It is believed that millions of Lloyds TSB customers in the UK will no longer be able to use TSB branches or they will have to face a £5 charge if they continue to access services from the familiar branches.

The customers will either have to pay extra charges or wait days for their payments to arrive in their accounts. During the coming few months, 632 former Lloyds TSB branches as well as five million customers will be moved to a new bank called TSB as per the regulations under the European Commission. This means that if the customer remains a Lloyds customers and their banking branch converts into TSB, they will no longer be able to access service with paying extra charge.

The customers will also have to face a £5-a-time fee for paying cash or reduce their credit card balances and they will be no longer allowed to pay cheques into TSB branches. Many believe that the complicated conversion of branches and the regulations have not been understood clearly by thousands of the customers and this may lead to confusion in the coming months as the transition of the banking group takes place in the UK.