank account, nor are there any direct debits needed - so the "good reason" they don't want people like me to sign up is not immediately obvious.

They could easily tailor the terms and conditions to deter such applicants so I suspect the reason is logistical.

Incidentally, a few years ago they did indicate that they would introduce online applications, however that did not transpire, and no explanation was forthcoming.