Is your bank account being sold? And do you like the idea?

[EdithWeston]

I think this is the list of all the bank branches that are to be sold to the Co-op, so if your account is at one of them, it will be part of the sale. Did you know, and do you mind?

Actually, I've been wondering what alternatives there are to putting your money in one of the nasty banks, and the Co-op seems to be the obvious one.

Can't remember the figures, but I think the man from the Co-op bank on the news said that 60% more people than usual are opening up accounts.

Let's hope it never gets too big to be allowed to fail ...

The Co-Op funds the Labour party, which is why I've moved my account to Handelsbanken. Lovely Swedish bank with an old-fashioned banking model and a real bank manager who I can phone up and talk to.

:-( Mine isn't on the list.

Most of my accounts are with the co-op, apart from my business account, which is with Lloyds because it is the nearest branch.

Flatpack - source? I know the co-op party is affiliated to Labour, but that isn't the co-operative bank - there are plenty of co-ops in the world. Obviously it isn't totally impossible, co-ops being a very socialist idea and the co-op shops being roughly from about the same time as the Labour party getting set up, as well as being northern, but it doesn't sound right. Apart from anything else, I am a party member and a member of the co-op (as in the shops, bank etc, not the co-op party, although I could join that if I wanted because they are affliated) and I think I would have noticed. Wouldn't co-op members have had a vote in the leadership election if it was affiliated?

I'm currently a customer of Smile, part of the Co-op and it emerged recently that a good chunk of my friends (all Oxbridge types, for what that's worth) are also with them. We all moved to them after crappy experiences with other banks, a complete coincidence.

I've been with Smile for well over ten years and have NEVER had a bad experience with them. I am delighted that Co-op Bank is doing so well, they deserve it from my experience. I used to bank with Lloyds TSB and whilst there were good points (helping me to manage money as a new graduate) the rest was one long sales pitch, every time I contacted them.

(My DH works for a rival bank and he also banks with Smile/Co-op.)

My local branch is being sold, but my account is with the one in town. That going to be a pita

You could be right, you know. The co-operative bank provides credit cards etc to members of the Labour party at good rates. I never even knew!

(obviously, I don't mind, but seems a bit odd)

flatpack - are you not in a union though? The Labour party being the party of the unions (hence "Labour") a lot of unions fund Labour. You can opt out of your personal levy I suppose.

I didn't realise this! My branch is on that list but I never go in and do all my banking by internet. I've also got a Co-op account for day to day spends (I transfer a chunk of money each month), but quite frankly their on line banking is rubbish compared to Lloyds TSB.

madamy I love Lloyds TSBs online banking. THat is the main reason I want to stay. My branch is moving to the Co-op leaving the tiny branch in town as a Lloyds. I hope that they can move our branch numbers. I did ask them before and they said that they thought it could be.

BrittaPerry

Flatpack - source? I know the co-op party is affiliated to Labour, but that isn't the co-operative bank - there are plenty of co-ops in the world. Obviously it isn't totally impossible, co-ops being a very socialist idea and the co-op shops being roughly from about the same time as the Labour party getting set up, as well as being northern, but it doesn't sound right. Apart from anything else, I am a party member and a member of the co-op (as in the shops, bank etc, not the co-op party, although I could join that if I wanted because they are affliated) and I think I would have noticed. Wouldn't co-op members have had a vote in the leadership election if it was affiliated?

The Co-Op runs its own political party which stands as 'Co-Operative and Labour Party', and the Co-Op also runs Unity Bank (for the unions) and apparently holds the Labour Party's massive overdraft.

flatpack - are you not in a union though?

Are you serious? I'm one of the 70% of the working population who isn't in a union. Never have been, hate the unions. The idea of the union is sound but our unions are so fucking awful I'd never join one.

To me, it's not about whether one likes the Co-op.

It just seems odd, wrong even, that your account can be sold like this.

What happens if you receive payments into the account. Will the old sort code and/or account number link automatically to the new one? Or will the customer have to notify new details to everyone?

EdithWeston

To me, it's not about whether one likes the Co-op.

It just seems odd, wrong even, that your account can be sold like this.

That's what happens with bank mergers. When I had an Abbey National business bank account, it became a Santander one when Abbey was taken over.

What happens if you receive payments into the account. Will the old sort code and/or account number link automatically to the new one? Or will the customer have to notify new details to everyone?

Payments will stay the same, sort code and account number will stay the same. Things that will change will be your debt card, which will become a Co-Op one, your credit card and eventually the website you log in to for online banking.

However Lloyds will continue to run the computer systems for Co-Op for the foreseeable future.

Flatpack Hamster - absolute rubbish, the Co-operative Party and the Labour Party are seperate organisations and the Co-operative Group, of which the Co-operative Bank is part, is not the same as the Co-operative Party.

JustAnotherSod

From Co-Op Party's website: www.party.coop/

"We work in partnership with the Labour Party as its sister party to achieve these ends. That means we stand candidates jointly with the Labour Party at all levels of government. There are currently 29 Labour and Co-operative MPs in the House of Commons, 15 Members of the House of Lords, 5 Members of the Scottish Parliament, 9 Members of the Welsh Assembly and hundreds of councillors around the country."

Gosh, it turns out that they aren't quite as separate as you claim. They're so separate that Ed Balls is a Labour and Co-Op MP.

I'm with RBS. Partly glad I'm leaving the buggers without having to go to the hassle of switching myself. But partly pissed off because I've banked with Santander before (had a mortgage with Abbey when it was sold) and IME they were a shower of shit. Guess I'll have to shop around - but it's one more hassle I could do without, tbh.

flatpack, that just shows the link between the Cooperative Party and the Labout Party, not the Cooperative Bank.

flatpack, that just shows the link between the Cooperative Party and the Labout Party, not the Cooperative Bank.

That's what I thought northey...