Big Thank You to Virgin

flaneurs_lobster

subjecttocontract said:

I asked Virgin to close an account recently. Among other credits I received was one entitled 'Cb' which took me a long time to solve who it was from......answer Virgin Bank. Not really good enough is it ?

Absolutely hellish! I hope you've managed to get over the trauma. 

Did they close the account as per your request?

Did you get all your money?

wmb194

gt94sss2 said:

dnpark38 said:

gt94sss2 said:

dnpark38 said:

Virgin Money is being taken over by Nationwide in April.

Nationwide acquired Virgin Money in October 2024.

It is currently in the process of merging the businesses, with a planned formal/legal transfer of Virgin Money's operations into Nationwide - that is what is due in April.

Thank you, other posters think VM is owned by Clydesdale  just what are NW getting please?

Clydesdale and Yorkshire Bank licenced the Virgin Money name and used that in preference to their original names. In that context, Nationwide purchased Clydesdale and Yorkshire Banks and will phase out using the Virgin Money brand.

Nationwide purchased the topco Virgin Money plc. Virgin Money plc owned Clydesdale etc.. From the acquisition announcement RNS it looks like Virgin Money licensed the name. Virgin Group owned quite a large stake in Virgin Money plc.

It was such an annoying hodgepodge. Assuming NW rolls everything into its structure, I'll be glad when it's gone. 

https://www.londonstockexchange.com/news-article/NBS/recommended-cash-offer-for-virgin-money-uk-plc/16387686

flaneurs_lobster

wmb194 said:

Nationwide purchased the topco Virgin Money plc. Virgin Money plc owned Clydesdale etc.. From the acquisition announcement RNS it looks like Virgin Money licensed the name. Virgin Group owned quite a large stake in Virgin Money plc.

It was such an annoying hodgepodge. Assuming NW rolls everything into its structure, I'll be glad when it's gone. 

...made gloriously even more incomprehensible by Virgin Money (the bank) being a trading name of Clydesdale Bank PLC, the entity that holds the necessary regulatory approvals from the regulators (the "Banking Licence") to actually be A Bank.

...and then there's the CYB Intermediaries Ltd bit that deals with insurance products........

Ergates

flaneurs_lobster said:

wmb194 said:

Nationwide purchased the topco Virgin Money plc. Virgin Money plc owned Clydesdale etc.. From the acquisition announcement RNS it looks like Virgin Money licensed the name. Virgin Group owned quite a large stake in Virgin Money plc.

It was such an annoying hodgepodge. Assuming NW rolls everything into its structure, I'll be glad when it's gone. 

...made gloriously even more incomprehensible by Virgin Money (the bank) being a trading name of Clydesdale Bank PLC, the entity that holds the necessary regulatory approvals from the regulators (the "Banking Licence") to actually be A Bank.

...and then there's the CYB Intermediaries Ltd bit that deals with insurance products........

And Yorkshire Bank Home Loans Limited, which deals with YB branded mortgages.

Ergates

gt94sss2 said:

dnpark38 said:

Virgin Money is being taken over by Nationwide in April.

Nationwide acquired Virgin Money in October 2024.

It is currently in the process of merging the businesses, with a planned formal/legal transfer of Virgin Money's operations into Nationwide - that is what is due in April.

April is when the process starts.  It will take some time before everything is merged.

steven141

Hopefully they just transfer everyone over to Nationwide's system. It will make things much easier moving forward. I know that this isn't a simple task.

dnpark38

@steven141
We have accounts with both and we find the on line backing of VM better than NW, so hoping that VM system remains.
Do not often go to branch's but again find VM easier.

flaneurs_lobster

dnpark38 said:

@steven141
We have accounts with both and we find the on line backing of VM better than NW, so hoping that VM system remains.
Do not often go to branch's but again find VM easier.

Really? 

I have a current account, a regular savings account, a Cash ISA and a credit card with Virgin Money.

The CA & RS I can access online and in an app. The ISA requires a different login on another online system, no app. The CC is (another different) app only.

At least Nationwide manage to get all my accounts together under one login, online and app.

WillPS

The VM app has card controls and in-app cheque pay in, which Nationwide lacks.

Not an app thing but VM also support Post Office deposits, while their mothership does not.

I don't use either for any real day-to-day banking but if I had to choose one it'd be VM as things stand. Hopefully these things will be 'harmonised' in their customers favour in time.

flaneurs_lobster

WillPS said:

I don't use either for any real day-to-day banking but if I had to choose one it'd be VM as things stand. Hopefully these things will be 'harmonised' in their customers favour in time.

TBH I don't use either for my day-to-day either, and probably sign into them once or twice a month, each, max.

Yes, a single unified interface (even if it's a bit rubbish) would certainly make life easier.