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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 19th Jul 12, 9:10 AM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: Lloyds to sell 632 branches to Co-op: what it means for you
    • #1
    • 19th Jul 12, 9:10 AM
    MSE News: Lloyds to sell 632 branches to Co-op: what it means for you 19th Jul 12 at 9:10 AM
    "This will create a new high street force to take on the big five as the Co-op will end up with about 1,000 branches..."
Page 1
    • Grand Benders
    • By Grand Benders 19th Jul 12, 9:52 AM
    • 348 Posts
    • 1,347 Thanks
    Grand Benders
    • #2
    • 19th Jul 12, 9:52 AM
    Knock on effect for Lloyds TSB/C&G Debtors
    • #2
    • 19th Jul 12, 9:52 AM
    It will be interesting to find out how this will affect people who have debts with Lloyds TSB and have moved to Co-op to avoid offsetting. As far as I can see from reading the article, this would most likely affect Lloyds TSB bank overdraft debtors in the selected branches. I would imagine once the transfer happens, Co-op will own that debt and can offset against savings or current accounts.

    Does anyone have any idea how it might affect Lloyds TSB credit card debt? I'm assuming that's not a branch based thing and won't transfer, but it would be good to get clarification.
    IF"Debt=0'+"SavingsInvestments">"OriginalDebt"THEN "retireEarly"ELSE"saveMore"
    Diary: 'Take it to the Mattresses!' Debt Reduced by 39% since July 2012. Debt-Free by Xmas 2017
    |||||| |||||||||| |||||| |||| |||||||||| |||||||||| ||||||||||
    Mortgage=gone, working on Debt now
    • tommyx
    • By tommyx 19th Jul 12, 9:58 AM
    • 39 Posts
    • 6 Thanks
    tommyx
    • #3
    • 19th Jul 12, 9:58 AM
    What happens to Intelligent Finance
    • #3
    • 19th Jul 12, 9:58 AM
    Have been an IF customer for 10+ years and i thought that they were included in the deal. Will it go straight to being CO OP as i guess they are a much more stand alone business although banking licence is shared?
    I doubt that it will make any difference to me as mortgage is virtually all gone, but think that it is sad that the offsetting product fitted my needs so well over the last 10 years.
    • tommyx
    • By tommyx 19th Jul 12, 10:03 AM
    • 39 Posts
    • 6 Thanks
    tommyx
    • #4
    • 19th Jul 12, 10:03 AM
    Intelligent Finance
    • #4
    • 19th Jul 12, 10:03 AM
    OK so i have just answered my own question - on the IF website it says that the business of Intelligent Finance is not included in the transfer as does not fit with Co op Strategy.
    So is it still for disposal . . . who else might be interested?
    Last edited by tommyx; 19-07-2012 at 10:06 AM.
    • joerugby
    • By joerugby 19th Jul 12, 10:06 AM
    • 1,168 Posts
    • 715 Thanks
    joerugby
    • #5
    • 19th Jul 12, 10:06 AM
    • #5
    • 19th Jul 12, 10:06 AM
    This will give the Coop 4 branches within 5 minutes walk of each other in our town centre

    I can't see all of those surviving for very long

    Santander used to have 4 after their aquisitions and now have 2
    • altocumulus
    • By altocumulus 19th Jul 12, 10:54 AM
    • 567 Posts
    • 305 Thanks
    altocumulus
    • #6
    • 19th Jul 12, 10:54 AM
    • #6
    • 19th Jul 12, 10:54 AM
    Oh Joy of Joys.

