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Co-operative bank student account 2012/2013: We want your feedback
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# 1
Former MSE Alana
Old 07-08-2012, 5:45 PM
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Default Co-operative bank student account 2012/2013: We want your feedback

Hi all,

In our newly published Student Accounts 2012/13 guide, the Co-operative Student Account is one of our new top picks.

It offers a guaranteed 0% overdrafts of 1,400 in year one (as long as you're accepted). Then 1,700 in year two and 2,000 in year three.

We're after feedback from people who have applied this year and want to know your experience and if you had any trouble getting the overdraft.

Thanks for all help in advance
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# 2
zkellerman
Old 09-08-2012, 6:38 AM
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Had absolutely no trouble applying for the Co-op student account. Applied online, got accepted no hassle - I'm a mental health nursing student starting 2012 and live alone and I'm not swimming in any kind of money (unless you count the pennies in my wallet that I can't get rid of!).

They required a little evidence but this was easy going and again no trouble (I can't remember what evidence they required but it's on their website). Turnaround times from application to getting the account up and running were quick (about 2 weeks if I remember right but it took another week for cheque book, PIN number and the debit card to arrive after depositing the 300 into my account, though I could access my account online before these arrived). When depositing the 300 required to activate the overdraft / get the debit card, I was asked to set up a PIN number for my card and set up the security question answers (which included a memorable date and school, though I imagine these are randomly assigned).

Received one of those wireless card-reading machines that look like calculators they use at the banks (the ones you put your card in) to help / access online banking more securely, which I thought was a nice touch - though I haven't used it yet as I don't really want to fiddle around with it, but it does come with clear instructions.

Switching my direct debits from my old Barclays account to the Co-op was incredibly easy and was done online, the Co-op kept me informed of the process and this has taken 2/3 weeks for the direct debits to be transferred into my new account (in which they do it for you). You can receive a list of direct debits going into your new account from the Co-op but this makes the process take longer and I didn't feel the need to do this as I can just check it all myself online. Standing orders and regular money transfers have to be rearranged yourself though, I believe and you have to inform whomever pays you of your change of bank account details.


One word of warning though, in their terms and conditions it does state you have to ask them to increase your overdraft limits in year 2 and 3 when the need arises, it is not done automatically.

As far as I am aware, other than the HUGE guaranteed overdraft, the Co-op does not offer any other benefits and they do not have a graduate account (who knows though, this might change within 3 years as the Co-op are increasingly becoming a much, much more popular bank). Your 0% overdraft lasts a year after graduating so remember to pay it off before then! Their interest rates and charges are incredibly favourable though compared to the other banks offering student accounts.

All in all, really pleased with the Co-op - it was all relatively quick and completely hassle-free and I can use my overdraft before University has even started - which will really help in being used to purchase a motor for commuting to University and my uni placements.
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# 3
Klor
Old 10-08-2012, 6:28 PM
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I've tried applying for this as it is the best for my circumstances and to help me move in much easier!

However i was declined (If anyone has any big common reasons why this may be). But ringing them tomorrow so will give a feedback on customer experience/service
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# 4
Vashda Nerada
Old 13-08-2012, 5:31 PM
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I'm in my 2nd year at uni so I applied for this account as they're far more ethical than my current bank, but as was the case last year, I was refused an account.
No idea why tbh, my credit used to suck but its now pretty good. Don't think I'll bother applying again next year, I can see how this is going to go

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# 5
tjdjer
Old 14-08-2012, 12:25 PM
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Quote:
Originally Posted by Klor View Post
I've tried applying for this as it is the best for my circumstances and to help me move in much easier!

However i was declined (If anyone has any big common reasons why this may be). But ringing them tomorrow so will give a feedback on customer experience/service
When you say declined, did you apply and get declined OR did you apply and send in your evidence and the get decline :S
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# 6
studentsaver11
Old 21-08-2012, 4:55 PM
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The co-op bank and myself have not gotten off to a very good start, hence why I have changed my student bank account over to my current provider, Lloyds TSB, before the co-op one had even started. I applied online for a student account on Friday 10th August and by yesturday (10 days later) I had gotten fed up off hearing nothing from them so decided to go into my local Britannia Group bank. When asking the assistant about not having any info back from them she explained that that particular bank did not deal with students so I was then taken into a room and put on the phone to head office, without any assistance or help from her. She simply went back to do her business. When I was eventually through the man explained that they had been overloaded with requests and were behind. He then told me that I had been sent a letter through the post with my account details on which I have not yet received. This then worried me in case it had been sent to someone else's address. He then told me a reference number (I think it was) which I could use to deposit 300 into my bank account through the branch I was at so I could receive my overdraft and a direct debit card. I then explained that I would use my student finance when I get it but the man became stroppy and, shockingly, told me that the 300 could not be part of my student finance?! This put me off co-op all together. I then went over the road and made an account with Lloyds which was easy and great customer service. Once back home I had to cancel my co-op account through the phone which started further problems as the man dealing with student accounts on the phone first said he could not cancel accounts and within 2 minutes he said he would do this for me?! I am still quite worried I may have 2 student accounts which is illegal so am going to phone co-op back tomorrow to confirm they have done this.

