Norwich & Peterborough BS

PeacefulWaters

Dalavich wrote: »

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

I genuinely didn't realise they offered it for that long.

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.

Mailshots are usually phased. Somebody would have received their letter before you, posted it here and you'd still be irritated.

A universal press release followed by mailshot is reasonable, sensible, fair and meets with regulatory requirements.

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?

Upto you. I'd start the process of creating two new current accounts. Initially one with two direct debits to use for future switching incentives, and when that's done one for the bulk of my banking,

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 have no idea why you want or need to set foot in a branch.

Embrace the opportunity to create a secondary account to benefit from switching incentives. There's an easy £300 a year to be had.

JuicyJesus

NoodleDoodleMan wrote: »

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.

It only takes a 5 minute glance at this forum to see why that won't work - because MSErs and people like them will work within the letter of the rules (as they are entitled to) in order to gain a benefit. If there's a £500 minimum monthly deposit, it'll be there for three seconds and then out to a Halifax Reward account. If there's two direct debits needed one will be to PayPal and the other to a Tesco saver. Etc etc etc.

It ends up being the remaining customers essentially funding people who want a freebie. And I can well understand why Metro don't want that.

frank777

Dalavich - Have you got the ''Free Sentinel Gold Cover'' with N&P close the current account on 31st August 2017
Maybe send a online secure message to close on 31.08.17 maximise the free reward/gift

That's Life! :rotfl:

Ganga

What a shame a good Building Society is going to the wall,we had a morgage with them for nearly 20 years ( we live in the North East so not local to us ) but always had a good service from them.I think what started the decline was a service they brought out called Sharesave or something similar,i am sure it caused a lot of people to lose money and the BS had to reimburse them which in turn caused them to struggle and being bought out bt YBS. as i say a shame but life goes on.

Anthorn

PeacefulWaters wrote: »

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.

Conversely if they had made their current account only available to customers in local post-codes as other building societies do, it might not have been a loss. N&P provided a very good service for travelers which was open to all and sundry: Of course people are going to take advantage of it and game it and not just local people. In fact it was an MSE pick for a while.

System

Anthorn wrote: »

Conversely if they had made their current account only available to customers in local post-codes as other building societies do, it might not have been a loss. N&P provided a very good service for travelers which was open to all and sundry: Of course people are going to take advantage of it and game it and not just local people. In fact it was an MSE pick for a while.

Once they became part of YBS, it would be impossible to justify the geographical restriction. It would only have been possible if they had remained independent.

Even locals just using it as a holiday account would make it loss leading. The Visa fee for ATM withdrawals is much higher than the LINK fee.

[Deleted User]

Did N&P members not have to vote on YBS taking them over? If so they only have themselves to blame. Just like when all the BS that converted the PLC's - folk only voted because of the free dosh they got. Now none of them exist as standalone banks in their own right.

Anthorn

Heng_Leng wrote: »

Once they became part of YBS, it would be impossible to justify the geographical restriction. It would only have been possible if they had remained independent.

Even locals just using it as a holiday account would make it loss leading. The Visa fee for ATM withdrawals is much higher than the LINK fee.

You've almost hit the nail on the head: What we have is local financial institutions which are marketed as national institutions or at least should be local according to their name. It's those which are failing. In addition to N&P being removed from the high street, we have for example Clydesdale and Yorkshire Banks closing branches, Coventry Building Society closing its current account as well as many of its savings accounts including bonds and Airdrie Savings Bank closing down. It's a pattern: They fail to capitalise on their local roots and try to appeal nationally. But who is going to bank with a bank or BS with a local name which is not local to them when they have Barclays or Lloyds or HSBC branches where they live?

I'm sure the need to have a national-sounding name and a national-sounding banking institution was not lost on The Co-operative Permanent when it transformed into Nationwide Building Society in 1970 or on Anglia Building Society when it merged with Nationwide and the Anglia name dropped in 1992.

janbeno

We have been a N&P Gold account holder from outset. We have used it as our main account, all direct debits and pay going in and out of the account. I think the way we have found out about the closure is dreadful. We have online banking as we don't have any branches in our area. Would it have been too difficult to send a secure message to all online banking users explaining the closure with 'a letter will also be arriving' as well?

The closure is hidden behind we are making some important changes. I know I should look at these statements..but how many people do? Why couldn't they have the message in full view? I think they didn't want to cause a mass exodus of customers.Also with N&P not being in CASS makes switching more stressful. :mad:

JuicyJesus

janbeno wrote: »

I think they didn't want to cause a mass exodus of customers.

They kind of did. That's why they're doing it. They don't want current accounts any more.