Student Accounts 2012/13

Co-opertative Student Banck Account setup experience.
Applied for a student account online with lo-op.
Got accepted and received UnWelcome Pack in the post..

UnWelcome pack informs me to telephone customer service to register for telephone banking.:eek:
But i don't want telephone banking..just want internet banking. But no, have to register for telephone banking first before even thinking about registering for online banking. Have to call a 0845 number, which is outside of my landline/mobile inclusive call allowance package. :mad:

Expect to waste half a lifetime being ping-ponged between Lo-op Pillar and Post departments in trying to setup student bank account. (see Laurel & Hardy - Furniture Payment at youtube):p

If you manage to get through to someone at lo-op customer service, who can cope with setting-up your new student bank account; without first thinking is it in their job description/capability to assist you..expect your student account application form to be cloaked in total secrecy until you repeat the memorable word you gave on your application form.:cool:

Should you fail to give the correct memorable word to lo-op after three desperate attempts at it; whether through forgetfulness, oversight, it being a new experience for you, not having it tattooed/carved onto your body to remind yourself of it, or not having realised the insignificance of it on your online application form but utmost SIGNIFICANCE thereafter & forevermore,....don't expect any sympathy from them.:beer:

Instead expect the Spainish Inquistion over the phone followed by a journey across counties to reach one of their branches with passport/proof of address/signed avadavit in tow to prove your identity in person. They can't verify you over the phone from any of the information you gave them on your online student account application form (as it won't be on their system despite having been completed on their website): details such as your date of birth, uni, uni course, years at home address, email address, any existing bank, or income details. None of this information would appear in their unWelcome Pack sent to you, even if it had been misdelivered into the wrong hands But they cannot ask for any of this personal information to prove your identity to them, as an alternative to to forgetting your memorable word. Remembering you memorable word during the call to them (forth attempt at it) is no good either. You may as well just end life with lo-op here and now.:T

All this hassle to setup you student bank account and there isn't even half a penny in the account, and nor will there be now.:D

My advice is to avoid opening an account with these clowns, as they wasted too much of my time and effort being unhelpful towards getting my account up and running. They clearly didn't want this student's business now or in the future.:money:

I now have spend more time and effort cancelling/closing the stillborn lo-op account, before opening a student bank account with another bank that wants my business and makes an attempt at decent customer service.

Yes, online bank security is good and i want it, but i never reached the goal to set-up internet banking with these ming-mongs. They just put impenetrable barriers in the way, to prevent account setup from happening. A simple setup process, which other banks manage to achieve WITHOUT human intervention, became is a day's mission at lo-op.:(

I also wasted three phone calls to them, totally one hour. Calling their 0845 number cost me £6.74 for an 60 minutes of frustration. The overdraft is not automatic in year 2 or 3...still have to request it over the phone/in person. Have to pay in £300 before they will consider sending you a debit card, give you the 1st years overdraft.

oddlyuk wrote: »

My daughter has applied for a Co-operative Student Account and has been successful. In the meantime her current account with Lloyds has been changed to a student account.
She received a letter a couple of months ago informing her that this would happen and there was an opt out slip to be returned by a date early in August. She hadn't seen this letter (buried under hundreds of other uni related mail). We have phoned to ask that this remain as a current account (for wages, birthday money etc.) and were advised to go into the branch (really??). At the branch we were informed it was still a current account but a note would be added to stop it being changed. Lo and behold it has been automatically changed. She cannot have (& does not want) two student accounts.She has phoned & emailed Lloyds and visited another branch close to where she works and has been fobbed off each time. I cannot believe that this is so difficult. Why would she have to keep going to the branch for something that should be easily sorted out over the phone? This is not a very encouraging start for her foray into the financial world and she's now already weary of contacting any bank. My knee jerk reaction is to go with her to close the account as we, frankly, can't be bothered with the hassle.

So don't bother? You're getting worked up by very little.

My HSBC one automatically went into a student account, and as did my Lloyds. So I had 2. Yes they do say in the T&Cs this must be your one and only but the only time they will close the account is if you abuse it. If your daughter is planning on using it as it is currently, she won't have any problems.

She won't get arrested for it!

And you say your daughter doesn't want it, why does it matter? If she isn't going to get the overdraft, just leave it as it is as a student account. She doesn't get forced to use the overdraft or "student extras" she can just ignore them, just as I did.

I currently have a coop student account and in second year have the £1700 OD which i applied for in the summer and was accepted for.

My question is though.

I recently went over my agreed overdraft by £20. Will this have a negative effect on my credit rating?

atypical wrote: »

Compared to if you hadn't, yes. Might be considered minor enough though to not have any material impact.

Thanks! thats what I was hoping!