Sale of Lloyds branches to Co-op

[RogerS]

I have only just discovered that if you have an account with one of these branches then you will become a customer of the Co-op. You do not have any right of veto. You will be transferred. The only way to stay with Lloyds if that is your wish is to close the account and open up a new one with Lloyds.

So what happens if you are running an overdraft, say? Is this going to be pulled? Or have different savings vehicles , ISAs etc. Are they going to be on the same rate? Chances are that they won't be.

This is a veritable dogs dinner. Whoever thought about this should be strung up.

 

[RogerP]

I don't think you need worry Roger. I've been with the Co-op bank for many years they are very good - and ethical to boot

 

[DIY Stew]

I don't think you need worry Roger. I've been with the Co-op bank for many years they are very good - and ethical to boot

+1

Stew

 

[Elapid]

I don't think you need worry Roger. I've been with the Co-op bank for many years they are very good - and ethical to boot

Agreed. I spent years working in the finance sector and everyone knew Lloyds were the worst for lying to customers and ripping them of in anyway they could. How they got away with even a tiny amount of the stuff they pulled is still something I will never understand.

Strangely enough Co-op had the best reputation by far for looking after there customers and following the rules. The government is basically doing a lot of people a favour.

If for some reason you really really must stay with Lloyds then just go to your next nearest branch and move your account there. You can do it without closing and opening a new account.

 

[thomvic]

This is a veritable dogs dinner. Whoever thought about this should be strung up.

You must be the only one of the millions of customer being transferred to be thinking this way Roger. The rest are rubbing their hands with glee. Co-op is a very good bank and Lloyds is not - fact! The losers in this deal are the shareholders - nearly 40% of which are the Taxpayer.

Richard

 

[SBJ]

I have only just discovered that if you have an account with one of these branches then you will become a customer of the Co-op. You do not have any right of veto. You will be transferred. The only way to stay with Lloyds if that is your wish is to close the account and open up a new one with Lloyds.

So what happens if you are running an overdraft, say? Is this going to be pulled? Or have different savings vehicles , ISAs etc. Are they going to be on the same rate? Chances are that they won't be.

This is a veritable dogs dinner. Whoever thought about this should be strung up.

I find the best thing to do in this situation is to get angry and have a bit of a rant without knowing the facts.

 

[RogerS]

I have only just discovered that if you have an account with one of these branches then you will become a customer of the Co-op. You do not have any right of veto. You will be transferred. The only way to stay with Lloyds if that is your wish is to close the account and open up a new one with Lloyds.

So what happens if you are running an overdraft, say? Is this going to be pulled? Or have different savings vehicles , ISAs etc. Are they going to be on the same rate? Chances are that they won't be.

This is a veritable dogs dinner. Whoever thought about this should be strung up.

I find the best thing to do in this situation is to get angry and have a bit of a rant without knowing the facts.

Typical snotty reply but then again it is what I expect to come from you.

Missing the point, as ever, or just being a plonker as per.

 

[RogerS]

To those who think that it is a 'good' thing are perhaps missing the point.

You have an ISA with Lloyds. That comes with a certain rate of interest. It now forms part of Co-op. Same rate of interest? Might be better. Might be worse. It is still going to waste your time sorting it out.

You have an agreed overdraft facility with Lloyds on which you rely on. Automatically guaranteed post-transfer? Who knows. Just could be bit of a concern for those who rely on it.

You opted to pay a bit extra and get the additional services thrown in such as AA cover etc. whatever. That will go now. So now you have to waste time hunting around for an alternative.

 

[Elapid]

To those who think that it is a 'good' thing are perhaps missing the point.

You have an ISA with Lloyds. That comes with a certain rate of interest. It now forms part of Co-op. Same rate of interest? Might be better. Might be worse. It is still going to waste your time sorting it out.

You have an agreed overdraft facility with Lloyds on which you rely on. Automatically guaranteed post-transfer? Who knows. Just could be bit of a concern for those who rely on it.

You opted to pay a bit extra and get the additional services thrown in such as AA cover etc. whatever. That will go now. So now you have to waste time hunting around for an alternative.

You will be paying far more interest on your overdraft than you get on your ISA so pay off your overdraft with some of your ISA. To get the best from an ISA you should be looking for the best rates and moving it every year or so. No point in being loyal to a bank as they have no loyalty to their customers.

Usually banks will agree an overdraft on a yearly basis so check when yours was last renewed and how long for and Co-op will have to honour it for at least that period.