My advice would be to not go with co-op.
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# 7
nmr1991
Old 22-08-2012, 2:21 AM
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Maybe it is just your branch, my nearest branch has been already really late, I sent my application form in 2 weeks ago, received approval of my application 3 days after in an email, then last Friday, received a letter in the post saying I need to send 1 proof document (including AS12 UCAS confirmation letter) which I took my Provisional Licence and Counterpart with me to my local branch otherwise had I posted my documents, they wouldn't get returned as is their policy. The bank adviser then said (in person) I had to wait 4 - 7 working days for my account to be open or receive more stuff asking for more documentation. I didn't give them my student finance letter, even though I had it to hand at the time.

They also said that I can use my maintenance loan to activate my 1400 overdraft for the first year once they receive confirmation that I am attending the university.
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# 8
j-josie
Old 23-08-2012, 5:10 AM
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Only took DS a few minutes to apply on line but everything went swimmingly and he has now received his cheque book/card/PIN etc. I transferred 300 in (which has to come straight back to me as he's not allowed to keep it, lol) so account now activated and everything seems good.

He did apply a few weeks ago though so maybe that was a good time as I expect they are swamped with applications post A Level results day.

he popped into the local branch to query something and they set him up with all his security stuff for telephone banking etc so it has all been very painless. Internet banking will be the next step
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# 9
fishybusiness
Old 23-08-2012, 12:57 PM
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Already have a COOP account, applied for student account, accepted and happy except....

The acceptance letter says

"As soon as your account is showing a balance of 300.........At that point we'll also send you your Debit card."

So, no debit card until my student finance money is paid in. I will then have to wait however many days it takes to receive a debit card and then PIN.

Thing is I need to get at my money straight away, not 14 or however many days it takes to get a debit card up and running.

I need it now, along with the card reader thingy so I can use my money when I get it.

So, I won't be paying my student finance money in to my student account...shame really.
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# 10
j-josie
Old 23-08-2012, 6:21 PM
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Fishybusiness: could some one help you out temporarily, like I helped my DS? I paid in300 so that the account could be activated and card/pin issued but DS gave me the money back again once he had his debit card.

Only took about a week from deposit to card issue so how he's all up and running before he gets to uni..
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# 11
fishybusiness
Old 23-08-2012, 8:49 PM
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That is a fair point.....

I can understand the bank not giving a penny of any student overdraft until student money is confirmed and paid in.

I can't understand a bank not issuing a debit card until the money is paid in. I've had plenty of accounts that issue cards as soon as an account is opened, including my very own Coop account.

That's my grumble
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# 12
ridetherhythm
Old 28-08-2012, 3:16 PM
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Default Student bank account setup experience

Applied for a student account online.
Got accepted and received UnWelcome Pack in the post..

UnWelcome pack informs you to telephone customer service to register for telephone banking.
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. You have to call a 08457 number, which is outside of most landline/mobile inclusive call allowance packages.

Expect to waste half a lifetime being ping-ponged between their Pillar and Post departments in trying to setup your account. (see Laurel & Hardy - furniture payment sketch at youtube)

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 online account application form to be cloaked in total secrecy until you state the memorable word you gave on your application form.

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

Instead expect the Spainish Inquistion over the phone and a journey across counties to reach one of their branches with passport/proof of address/signed avadavit in tow to prove your identity to them in person. They can't verify you from any of the information you gave them on your online 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 stating your memorable word. Remembering you memorable word on the forth attempt is no good either. You may as well just end life with lo-op here and now.

All this hassle and there isn't even half a penny in the account, nor will there be.

Best bet 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 don't want this student's business now or in the future.

I now have spend more time and effort cancelling/closing the stillborn lo-op account, before i can open a student bank account with a 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, is a day's mission at lo-op.

Last edited by ridetherhythm; 28-08-2012 at 4:09 PM. Reason: grammer and mis-spelling
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# 13
fishybusiness
Old 28-08-2012, 9:18 PM
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Don't know what the problem is really...

All banks have a security process to get your phone and online banking setup.

I for one am very happy they take the care they do.

Quote:
If you fail to give the correct memorable word to lo-op after three desperate attempts
Maybe you don't know the meaning of 'memorable'??

