TSB bank

[DaveNewcastle]

BUT at the end of the day its still Lloyds Banking Group. Regardless of what nameplate they tack over the door. I therefore expect to see a lot of noise in the foreground and not a lot of action behind. I wouldn't be at all surprised if TSB uses the same computer system as Lloyds Bank just with pretty blue icons rather than green ones.

I have come across a number of instances in which 'the bank' has actively used the separation of Lloyds Bank Group Companies as a defence against any liabilies -I thought their best 'scam' is the pretence that any transfer between a client's accounts in Lloyds Bank Group Companies must go through the 3-4 day 'clearing cycle' (during which time the Group Companies has the benefit of the value of the transfer but the customer does not).

 

[jon0844]

If you have an existing account, I presume your package won't change if you stay with Lloyds or go to TSB - so where does the competition come in?

I'd expect the exact same deal whoever I ended up with, so how are they going to change things? All new accounts which eventually change and compete with each other? Yeah right.

 

[Xenophon PCDGS]

If you have an existing account, I presume your package won't change if you stay with Lloyds or go to TSB - so where does the competition come in?

I'd expect the exact same deal whoever I ended up with, so how are they going to change things? All new accounts which eventually change and compete with each other? Yeah right.

My wife has remained a Lloyds bank customer as her branch did not change, but her two elder sisters now find themselves part of the new TSB bank. My wife tells me that in earlier notifications, it was clearly stated that the account numbers and sort codes would remain unchanged and that those transferred to the new TSB could use all their existing cheque books, etc, without any worry.

All that being said, I am a member of the HSBC Banking Group and have been so since the Midland Bank became part of that group.

 

[WillPS]

If you have an existing account, I presume your package won't change if you stay with Lloyds or go to TSB - so where does the competition come in?

I'd expect the exact same deal whoever I ended up with, so how are they going to change things? All new accounts which eventually change and compete with each other? Yeah right.

Obviously not yet; the two banks' offers are the same right now, but as time goes by and TSB cuts ties with Lloyds they will have different strategies and offers, just as they did before being merged together.

The interesting point for me is what becomes of Halifax. Bank of Scotland is now effectively Lloyds' Scottish operation (with a product offering that reflects Lloyds Bank rather than Halifax/HBOS). What, in that case, is the future for Halifax? Lloyds' reports indicate that it will be a 'challenger' brand; but there's not much of a precedent for one company operating two completely separate retail banks with separate offers; NatWest/RBS and Halifax/BOS both have or had identical or near-identical offers to one another.

 

[IanXC]

The interesting point for me is what becomes of Halifax. Bank of Scotland is now effectively Lloyds' Scottish operation (with a product offering that reflects Lloyds Bank rather than Halifax/HBOS). What, in that case, is the future for Halifax? Lloyds' reports indicate that it will be a 'challenger' brand; but there's not much of a precedent for one company operating two completely separate retail banks with separate offers; NatWest/RBS and Halifax/BOS both have or had identical or near-identical offers to one another.

The other problem for Lloyds Banking Group is that there will now be plenty of reasonably sized places which do not have a Lloyds Bank branch, but will have a Halifax branch. I think its inevitable that Lloyds and Halifax become gradually closer and closer.

 

[Roverman]

That would involve further changes to the computer systems and the Halifax staff are sick to the back teeth of barely functioning IT systems that take forever to open a statement or increase an overdraft. If they push for further closeness I can see the staff telling them to do one.

 

[IanXC]

That would involve further changes to the computer systems and the Halifax staff are sick to the back teeth of barely functioning IT systems that take forever to open a statement or increase an overdraft. If they push for further closeness I can see the staff telling them to do one.

Aren't the recent changes pretty much a transfer to the Lloyds system anyway? They certainly are from a clearing point of view.

 

[Roverman]

Yes they both use the same basic system but Lloyds cannot view or transact on Halifax accounts and vice versa. Its just a shame that system harks from about 1989.

 

[bicbasher]

Most of those TSB branches were supposed to be sold to the Co-Op. This fell through and Lloyds decided to split Lloyds TSB and some other banks they own including Cheltenham and Gloucester.

 

[Roverman]

All those branches were meant to go to Co-op who reneged on the deal and forced Lloyds Banking Group to bring out Plan B, very quickly.

 

[WillPS]

They didn't renege on the deal, the deal simply didn't go ahead.

C&G were always part of the planned 'Project Verde' spin-off. While the forced sell off was rumored Lloyds put out word that they intended to completely close the C&G network in a vein attempt at avoiding the need for a sell off.

My understanding is that HBOS' architecture was both newer and generally better than Lloyds', but obviously the task of converting HBOS' systems to Lloyds was considered smaller than moving Lloyds to HBOS. The TSB sell off (however it happens) is going to be somewhat marred by the unavoidable and no-doubt preposterous cost which Lloyds will attach to 'rental' of their IT system, at least until they can fully move away.

 

[Eagle]

Similarly, the spinoff has always included all Lloyds TSB branches in Scotland (with BOS becoming Lloyds Scotland in all but name).