Lloyds TSB News Update: Lloyds ‘Dump’ Customers in Switchover

Lloyds TSB Banking Changes

Lloyds TSB News Update: Lloyds banking group are being forced to divide their company into two – Lloyds and TSB – following a 2009 European Commission ruling. Many customers are being left disgruntled following this ruling because the elected banks are changing providers and therefore their customers are being switched to new banks; against their will.

Many branches are being changed, “the total is made up of 282 Lloyds TSB branches in England and Wales, all 185 Lloyds TSB Scotland branches, and all 164 C&G branches. Intriguingly, the 282 include around 150 ex-TSB branches. So for some customers who originally banked with TSB, taken over by Lloyds in 1995, things will have come full circle.

Of the 282 England and Wales branches, only 98 lie south of a line from the Wash on the east coast to the Severn estuary on the west coast, leaving 174 north of that line and 10 in Wales, according to an analysis by the Campaign for Community Banking Services (CCBS) pressure group. C&G branches are spread more widely, with a two-thirds bias to the south, the CCBS says.

Your account number, sort code and internet log-in details will stay the same, but there will be some changes to your terms and conditions for your current account and any savings accounts and credit cards you have. However, a spokeswoman insists that: “Fees, charges, interest rates and account services will remain the same.”

The bank is sending out millions of debit and credit cards. All will have a new “Bank Identification Number” and some will also be renamed, the spokeswoman says.

There will be some changes to your terms and conditions. The number of branches you can use will be reduced. If the branch you normally use is moving to TSB, for example, you won’t be able to use it to pay cheques into your account. “If you have accounts that are staying with Lloyds TSB, you will need to manage them in a branch that is also staying with Lloyds TSB,” it says.

Perhaps the most noticeable change you will see is that the Lloyds TSB name will change to Lloyds Bank.

You can apply for a new current account at Lloyds and switch back. Lloyds is not allowed to encourage people to stay, as the aim is to reduce its share of the current account market, but it isn’t banned from taking you back.”

This can be stressful for customers, particularly those that have been loyal to Lloyds for a long time but any problem is easily rectified with the best advice being to speak to the Lloyds customer service department. The contact details for the Lloyds TSB helpline can be found here and the number is available to be called whenever it is most convenient to you.

This article was originally found at www.guardian.co.uk

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