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Coventry First - operating the account
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Dagobert
Posts: 1,625 Forumite
Cheques
As account holders of the Coventry First account will know, this is a cheque-book-free account; however, cheques can be issued on demand. Coventry BS does not charge for this service.
The cheques are not in your name, nor do they show your account number; they are drawn on the Coventry's bank account.
Banks requiring a cheque deposit to set up a linked current account (such as ING or ICICI) will not accept Coventry cheques to do so.
Beware, your Coventry First account is debited on the day you request the cheque!
If the cheque is lost or stolen, you will have to phone the Coventry BS and report this to get your money back. If the cheque is simply not paid in, you will have to return it for your account to be credited again.
These cheques are guaranteed, much like a bankers draft.
BACS payments
The Coventry BS uses HSBC as their clearing bank. BACS transfers should therefore only take 2 days (unless the receiving bank holds on to the money for an extra day as some banks such as ICICI do).
The cut-off time for BACS payments is 20:00 hrs. Payments initiated later than that will be processed on the next working day.
As account holders of the Coventry First account will know, this is a cheque-book-free account; however, cheques can be issued on demand. Coventry BS does not charge for this service.
The cheques are not in your name, nor do they show your account number; they are drawn on the Coventry's bank account.
Banks requiring a cheque deposit to set up a linked current account (such as ING or ICICI) will not accept Coventry cheques to do so.
Beware, your Coventry First account is debited on the day you request the cheque!
If the cheque is lost or stolen, you will have to phone the Coventry BS and report this to get your money back. If the cheque is simply not paid in, you will have to return it for your account to be credited again.
These cheques are guaranteed, much like a bankers draft.
BACS payments
The Coventry BS uses HSBC as their clearing bank. BACS transfers should therefore only take 2 days (unless the receiving bank holds on to the money for an extra day as some banks such as ICICI do).
The cut-off time for BACS payments is 20:00 hrs. Payments initiated later than that will be processed on the next working day.
Dagobert
0
Comments
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Sorry - was there a question, or is this an advert?0
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I can now confirm that ING Direct do not accept The Coventry's counter cheques for the purposes of linking the Coventry First account.Dagobert0
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The Coventry First account only accepts Sterling payments. They do not provide international banking details (IBAN/BIC). Foreign currency pay-ins are not possible.Dagobert0
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Cheque Deposits
All deposits including cheques start to earn interest on the day they are credited (provided they maintain a credit balance).Dagobert0 -
Coventry Bdg Society recently replied to my question about sending cheques to them by post. The Coventry wrote to me :
"you can send cheque deposits for your account. Just post the cheques (with details* of the account to be credited) to the following Freepost address :
Freepost MID20571
PO Box 600
Coventry.
CV3 2WE"
* = by "details", The Coventry evidently means the destination account number should be written by us on the back of each cheque. Apparently, it's no-longer necessary to enclose a Coventry paying-in slip with your full name, address, and total of the cheques. Personally I prefer to include all this info, even if just jotted down on a plain scrap of paper enclosed with the cheque(s) I post to The Coventry.
Anyone here ever had any problem sending cheques to Coventry Bdg Society?
5.35% AER interest seems competitive and, so far, I can't fault the Coventry First account. However, I am disappointed the Society does not currently offer any bond for young or middle aged adults offering a higher rate.0 -
Transfers are instant between Coventry Bdg Society accounts even if belonging to different people. I knew the Coventry bank with HSBC, but until today didn't know their facility was so efficient.
Hence, one person with a Coventry First account was able to transfer a large sum of money to another person with a Coventry Building Society 'NetSave' account, without any days of nil interest-earning. Who needs expensive CHAPS transfers, when we have the Coventry!
Which other building societies or banks offer (free) instant transfers between accounts of different people with the same institution, other than Coventry BS, HSBC and Lloyds TSB?0 -
Bank of Scotland - between accounts of the same branch - business accounts included.ED wrote:Which other building societies or banks offer (free) instant transfers between accounts of different people with the same institution, other than Coventry BS, HSBC and Lloyds TSB?
Transfers between personal FirstDirect and HSBC accounts are instant, too.
But even though Coventry's clearing bank is HSBC, transfers between Coventry and HSBC accounts go through BACS and take 2 days.Dagobert0 -
yep because they are two seperate organisations. put simply hsbc give cov Bs a sort code to use.For everthing else there's mastercard.
For clampers there's Barclaycard.0 -
Curiously, Nationwide Bdg Soc cleared on a Tuesday a FlexAccount cheque received by Coventry Bdg Soc the previous Saturday. Hence it was effectively 'banked' on Monday, and the funds taken from the Nationwide account next banking day. Seems too speedy. Anyone care to comment?
Dagobert + BASFORDLAD - thanks for the input. Bank of Scotland could be useful for anyone running a local-based business.0
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