Also if you really want to stay with Lloyds then just move branches before you get transferred.

 

[SBJ]

I have only just discovered that if you have an account with one of these branches then you will become a customer of the Co-op. You do not have any right of veto. You will be transferred. The only way to stay with Lloyds if that is your wish is to close the account and open up a new one with Lloyds.

So what happens if you are running an overdraft, say? Is this going to be pulled? Or have different savings vehicles , ISAs etc. Are they going to be on the same rate? Chances are that they won't be.

This is a veritable dogs dinner. Whoever thought about this should be strung up.

I find the best thing to do in this situation is to get angry and have a bit of a rant without knowing the facts.

Typical snotty reply but then again it is what I expect to come from you.

Missing the point, as ever, or just being a plonker as per.

So, you do know the facts then?

 

[JakeS]

You have an ISA with Lloyds. That comes with a certain rate of interest. It now forms part of Co-op. Same rate of interest? Might be better. Might be worse.

Surely, if you have a contract with an institution and they sell your custom to another institution, that other institution would also be obliged to honour the same contract - it's part and parcel of what they're buying! I still have a mortgage with the Alliance and Leicester, who were bought up by Santander years ago. I expect that they'd love to change the rate of interest, since it's a fraction of a percent above the BoE base rate, but they can't - it's in the contract, and the contract lasts another couple of decades unless I choose to terminate it early or miss repayments.

I would have thought that it's more likely, though, that you have your ISA with Lloyds-the-bank not Lloyds-the-branch, and whatever happens to your branch account the ISA arrangement will be unchanged.


Your problem comes with things like the bank account extras like the AA cover, since I bet you'll find that the contract they gave you reserves the right to stop offering the extra at any time... in which case, that's the contract you agreed to, they're just exercising a contractual option. Would you expect them to get upset if you called the AA out to tow your car home?

 

[RogerS]

....
Your problem comes with things like the bank account extras like the AA cover, since I bet you'll find that the contract they gave you reserves the right to stop offering the extra at any time... in which case, that's the contract you agreed to, they're just exercising a contractual option. Would you expect them to get upset if you called the AA out to tow your car home?

Don't follow you.

 

[RogerS]

....


So, you do know the facts then?

Yes, I do. Clearly you do not nor have any concern for others.

What exactly have you contributed to the forum other than the occasional snipe?

 

[RogerS]

Jeez..why the f**k do I bother?

I try and raise awareness and all I get is a load of grief. The best response is at the end of Elapid's reply, namely 'transfer branches' which makes a lot of sense.

So...if by posting this thread I have at least alerted some people that this is about to happen so that they can plan for it then all to the good.

As for the rest of you naysayers .....********

 

[JakeS]

....
Your problem comes with things like the bank account extras like the AA cover, since I bet you'll find that the contract they gave you reserves the right to stop offering the extra at any time... in which case, that's the contract you agreed to, they're just exercising a contractual option. Would you expect them to get upset if you called the AA out to tow your car home?

Don't follow you.

If you have a contract with a bank to provide personal banking services, that contract cannot be breached, it can only be terminated according to the termination clauses in that contract, which you will have agreed to when you signed up for the account in the first place.

However, I expect that extras like AA cover will have a special note in the contract which you would have signed, to the effect of "the bank may stop offering this extra at any time without notice". Because it's not worth the hassle to them to have to organise and provide breakdown cover if the AA goes out of business, for example, or stops offering them a preferential rate - so they'll include the get-out clause in the contract to ensure they don't get caught out.

Since you signed this contract, you should have the expectation that they could and would terminate the cover as soon as it becomes more convenient for them to do so than it is for them to leave you with it.

On the other hand, this cuts both ways - if you've got a contract with your bank to provide a certain interest rate on their ISA, they also can't randomly change that just because they've decided to sell off your account to another bank. You should get exactly the same deal... unless, of course, they had a clause in that contract saying that they could change it whenever they wanted. In which case it would have been a bit of a poor choice of ISA and, again, you signed the contract so you should have expected it would happen.




Conversely, my girlfriend has a Lloyds account, I wonder if we could get a list of the branches which are being sold off so she could move her account to one of them?

 

[Phil Pascoe]

Peace be with you, brothers!


I don't give an excrement, actually.

 

[SBJ]

Jeez..why the f**k do I bother?

I try and raise awareness and all I get is a load of grief. The best response is at the end of Elapid's reply, namely 'transfer branches' which makes a lot of sense.

