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Millions of Lloyds Customers to be transferred to ‘TSB’ Bank

Millions of customers of high street Bank, Lloyds TSB, will soon receive a notice detailing a change in their banking details, as the license behind their account is transferred to Lloyds TSB Scotland.

This is the first step in a process that will eventually see these customers switched to TSB Bank, a new bank formed in a deal between Lloyds and the Co-operative Bank. This deal is near conclusion, with a spokesperson from Lloyds claiming it would finalised in “the first three months of 2013”. The change has come about after Lloyds were forced to sell 632 branches by authorities.

It is thought that the change will actually have little effect on customers in terms of their accounts, however. All details including account numbers and sort codes are expected to remain the same, while standing orders and interest rates are also expected to be unaffected. Despite this there will no doubt be those who oppose the change, wishing to stay with Lloyds instead of switching to a Bank run by the Co-Operative.

For those in this situation there is an option. All those who are to be affected by the changes will receive an initial letter detailing to them the proposed switch. Once the transfer is formally agreed next year there will be another letter sent to effected customers. Those who do not want to switch will be informed at this point of the procedure they need to follow to continue banking with Lloyds.

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