Lloyds being taken over by Coop

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MerlinL14

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Post by MerlinL14 » Sat Jul 21, 2012 2:02 pm
@mrw99, there is not going to be a merger. Lloyds have to sell so many branches, the conditions of the sale have indicated that customers and staff of the branches affected will be transferred to Co-Op. If you have a Lloyds account and the branch you bank in is being sold then you can transfer to another Lloyds branch if you wish. All this still has to be agreed and sanctioned by the FSA, nothing will happen until at least last quarter 2013. Stay calm, don't panic.
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Broke of London

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Post by Broke of London » Sat Jul 21, 2012 2:44 pm
The link I posted explains the situation really clearly and lists the branches due to be sold.

I didn't get to the bank today but will be transferring my account before the sale agreement is signed as once the sale of the business is agreed Lloyds may be less willing or even unable to transfer accounts as it affects the value of the business being sold.
 
 

mattyboy

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Post by mattyboy » Mon Jul 23, 2012 9:09 pm
Lloyds will not ask if you want your account transferred as they have been told to get rid of a certain percentage of their branch and accounts by the EU. It will just happen as part of a process of migration. If you do not want to move from lloyds to coop you should transfer branches to a non verde branch listed on the website. Even doing that does not guarantee they won't dispose of your account. Competition laws mean they have to do this and EU competition rules will prevent them from giving you the option to stay.

It is likely that it will be business as normal for a number of years until the rebrand is complete. Coop will probably run the ex lloyds and coop businesses separate for a while while the transition takes place. Merging the two businesses is a massive operation, I imagine though that service will improve as coop is rated very highly.
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Pandy

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Post by Pandy » Tue Jul 24, 2012 7:27 am
When we had a Lloyds TSB account (now part of our IVA) when we moved to Bristol we were not allowed to change branch ours still stayed at the one in Weymouth even though we used the Bristol one, there reasoning was that the branchs were linked by the computer systems so it didn't matter.

I hope they will now allow people to change [:D]
Last edited by Pandy on Tue Jul 24, 2012 7:27 am, edited 1 time in total.
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plasticdaft

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Post by plasticdaft » Tue Jul 24, 2012 10:41 am
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Imhotep

The Co-Op were one of my creditors and prior to my IVa being accepted they acted disgracefully. I'd personally consider it outright harassment.

Since I opened my Lloyds account they have been great (Lloyds). No hard selling when you set foot in the bank. No offers to 'review my account'.

Now I'm just worried that the Co-Op will help themselves to my balance. I now despise the Co-Op and want nothing at all to do with them.
This post clearly proves that all lenders are they same when they realise they arent getting all their money back!!! We are the opposite,tsb biggest lender and co op been great since insolvency started!!!

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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