What Do You Do If Your Bank Is Taken Over?
Now that the Co-operative Bank is going to take over 632 branches from Lloyds TSB as is reported here, the question is what do you do?
If I apply my late friend David’s rules, there isn’t too many problems.
The Co-Operative Bank is owned by its members and domiciled in the UK.
The Co-Operative Bank is now probably of a size not to worry David, about the bank ending up being controlled by a forcefull and misdirected individual.
I’m not sure where they do their processing, but are they immune from an RBS/NatWorst problem?
On the other hand, just as some people feel that too many banks are close to the Tories, some might not like the fact that the Co-Operative Bank could be too close to the Labour party.
In fact that last point might make lots of customers go elsewhere, if they were to be transferred without asking their view. It’s like ordering a new Ford and getting a Vauxhall delivered.
And that is the heart of the matter. Can your bank account be transferred from one bank to another without your approval?
It strikes me, that this could be another part of banking, with rich pickings for lawyers.
But let’s face it most banks are the same to the general public. All they do is pay bills from on-line accounts. I bank with Nationwide, and I haven’t been into the bank for a banking purpose since probably November last year and that was to pay in a cheque for a few pounds. I do go into their branches sometimes to use a cash machine, as they often have comfortable chairs, where I can sit down to organise where I put my money.
Now here’s an idea!
Let’s put cash machines into coffee shops like Starbucks or Costa. Abbey National did have some Costa branches in their foyers, but then along came Santander and stopped it.
It would be interesting to see where I get my money out of cash machines. I’ve used these a couple of times in the last few weeks.
- Barclays by the bus stop at Islington Green, where I sometimes get off the bus.
- Nationwide next to Starbucks in Upper Street.
- Lloyds by the bus stop at the Angel, where I get the bus to come home.
- One of the machines in the subway at Kings Cross station.
So no real pattern there except that all these machines are of course free! I would never use me a cash machine that charges me for the privilege of accessing my own money.
The Anonymous Widower 
Most of cooperative bank stuff happens in Stockport and Manchester – did you ever come across The Pyramid, by the side of M62 in Stockport, not built by coop, but they work out of it, it is a mile so from our house and our daughter worked there one uni holiday.
Comment by liz | July 19, 2012 |
It’s the software sub-contracted to India and running hundreds of miles from Head Office that worries me.
Comment by AnonW | July 19, 2012 |
I wonder if the Coop have a private banking service like Lloyds. It would be a bit disingenuous if they did bearing in mind their socialist leanings.
Comment by John Wright | July 19, 2012 |
I wouldn’t choose to bank with any nationalised bank or one with close links to a political party. Or one domiciled outside of the UK.
Comment by AnonW | July 19, 2012 |