Norwich & Peterborough BS

janbeno

JuicyJesus wrote: »

What is "their CASS"?

CASS is the vehicle by which the guarenteed 7 day switching happens. I have personally just switched to Santander 123 account,. I was told they would do the switch but it would take longer because it's paper and post based with the 5 days to reply etc...We reckoned 12 to 15 working days so about 3 weeks.

I am lucky enough to be able to put 20K into the account. They charge £5 a month, but with my money back on bills and the interest on the 20K I will get about £28 pm refunded

IanManc

MiserlyMartin wrote: »

Yes. I don't think members of N&P or YBS itself were consulted at all when N&P was rescued by YBS. N&P got into this by too many risky mortgages in the housing casino bust of 2007/8

Norwich and Peterborough members voted overwhelmingly for the society to merge with the Yorkshire. And it "got into this" because it was part of the Keydata investment products mis-selling scandal.

http://www.dailymail.co.uk/money/saving/article-2029086/N-P-members-vote-9-1-favour-Yorkshire-Building-Society-merger.html

JuicyJesus

janbeno wrote: »

CASS is the vehicle by which the guarenteed 7 day switching happens.

I know that. What I mean is, what is "their CASS"? There is only one CASS and N&P isn't part of it.

blindman

JuicyJesus wrote: »

I know that. What I mean is, what is "their CASS"? There is only one CASS and N&P isn't part of it.

AFAIK
And I am no expert
The way I read it is:

So long as you start the process with TSB and they eventually close the account and transfer the DD's to your new TSB account then you are sorted.

As N&P are not in the CASS then it may\will take longer than 7 days.

I am starting to do this so if\when it all goes right\awry I'll report back.

YorkshireBoy

blindman wrote: »

The way I read it is:

So long as you start the process with TSB and they eventually close the account and transfer the DD's to your new TSB account then you are sorted.

The way I read it is:

TSB_£125_T&Cs wrote:

Eligibility

To qualify for the offer you must:

Open a new Classic Plus account by 27 February 2017 and have completed your switch to TSB using the Current Account Switch Service by 31 March 2017.

How could it be "read" any differently?

And remember, if it does go "awry", then you've no protection against default fees and/or credit rating damage if you haven't used the CASS.

blindman

YorkshireBoy wrote: »

The way I read it is:
How could it be "read" any differently?

And remember, if it does go "awry", then you've no protection against default fees and/or credit rating damage if you haven't used the CASS.

As I said I'm no expert.

So I rang TSB and asked-on their recorded phone call-If there would be a problem as N&P are not in CASS.
They said it was fine.

Who am I to argue.

And BTW
AS N&P are NOT in CASS and they are closing the accounts anyway what do I have to lose?

Oh the £5 I have in there?

Credit rating damage:- LOL

As I said I will report back if there are problems.

Unless you now better from experience?

bigadaj

There's normally a restriction stated to use cass on all of these issues.

I'd make a record of the call you made including contact name and time and date.

Look,forward to hearing back whether you have any success.

malky39

blindman wrote: »

I've just rung TSB and they say that because you are using their CASS this should not matter.

I'll give it a go and see what happens.

BTW

You can switch to Nationwide and if I refer you :cool: we both get £100

Might just give it a go then, afraid I already have 2 nationwide accounts

steve65e

EarthBoy wrote: »

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.

Because
i) I only have online access to them via transfers to N&P current account
ii) YBS want me to close the the account by 31/8/17 but aren't transferring the savings accounts until some time in 2018
iii) N&P have confirmed to me that during that period I would only have branch & postal access, and specifically not telephone access.

I grant you that when the transfer is complete I would probably be able to open a YBS eSaver and access the funds that way.

Anthorn

steve65e wrote: »

Because
i) I only have online access to them via transfers to N&P current account
ii) YBS want me to close the the account by 31/8/17 but aren't transferring the savings accounts until some time in 2018
iii) N&P have confirmed to me that during that period I would only have branch & postal access, and specifically not telephone access.

I grant you that when the transfer is complete I would probably be able to open a YBS eSaver and access the funds that way.

But as Earthboy has explained, your N&P savings accounts are YBS accounts. N&P is a trading name or if you like a brand of YBS. Ergo you still have online access to your savings accounts. However the information I have is that the N&P brand is disappearing from the high street but will still be available in online banking. It's certainly news to me that YBS is requiring savings accounts to be closed!

You will probably have to change your nominated bank account if that is an N&P current account which is closed to new applicants but still open for existing customers but will cease to exist after August.