29 replies to this topic

[Chiltern Living]

The Lloyds in Amersham will close in 2012

http://www.guardian....up-selling-sold

what do you think?

[PeterC]

Assuming that it is the same arrangement as the Royal Bank of Scotland sale of their English branches the bank will not be closed but accounts will be automatically transferred to the purchaser.

[Fran]

That's a shame. The whole thing was gutted and refurbished not long ago. On the other hand, I probably visit a branch less than once a year, and I expect many other people are similar, so it's not surprising if its not viable to maintain large networks of branches.

The Guardian article may already be out of date: it suggests Virgin Money as a potential buyer of some branches, but given Thursday's announcement that they were buying Northern Rock, I suspect they'd be unlikely to buy even more branches just yet.

[zippys]

probably be turned into a 'hair studio' or charity shop....

[PeterC]

probably be turned into a 'hair studio' or charity shop

Branches will be transferred to a new owner as going concerns complete with customers. If you want to stay with Lloyds transfer your account to a "safe" branch before they put a freeze on transfers.

[Fran]

Branches will be transferred to a new owner as going concerns complete with customers. If you want to stay with Lloyds transfer your account to a "safe" branch before they put a freeze on transfers.

I may have misunderstood, but that doesn't make any sense to me. No need for a "safe" branch, whatever that is.

My account is with Lloyds TSB and although it is linked to a branch, that is purely so that my account has a sort code. Mine is in Hemel, where I lived years ago; on the rare occasions I go into a Lloyds branch, it is either Amersham where I live, or Aylesbury where I work.

If or when the Amersham and/or Hemel branches close, I won't cease to be a Lloyds TSB customer, even if the premises is transferred to another bank (let alone another sort of company altogether). My account would only be transferred to another bank if the whole of Lloyds TSB retail was sold to another bank.

[Rob75]

I may have misunderstood, but that doesn't make any sense to me. No need for a "safe" branch, whatever that is.

My account is with Lloyds TSB and although it is linked to a branch, that is purely so that my account has a sort code. Mine is in Hemel, where I lived years ago; on the rare occasions I go into a Lloyds branch, it is either Amersham where I live, or Aylesbury where I work.

If or when the Amersham and/or Hemel branches close, I won't cease to be a Lloyds TSB customer, even if the premises is transferred to another bank (let alone another sort of company altogether). My account would only be transferred to another bank if the whole of Lloyds TSB retail was sold to another bank.

I thought it sounded nonsense too, but it looks likely to me - the deal seems to be they buy the branches and the customers (this happened with RBS branch sales to Santander - http://rbsbranchinfo....co.uk/home/faq).

Certainly making me think about changing branches. Not such a big deal for me (I use other banks more) but I do like the Lloyds website.

[Fran]

I thought it sounded nonsense too, but it looks likely to me - the deal seems to be they buy the branches and the customers (this happened with RBS branch sales to Santander - http://rbsbranchinfo....co.uk/home/faq).

The link isn't working. But surely that was entirely different because then, as will be the case with Northern Rock retail going to Virgin Money, the whole retail banking business was bought, not just selective branches?

[Rob75]

The link isn't working. But surely that was entirely different because then, as will be the case with Northern Rock retail going to Virgin Money, the whole retail banking business was bought, not just selective branches?

This article suggests the same. I guess hundreds of branches with no customers isnt an attractive proposition.
http://www.independent.co.uk/news/business/analysis-and-features/david-prosser-millions-set-to-be-banking-orphans-2362608.html

[Fran]

This article suggests the same. I guess hundreds of branches with no customers isnt an attractive proposition.
http://www.independent.co.uk/news/business/analysis-and-features/david-prosser-millions-set-to-be-banking-orphans-2362608.html

Gosh, I stand corrected. Thanks, Rob. (I still think it very strange, though.)

[Zoom]

I wondered about this as soon as it was announced that they were being forced to sell branches.