    My current account is held in a branch in England - which appears not to be included in this sale (according to the list on the BBC website).
    However we live in Scotland where all branches are crossing over to the Co-op.
    It'll be interesting to work out cash can be deposited ! (via Post Office?)
    • 3400581
    • By 3400581 19th Jul 12, 11:39 AM
    • 20 Posts
    • 54 Thanks
    3400581
    • #7
    • 19th Jul 12, 11:39 AM
    • #7
    • 19th Jul 12, 11:39 AM
    What happens when you have more than one relationship with Lloyds TSB? We have accounts at a branch that is being sold to Co-op but our investments are held elswhere within Lloyds TSB. Will we be able to transfer the investments over to Co-op as well without any losses to ourselves? The alternative is transferring our accounts to another Lloyds TSB Branch to keep the relationship intact.
    • Cabbagewhite
    • By Cabbagewhite 19th Jul 12, 11:43 AM
    • 81 Posts
    • 97 Thanks
    Cabbagewhite
    • #8
    • 19th Jul 12, 11:43 AM
    • #8
    • 19th Jul 12, 11:43 AM
    I'm a little baffled as my local branch, my Mum's local branch, the large branch in the big local town and the large branch in the local city are all listed on the C&G list, but they are originally Lloyds branches and have been for well over 35 years that I can vouch for personally. Is it just the C&G business that is going from those branches, or are we being transferred regardless. We are in the heart of C&G country and have no Co-op branches. I am concerned, especially for my Mum who has been a TSB customer for over 70 years. It would have been nice to have received something in writing for those of us affected.
  • evereggy
    • #9
    • 19th Jul 12, 11:49 AM
    • #9
    • 19th Jul 12, 11:49 AM
    I'm mystified but hopeful! Was very keen to transfer to Co-operative Bank anyway. But . . . I have a bank a/c that is registered at one of the branches on the Verde list, even though I haven't lived in the vicinity for years. Does that still count, or will I be localised to the branch nearest to where I currently live?

    This probably sounds dim, but I've always been a bit confused by their insistence on keeping me registered at the old branch, especially as they don't do anything to facilitate my relationship with them!

    Any thoughts welcome :-}
    • mrich536
    • By mrich536 19th Jul 12, 12:16 PM
    • 12 Posts
    • 3 Thanks
    mrich536
    I'm mystified but hopeful! Was very keen to transfer to Co-operative Bank anyway. But . . . I have a bank a/c that is registered at one of the branches on the Verde list, even though I haven't lived in the vicinity for years. Does that still count, or will I be localised to the branch nearest to where I currently live?

    This probably sounds dim, but I've always been a bit confused by their insistence on keeping me registered at the old branch, especially as they don't do anything to facilitate my relationship with them!

    Any thoughts welcome :-}
    Originally posted by evereggy

    I'm in the same boat. The branch where my account is registered to is part of the sale, but I haven't lived or visited there in over 25 years. A few years ago I asked to have the account moved to my new hometown and they declined to do it as all on one central system they said. But now I will be moving it.

    Further question, if your account is moved as part of the sale and you already hold savings with the Co-Op, which combined then takes you over the 85k protection limit - where do you stand as you were forced into that position?
    • Jo.1981
    • By Jo.1981 19th Jul 12, 12:41 PM
    • 77 Posts
    • 75 Thanks
    Jo.1981
    Not happy. I've been a Lloyds TSB customer for about 30 years and don't want to move my bank, now I'm being forced into it. Oh but it's ok if I don't want to move I can change my branch. Bit problematic for me since the co-op have bought all branches in
    Scotland.
    • pearl123
    • By pearl123 19th Jul 12, 12:53 PM
    • 1,497 Posts
    • 2,180 Thanks
    pearl123
    I too am not happy about the changes. I too also have a bank account which has the sort code of a place I lived in donkeys years ago. Lloyds refused to change it - they said there was no need.

    Not sure what to do about this situation at the moment. I'm sure their telephones are hot today!
    • realaledrinker
    • By realaledrinker 19th Jul 12, 1:45 PM
    • 1,610 Posts
    • 561 Thanks
    realaledrinker
    No need to panic as the deal does not go through until November 2013 so plenty of time for these issues to be sorted. As the systems will remain the same anyway as will the branch staff, most people will see no discernable difference in the short term, except for the name above the door.
    Ethical moneysaver
    • theswirly
    • By theswirly 19th Jul 12, 2:33 PM
    • 32 Posts
    • 7 Thanks
    theswirly
    I live in Worcester and, by the looks of it, my bank is remaining a Lloyds TSB and so my account is. However, I notice that the branch in Exmouth (near to where my Grandma lives) is changing to a Co-op bank and so her account will change to a Co-op account.

