Norwich & Peterborough BS

Rednax

Can anyone tell me how this will affect those of us with Offset Mortgages and linked Offset Savings and Current Accounts with N&P?

[Deleted User]

Rednax wrote: »

Can anyone tell me how this will affect those of us with Offset Mortgages and linked Offset Savings and Current Accounts with N&P?

It would no longer be offset against a non existent current account.

patientperson

Update on N&P story concerning their Gold current account.

http://www.dailymail.co.uk/money/markets/article-4177588/Norwich-Peterborough-Building-Society-cash-frozen.html

As yet, I have not received any direct communication from N&P.

Rednax

Deleted_User wrote: »

It would no longer be offset against a non existent current account.

Well, yes, obviously. However by closing the Offset Current Account aren't they affecting the fundamentals on why that particular mortgage was taken out?

You also didn't mention on the Offset Savings Account, if savings accounts are to be rebranded as YBS will they still have the 'offset' affect on a N&P mortgage?

I know information from N&P is limited at this stage, but is there any precedent on this?

System

Rednax wrote: »

Well, yes, obviously. However by closing the Offset Current Account aren't they affecting the fundamentals on why that particular mortgage was taken out?

You also didn't mention on the Offset Savings Account, if savings accounts are to be rebranded as YBS will they still have the 'offset' affect on a N&P mortgage?

I know information from N&P is limited at this stage, but is there any precedent on this?

YBS offer an offset product with savings accounts - they are basically rebranded versions of their off-sale cash transactor product (ATM card, incoming and outgoing faster payments,BACS, direct debits and standing orders)

NoodleDoodleMan

From the Daily Mail article -

Anyone who fails to leave by the cut-off point will see their money frozen until they ask for it.
They will be unable to use the account, and direct debits and standing orders won't be paid.

Don't see anything remotely controversial there.

Is there an issue, other than the N&P are not members of the current account switching system ?

System

Finally got the notification via the post.

It is very strange. as compared with news reports, it very much suggests that the whole N&P rebranding is very much in the planning stages.

It's very uncommittal about the current accounts.

NoodleDoodleMan

Finally got the notification via the post.

It is very strange. as compared with news reports, it very much suggests that the whole N&P rebranding is very much in the planning stages.

It's very uncommittal about the current accounts.

My letter appeared straightforward enough - a swathe of N&P branches to be closed and the remainder rebranded YBS.

Current accounts to be terminated on 31st August 2017.

It did say these were proposals, still to be ratified and confirmed, however I suspect that's a formality.

Mind you, I was still half asleep on auto pilot when the mail arrived !!!

Dalavich

In the Daily Mail article above, there is a comment which reads...

Received from customer Services...do not be bullied into closing your current account... wait for pay out from YBS Thank you for your message. Please be assured, the information in this article is not correct and was not sanctioned by YBS for publication. Our Press Team have been in contact with the author regarding the article. Your current account will not be frozen. Kind Regards, Megan Customer Service

Is this really YBS customer service, or should we expect a pay out for not closing our accounts?

JuicyJesus

Dalavich wrote: »

In the Daily Mail article above, there is a comment which reads...

Received from customer Services...do not be bullied into closing your current account... wait for pay out from YBS Thank you for your message. Please be assured, the information in this article is not correct and was not sanctioned by YBS for publication. Our Press Team have been in contact with the author regarding the article. Your current account will not be frozen. Kind Regards, Megan Customer Service

Is this really YBS customer service, or should we expect a pay out for not closing our accounts?

I suppose it's possible that they may compensate customers for the inconvenience of having to change banks. But they have every right not to.