So...if by posting this thread I have at least alerted some people that this is about to happen so that they can plan for it then all to the good.

As for the rest of you naysayers .....********

.....my hero...


Thanks for the heads up Roger, this has given me the advance warning to decide who I want strung up. What a dogs dinner this has turned out to be.

 

[Jacob]

The big worry amongst Co-op members is that the influx of new membership from the world of corrupt and incompetent (i.e. "de-regulated") banking is that some of this will rub off on an essentially idealistic and socialist organisation.

Roger - try googling


Interesting to see history repeating itself - the biggest boost to the early Rochdale Co-op was bank failure - Rochdale Savings Bank collapsed in 1849, taking with it the life-savings of many workers.

 

[jpt]

....
Your problem comes with things like the bank account extras like the AA cover, since I bet you'll find that the contract they gave you reserves the right to stop offering the extra at any time... in which case, that's the contract you agreed to, they're just exercising a contractual option. Would you expect them to get upset if you called the AA out to tow your car home?

Don't follow you.

If you have a contract with a bank to provide personal banking services, that contract cannot be breached, it can only be terminated according to the termination clauses in that contract, which you will have agreed to when you signed up for the account in the first place.

However, I expect that extras like AA cover will have a special note in the contract which you would have signed, to the effect of "the bank may stop offering this extra at any time without notice". Because it's not worth the hassle to them to have to organise and provide breakdown cover if the AA goes out of business, for example, or stops offering them a preferential rate - so they'll include the get-out clause in the contract to ensure they don't get caught out.

Since you signed this contract, you should have the expectation that they could and would terminate the cover as soon as it becomes more convenient for them to do so than it is for them to leave you with it.

On the other hand, this cuts both ways - if you've got a contract with your bank to provide a certain interest rate on their ISA, they also can't randomly change that just because they've decided to sell off your account to another bank. You should get exactly the same deal... unless, of course, they had a clause in that contract saying that they could change it whenever they wanted. In which case it would have been a bit of a poor choice of ISA and, again, you signed the contract so you should have expected it would happen.




Conversely, my girlfriend has a Lloyds account, I wonder if we could get a list of the branches which are being sold off so she could move her account to one of them?

If you go to this page http://www.lloydstsb.com/branch_transfe ... c=HPVL0412 there is a link at the bottom to a PDF with the branches on.

john

 

[DrPhill]

If you go to this page http://www.lloydstsb.com/branch_transfe ... c=HPVL0412 there is a link at the bottom to a PDF with the branches on.

Excellent, thanks. It seems that our local branch is going to the Co-operative bank. I am not a Lloyds customer, but used to be. I am a happy Cooperative Bank customer though. A local branch will be a delightful novelty.

My reasons for leaving Lloyds would make a great skit:

Month 1:
Me: I am going to pay my loan off early - do you need to know?
LLoyd: no everything will happen automatically.

Month 2:
Lloyds: You are overdrawn and we will charge you overdraft charges next month.
Me: That is because you took too much out to repay my loan. Look - you have even recredited me the following day!
Lloyds: Sorry sir.

Month 3:
Lloyds: You are overdrawn, and we will charge you overdraft charges next month.
Me: That is because you have taken out Overdraft Charges because I went overdrawn as a result of the mistake you made last month, and immediately corrected.
Lloyds: Sorry sir. We have recredited your account with the amount of the overdraft charge.

Month 4:
Lloyds: You are overdrawn, and we will charge you overdraft charges next month.
Me: That is because you have taken out Overdraft charges because I went overdrawn as a result of you mistakenly charging me overdraft charges last month, which you then corrected.
Lloyds: Sorry sir. We have recredited your account with the amount of the overdraft charge.

Month 5:
Lloyds: You are overdrawn, and we will charge you overdraft charges next month.
Me: That is because you have taken out Overdraft Charges because I went overdrawn as a result of you mistakenly charging me overdraft charges last month, which you then corrected.
Lloyds: Sorry sir. We have recredited your account with the amount of the overdraft charge.

Month 6:
Lloyds: You are overdrawn, and we will charge you overdraft charges next month.
Me: I am closing my account. Can I have a final balance please
Lloyds: Sorry sir. Why are you closing your account? Are you unhappy with our service?

(hammer) (hammer) (hammer) (hammer) (hammer) (hammer)
The Coop are far better. If you are being transferred, just be grateful.