    When I visit her, I often have to use the Exmouth branch to sort out any money stuff while I'm down there. Will I still be able to do this there (and indeed in any of the banks that are moving over) following the change, do you reckon?
    • Grand Benders
    • By Grand Benders 19th Jul 12, 2:37 PM
    • 348 Posts
    • 1,347 Thanks
    Grand Benders
    Found this announcement page on the Co-op website. There is a FAQ section at the bottom:
    Co-Op Announcement

    And this quote from it confirms they will remain as separately covered entitites under the Compensation Scheme, so I'm assuming there won't be any offsetting either

    I have savings in a Lloyds account and also a Co-operative Bank account. If your talks with Lloyds are successful, would my money be covered under the Financial Services Compensation Scheme (FSCS)?

    Yes, Lloyds Banking Group and The Co-operative Banking Group are both separate members of the Financial Services Compensation Scheme (FSCS) and have separate limits in the unlikely event that either business becomes insolvent.
    The limits will remain separate for the foreseeable future. In terms of what happens in the longer term, it is too early to confirm any details at this stage. If our talks with Lloyds are successful, this is something that we will discuss with the Financial Services Authority (FSA) in order to achieve the best possible outcome for customers. In any event, both the Co-operative Banking Group and Lloyds Banking Group will work together to ensure all customers are properly informed with and understand what impact, if any, this deal would have on them and their money.
    IF"Debt=0'+"SavingsInvestments">"OriginalDebt"THEN "retireEarly"ELSE"saveMore"
    Diary: 'Take it to the Mattresses!' Debt Reduced by 39% since July 2012. Debt-Free by Xmas 2017
    |||||| |||||||||| |||||| |||| |||||||||| |||||||||| ||||||||||
    Mortgage=gone, working on Debt now
  • MoneySaverLog
    May be a BG could merge this thread...

    http://forums.moneysavingexpert.com/showthread.php?t=3675759

    with this one
    • 1jim
    • By 1jim 19th Jul 12, 5:38 PM
    • 2,585 Posts
    • 1,179 Thanks
    1jim
    I have my mortgage with Cheltenham and Gloucester, are coop buying these as well or is it just the deposit based business ?
    Cheers
    • Chrisblue1962
    • By Chrisblue1962 19th Jul 12, 6:00 PM
    • 1,148 Posts
    • 1,831 Thanks
    Chrisblue1962
    I am wondering how they'll reconcile the differences between similiar products e.g.

    • Co-op Cashminder basic bank account - universal cashpoint access but only Visa Electron debit card (despite what the Co-op say!...).
    • Lloyds TSB Cash basic bank account - limited cashpoint access but universally accepted Visa debit card.
    I have one of each of the above accounts and my Lloyds bank isn't being sold so I think I'll just have to wait and see, like the rest of us .
    DFW'er - Lightbulb moment : 31st July 2009 - 18,499
    26th December 2017 -
    14,554.00 - 21.3% paid off.
    Demolishing my House of Debt.. one brick at a time!!
    Thinking of spending???..YNAB says "NO!!!!"


  • room154
    I've been with the Co-Op for 8 years. In all that time they have never made a mistake with my account. They were the first bank to introduce internet banking, which again I have never had any problems with. They have always had very few high street branches, but you can use the post office and any cash machines. One good thing is that you get a statement whenever one page is full, rather than having to wait a month. I use my electron card a lot in the high street and on the internet. The only place so far who will not accept my card is Tesco online. I wouldn't use any other bank. I have used Nat West, Lloyd TSB, Nationwide and Halifax. I have had problems with them all. Give me the Co-Op any day.
    • casey junior
    • By casey junior 19th Jul 12, 9:30 PM
    • 174 Posts
    • 28 Thanks
    casey junior
    Like room154 I've never had a problem with the Co-Op and I've been with them for over 40 years, never having set foot in one of their branches.
    Should I still have total confidence in them?
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