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Aldermore bank to be sold
Comments
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Oh, shame on you. 😄
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If there are FSCS implications, providers are effectively obligated to allow the removal funds above the limit due to a takeover, merger or transfer. Mergers or transfers usually require a superior court's approval.
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never got any communication from Natwest or Sainsburys bank to say this. I wasn't too bothered as Natwest was my main bank so I wasn't concerned about the FSCS protection limit in this instance, but I can see where this may cause me to think about withrawing my money.
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Did you have significant savings that would have been affected by the mergers? I think they tailor the message so as to grant exceptional withdrawal rights only to those who'd actually need them in order to return to being within the FSCS limit post-merger.
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Question - I had retained a nominal amount with Aldermore after a Regular Saver maturity in order to remain an existing customer for simplicity if they released any new products. I'm thinking about closing my account so I don't get caught up in this whole merger. For example, I may not want to hold an account with whoever buys it. What are your thoughts on closing Aldermore accounts in this situation please? Thanks
If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.0 -
If your concern is not wanting to hold an account with whoever buys Aldermore, then the obvious solution would be to wait to find out who that is and to react accordingly at that stage.
In what other way(s) do you perceive being 'caught up in this whole merger' as something negative?
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I've got a couple of accounts with Aldermore. I won't be staying after they mature as there are plenty of better paying accounts around now, so I'll not miss them. I find I don't hold an emotional attachment to any finance organisation, I just use and abuse them when I can get away with it and Aldermore are no different in that respect
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Just based on some of the issues that have happened with previous mergers. For example TSB, Lloyds Group merging customer profiles incorrectly etc. - seems mergers often go wrong on the technical side
If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.0 -
Are you referring to the Lloyds/TSB merger in the late 1990s?
I'm not aware of mergers often going wrong, to any significant detriment of savers, but if you feel the mere fact of merging is a significant risk that's best mitigated by closing your Aldermore account(s) then nobody's going to stop you!
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There might not be a merger: it could just be a change in ownership. We need to wait and see.
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