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Lloyds Bank Sells Customers!


Quillan

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Some will know that something like 632 Lloyd's Bank branches are to be sold off, if you didn't know then I have given a couple of links below.

http://www.dailyrecord.co.uk/news/business-news/2011/08/04/lloyds-bank-on-course-to-sell-off-632-branches-as-part-of-public-ownership-deal-86908-23319622/

http://www.guardian.co.uk/business/2011/jul/24/banking-commission-lloyds-branches

Well now what they have not told people, mainly the customers, is that the branches will be sold off to another bank or banks as in they are not just selling the premises they are actually selling the branch with it's staff and its customers.

A very close friend of mine works for a leading market research company who are currently doing secret trials by giving a current Lloyd's customer's (after they have signed a non disclosure document) a copy of the letter they (Lloyd's Bank) intend to send out to customers of one of the branches it has agreed to sell to another bank. You won't get a choice, like move your account to another Lloyd's Bank down the road that's staying open you will simply wake up one morning and find a new chequebook and debit card from your new bank drop through the door. The only people who will get a choice are those who have business accounts.

I think this is outrageous and I am not too sure of the legality of this even though it is supposed to be a big secret (my close friend who also just happens to bank with Lloyd's). The decision as to which branches will be sold off is yet another closely guarded secret, so guarded that even regional managers don't know.

So if you bank with Lloyd's just be aware of what might happen.

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The list of branches is freely available.

http://www.guardian.co.uk/news/datablog/2011/jun/08/lloyds-banking-group-selling-sold#data

In addition the following has more info on the effect to customers on their branch being sold.

http://www.lloydsbankinggroup.com/media1/faqs/FAQs.asp#question_7

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Initially this was only going to effect C&G customers and not Lloyd's customers which if you read the FAQ it is C&G customers they are talking about. The change for Lloyd's customers is a new thing.

The other issue that was raised is who is going to pay for any change to direct debits because some companies, utility companies in particular charge for changing the DD. Lloyd's have said they will pay for the initial transfer but as they said they welcome all new customers (not the wording and not "old customers back") so if you then move back to Lloyd's you will have to pay for these changes.

The thing is obviously people are unaware and whilst DraytonBoy went and looked it up how many people have already and what about those that don't have Internet access. Yes everyone will effected will get a letter but as Mrs 'Q' says she does not get her bank statements sent now as they are online but anyway she knows what they look like so anything that comes from Lloyd's is normally trying to sell her something so she bin's it and I doubt very much if she is not the only one.

The whole point is you won't have a say and if you don't like it then tough and any expenses other than forcing you to the new bank are down to you.

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[quote user="confused of chalus"]What about those of us with overseas addresses - Lloyds was our UK bank when we moved over and they still are, mainly because we cant get another UK bank/building society acct with a French address. Do you think whovever takes us over will be obliged to take ex-pats or could we find ourselves without UK banking?[/quote]

I don't know about opening another account if your French resident but I was with the then Abbey National and that was no problem when I moved to France. I still have several UK based credit cards and they are registered to my French address although I had them before I moved. I also pay my English credit cards with a French bank cheque (you can't transfer from a French bank account to a UK card) in Euros and you get the same exchange rate as you do when you purchase things.

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Well, years ago I had a National Girobank account which was great - as close to non commercial as you could get at the time (apart from the Co-op) and available at any Post Office, which was rare then.  It got Thatchered and turned into Alliance and Leicester which was fine as it was a Building Society.  Then even it got privatised and later was sold again  it's Santander.  Not once did I as a customer have a say in any of this apart from a vote (lost) at the general election and then one by Building Society members who, like so many people back in those dark days, voted for short term profit over long term stability.  It's the way things are these days.

CofC - the online banking conditions never changed for me and Santander continue to take my money (only a small portion of it these days as most of it is with CA and the Nationwide between them.)  But of course they're a Spanish bank anyway.

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