Banking sector consolidations

[JonathanM]

Nationwide and Virgin

Coventry and Coop

Barclays and Tesco

Is there some reason why they have all started happening at the same time?

 

[motorbiking]

Its a commodity service with many fixed high cost overheads.

If 2 become 1, costs go down = profits up.

It is becoming increasingly harder to stay within the FSCS compensation limits

 

[Murdochcat]

Size = bigger = saving through losing duplications of staff, sites , etc

Plus the world is changing. We have far more choice these days so companies have to adapt to survive

 

[gas112]

Nationwide have already promised they wont be shutting any branches until 2028 then they will review .
speaking to local staff they are picking up lots of customers from the banks that have closed local branches as a lot of people still want a point of contact for face to face locally

 

[Murdochcat]

We got £200 from Nationwide last year just for having accounts with them!

 

[gas112]

We got £200 from Nationwide last year just for having accounts with them!

i had over 6 figures with them and never got a penny as it was all in savings accounts not made that mistake this year opened a current account as well

 

[Murdochcat]

i had over 6 figures with them and never got a penny as it was all in savings accounts not made that mistake this year opened a current account as well

IIRC the current account had to be opened some years before to qualify

Nationwide Fairer Share | Nationwide

Find out more about the Nationwide Fairer Share Payment, including who’s eligible, as well as our exclusive bond.

www.nationwide.co.uk

 

[gas112]

IIRC the current account had to be opened some years before to qualify

Nationwide Fairer Share | Nationwide

Find out more about the Nationwide Fairer Share Payment, including who’s eligible, as well as our exclusive bond.

www.nationwide.co.uk

Not years read the terms just months and depending on which account . Some had to have a certain usage in the jan/feb/march