Norwich & Peterborough BS

PeacefulWaters

Anthorn wrote: »

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.

In a world of high cost regulation the small boys can't compete as economies of scale work against them.

System

frank777 wrote: »

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:

What a silly suggestion - the account will be closed automatically...

steve65e

JuicyJesus wrote: »

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

Yes, Yorkshire want to concentrate on their core business of savings and mortgages. Rightly in my opinion, as thats what a building society is for.

I don't think it has much to do with MSEers getting account benefits. They could have just stopped the benefits.

The main problem for me is that I will lose online (hence instant) access to my other savings accounts with them, something of an unintended consequence. I hope they will be able to find a way round this.

malky39

I was going to take this opportunity to switch to an account with welcome bonus etc. But from previous comments I take it this would be pointless as n&p don't support the faster switching. So is the best idea be open a basic account switch my dd to it then use it to switch every so often

EarthBoy

steve65e wrote: »

The main problem for me is that I will lose online (hence instant) access to my other savings accounts with them, something of an unintended consequence. I hope they will be able to find a way round this.

Why will you lose online access to your other savings accounts? Yorkshire Building Society provide online access to savings accounts, so I should think that will continue when the N&P savings accounts become Yorkshire ones.

Dalavich

janbeno wrote: »

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:

I totally agree. I agree that a mailshot would've taken time. However, they have my email and text number, and they could've easily sent out a mailshot explaining that there will be changes coming and a proper letter is on its way, so if we read anything in the meantime in the mainstream media, the letter we're due to get will explain it all properly.

I've been with N&P for over 40 years now, through savings accounts as a kid, to a proper current account. So much for loyalty.

Unfortunately people saying "That's life" does not help. At least when other financial institutions were taken over, they took over the running of the accounts. We've been pretty much hung out to dry.

Also we must also feel sorry for the staff, who most likely found out the same way we did. I for one will pop into my local branch. I don't go in there often, but sometimes you have to. And they've always been fantastic, and to lose their jobs this way is so wrong.

I still don't know what I'm going to do. Whether to go to Nationwide, HSBC, First Direct, Halifax. I have to consider reputations, long term stability (will HSBC abandon the UK after Brexit etc). One thing I do know for certain, everyone has praise and condemnation for every single bank, so you never know which way to turn!

Dalavich

Heng_Leng wrote: »

What a silly suggestion - the account will be closed automatically...

Yes,. and we've got to ourselves, find an alternative bank. At our own time and expense. No help at all.

I'm tempted to submit a bill to YBS for my time when the dust settles. If they did the transfer for me, I probably wouldn't be so pi**ed off, and to find out on Facebook first is just a real slap in the face. I CBA complaining, as if they treat us like that, then complaining will end up in the circular filing cabinet on the floor.

So think on any YBS customers/supporters out there. You might be next to get shafted!

veryintrigued

Don't understand why people are being so precious about being told first.

Am a long term account holder but expect anything of the sort.

Both the e-family saver and the current account will be sadly missed as will the superb customer service.

My main thoughts are with those losing their livelihoods.

Dalavich

veryintrigued wrote: »

Don't understand why people are being so precious about being told first.

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My main thoughts are with those losing their livelihoods.

Yes, we must spare a thought for the staff, they've always been excellent and to lose such dilligent and caring staff is so wrong.

However to your first point. If you work in a service industry, your 2nd thought is always to your customer (1st to your staff!), and their perception of you and your brand.
"Please 1000 people, they may tell 1 person - Annoy 1 person and they'll probably tell a 1000 people."
So now, even if YBS offered me a deal, I'd tell them to stuff it. Simply because they've showed their contempt for the customer, so what will they do next to their 'loyal' customers?

veryintrigued

Dalavich wrote: »

So now, even if YBS offered me a deal, I'd tell them to stuff it. Simply because they've showed their contempt for the customer, so what will they do next to their 'loyal' customers?

I'll wait until I see the offer before I choose to spite my face.....