Although it sounds bizarre it does make sense... there is no value in the buildings, only in the assets ie the customers and their accounts. A business that bought the buildings without the customers would be a property company not a bank.

And the rationale for this is to increase customer choice and competition... and what do they do, force the transfer of accounts thereby ignoring customer choice.

I wonder how they're going to stop a run on the "new" bank as soon as it opens ? If all the customers transferred to the new bank immediately turn up to withdraw their money to open an account with their old bank then the new bank would go bust overnight.

[Fran]

The BFP reports that as well as Amersham, Lloyds Great Missenden and Princes Risborough, and the High Wycombe branch of Cheltenham and Gloucester will close, though no timescale is mentioned.

[gazza13]

Called into Chesham Lloyds today to see if we could swap to there, rather than wait until everybody is jumping ship. No problem said the man, just need both the joint account holders to come in and sign up.

Called into Amersham Lloyds to see if thay had any information on the sale and was told the branch operative does get sold lock stock and customers linked to the branch. However this is planned for the latter part of 2013. They had no written information though

[Matthew (Admin/MPJ)]

Called into Chesham Lloyds today to see if we could swap to there, rather than wait until everybody is jumping ship. No problem said the man, just need both the joint account holders to come in and sign up.

Called into Amersham Lloyds to see if thay had any information on the sale and was told the branch operative does get sold lock stock and customers linked to the branch. However this is planned for the latter part of 2013. They had no written information though

It looks like Co op are the people to take over the branches

http://www.bbc.co.uk...siness-16174571

[PeterC]

Called into Chesham Lloyds today to see if we could swap to there, rather than wait until everybody is jumping ship.

If it works the same way as the Royal Bank of Scotland sell off they will put a freeze on transfers once the deal is signed.

A lot of people seem to have been in denial about how this will work but RBofS have already cut an identical deal with Santader and there is no reason to assume that there will be any differences over the arrangements with Lloyds.

[zippys]

It looks like Co op are the people to take over the branches

http://www.bbc.co.uk...siness-16174571

Co-op are already in the high street (Britannia) so I'm assuming one will close.

[Rob75]

My experience is that I was told "switching" accounts to another branch is simply not possible. The only option I was told is to effectively close the account, and open another in another branch. As I can't see how any bank at any stage (eg when transferring over) can say "you can't close your account", I thought I may as well leave it until then.

Whatever I do it is hassle - either changing sort codes and account numbers etc and keeping the (excellent) Lloyds online facility, or keeping account numbers and moving to a new facility. When push comes to shove I'm sure I'll just move to another one of my banks.

[PeterC]

The only option I was told is to effectively close the account, and open another in another branch.

Account numbers are only unique within the branch so if you move your account to a new branch a new account number needs to be allocated. This is true for all clearing banks.
Despite account numbers being 8 digits long (although I think Lloyds only use 6) only a limited number are valid using mathematical rules that ensure simle typing errors don't result in money going to or from the wrong account. There simply aren't enough available to make your account number unique within the entire bank.

[Rob75]

Account numbers are only unique within the branch so if you move your account to a new branch a new account number needs to be allocated. This is true for all clearing banks.
Despite account numbers being 8 digits long (although I think Lloyds only use 6) only a limited number are valid using mathematical rules that ensure simle typing errors don't result in money going to or from the wrong account. There simply aren't enough available to make your account number unique within the entire bank.

Peter - thanks - realise that, and that in any event you would need a new sort code and account number.

Point was, there is a difference between what I had hoped might be involved in "switching an account" within Lloyds (ie easy, everything done for you, all smooth, yes they send you a new card, but connected online accounts move across, online logins remain unchanged etc), and closing and opening another account (ie start everything from scratch, whereby you can just as easily move to another bank entirely). But I was told the only option is the latter.

[David P]

Peter - thanks - realise that, and that in any event you would need a new sort code and account number.

"switching an account" within Lloyds (ie easy, everything done for you, all smooth,

You clearly don't remember the mess they made of merging Lloyds and TSB.

[gazza13]

We've decided to go to one of the other big 4 in Amersham, as we want be able to walk in and get some helpful banking.

The Coop in the Brittania is a joke, both my girls have an account. One is moving to Nationwide, and the other is waiting until she finishes Uni as there is a real Coop bank in Cambridge by her digs.

[Fran]

The acquisition by the Co-op is not yet a done deal, apparently: http://www.bbc.co.uk...siness-17546212

[gazza13]

Too late for us, we ended up in Lloyds in Chesham after poor salesmanship from the others in Amersham. I did read in a daily paper the other week the Co-op were struggling with buying as the Lloyds board of directors were not to keen on the Co-op board being made up of a vicar, a housewife and a butcher amongst others.

[David P]

the Lloyds board of directors were not to keen on the Co-op board being made up of a vicar, a housewife and a butcher amongst others.

But still probably better than a board made up of bankers.

[HP6]

But still probably better than a board made up of bankers.

[Zoom]

Its official.... Amersham is on the list.

http://www.lloydstsb...ch_transfer.asp

http://www.lloydstsb...ng_branches.pdf

[Matthew (MPJ/Admin)]

Details of the deal confirmed last week. I wounded why the Amersham Lloyds was selected to transfer to the Co op, particularly as it is next to The Britannia Building Society which is already part of the Co op bank?

[Zoom]

Its been on the list for a long time... Here's what I've found out (I am a LloydsTSB personal and business customer but not at Amersham branch so was able to make some enquiries).

LlloydsTSB have been rebranding the group over recent years - its now called Lloyds Banking Group (note no TSB reference, nor any reference to C&G or HBOS)....

The branches that are transferring to Coop will be rebranded as TSB - the branches not transferring will be rebranded as Lloyds (including any C&G, Halifax or BoS branches not transferring)
The branches, accounts, customers transferring to Coop will be owned by Coop but for the time being the new TSB bank will be operated by Lloyds (ie Coop will subcontract Lloyds to run the bank for them).
The bank will continue for the time being to use Lloyds computer systems, ATMs, online banking, etc... so during the transfer customers should notice no difference, In due course Coop will work out what it is going to do to integrate this new TSB bank into its own Coop bank network.
Customer accounts at the branches will be transferred to Coop - but because of the above there will be no change for customers - to systems, cards, account numbers, etc.

Customers cannot choose whether to transfer or not - if they have an account at one of the branches it will be transferred - they cannot transfer or switch their account to another branch. Their only option is to open a new account at a different branch and close their old account
But they cannot do this at the Amersham branch - they have to physically go to a branch that is not transferring and open a new account at that branch in person...
Or they can open a new account by phoning Lloyds telephone banking and asking them to open an account at a different branch - normally telephone banking would open an account at the nearest branch by postcode but they have a "central" virtual sort-code that they can use instead if you make sure you make it clear that you do not want an account at your nearest branch (however I wouldn't recommend this as there is too great a risk that they'll just open a new account at Amersham branch).

If you open a new account like this, it will have a different account number and sort code and you will have to go through the process of transferring any direct debits and/or standing orders. You cannot keep your Amersham sort-code/account number and stay with Lloyds.

[PeterC]

Customers cannot choose whether to transfer or not

As posted here eight months ago.

[Zoom]

Went into another Lloyds branch today (a non transferring account) to open a new account... was told that in the case of the old account at the Amersham branch customers would be sent a letter at some time probably before the end of this year notifying them that the account would be transferring to Coop... and that this letter would include information on what to do, including a phone number to ring, if you did not want the account to transfer.

It appears that non-transferring Lloyds branches are permitted to tell you that you can opt-out of transferring but the transferring Lloyds branches (like Amersham) are not permitted to tell you about the opt-out option...

But in any case it seems that no action is required or possible until you've received a letter...