Quote:
I now have spend more time and effort cancelling/closing the stillborn lo-op account, before i can open a student bank account with a bank that wants my business and makes an attempt at decent customer service.
Actually that is incorrect, you can just move on, leave the old account, just be aware it will show up with the credit reference agencies.
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# 14
ridetherhythm
Old 29-08-2012, 3:26 PM
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Quote:
Originally Posted by fishybusiness View Post
Don't know what the problem is really...

All banks have a security process to get your phone and online banking setup.

I for one am very happy they take the care they do.

Maybe you don't know the meaning of 'memorable'??
Yes, as stated in my earlier post, i too want my bank to have good security. I also know the definition of memorable...

However, a helpful customer service representative would know what other personal questions to ask a caller, should they perhaps have forgotten the memorable word?

So what about remembering the memorable word half-way through the call and having another attempt at it? This time getting it right.
Their response: Still failed security and now the only option is to traipse across town to reach one of their branches so as to confirm your identity in person.

Funny how when calling the same contact number to cancel/close the account; the CS representative was able to verify my ID, both with the memorable word as well as additional checks....so why couldn't the ming-mong i spoke earlier when trying to setup internet banking do likewise? In fact, the account closure CS rep wondered why their colleague, the ming-mong, had been so rigid and unhelpful...

Overall, I may have been put thru to a clown initially (pass the parcel), while my second excruciating call (setup internet banking) must have been with their resident village idiot, but my last call (to close the account) was with the lone(?) professional at their CS centre. Shame about that order, since by that time, i had already decided to "ditch and switch"

I don 't want to flip a coin before calling/visiting them as to what kind to service i will receive. Their customer service needs to be more consistent, more understanding, and their systems between account application and setup more integrated and maybe more automated?

Now off to join HSBC

Last edited by ridetherhythm; 29-08-2012 at 3:32 PM. Reason: grammer
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# 15
unlocated
Old 30-08-2012, 3:14 PM
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Hi there!

thinking about opening an account with them but have a doubt about one of the points in their terms and conditions.

that's it:
Total charge for credit

An indication of the total charge for credit for this formal overdraft is 0.00. This figure is illustrative only and calculated upon the assumption that you draw down the entire overdraft only once at the start of the facility and repay it in one amount on the expiry date with no use of the account affecting the calculation.
The total amount payable by you for your overdraft will be any amount by which your account goes overdrawn together with applicable interest and charges. Other taxes and costs may exist which are not paid via, or applied by, us.

What that means? I have 0% interests and no fees only if I go overdraft for the agreed amount once only and I repay everything in one go?
I'm confused...

also does one have to have a student loan in order to take on this account?

Last edited by unlocated; 30-08-2012 at 3:17 PM. Reason: adding question
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# 16
Yaman
Old 03-09-2012, 10:00 AM
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Does anyone know how long it takes for them to send you an email or post about being accepted? I have received an email about it being processed, but that was the day I applied for it online (which was on the 25th)...So, any ideas?
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# 17
The MoneySavingKid
Old 03-09-2012, 2:06 PM
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Quote:
Originally Posted by Yaman View Post
Does anyone know how long it takes for them to send you an email or post about being accepted? I have received an email about it being processed, but that was the day I applied for it online (which was on the 25th)...So, any ideas?
The e-mail I received on the 23rd after applying insists that they will contact me within 5 working days. They have not. I am awaiting contact until end of the week, otherwise I will contact them to enquire about my application. I was really hoping this would be a simple process, where I could have the account up and running by now to be honest.
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# 18
ridetherhythm
Old 06-09-2012, 1:08 AM
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Update to my earlier post.....from 29/08/12

Am still waiting for a letter from co-op, confirming that my student account with them is closed. Thought i may need this in writing, should HSBC ask (after having conducted their own credit history checks)?

So phoned co-op yesterday, to chase up this "account closure" letter. Co-op stated they had sent it out on 29/08/12. I replied that i had not received that letter. I then politely asked if they could email a copy of this missing "account closure" letter to the account holder's email address on their files. Co-op response was that they do not send emails. :P

Am a first year student, hoping to open a student bank account (now) with HSBC, and hopefully sometime before graduation in three years time:P
That is, if co-op can get their act together.

May just go into HSBC, explain the ineptitude with co-op and why they appear on my credit history file, and hope HSBC will accept my business...

Last edited by ridetherhythm; 06-09-2012 at 1:16 AM. Reason: grammer
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# 19
fishybusiness
Old 06-09-2012, 7:45 AM
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I shouldn't think HSBC care where you have bank accounts, or even if you closed an account recently.

They may question you if your credit history shows a credit search and identity search recently, which it will regardless of the status of any new account.

I'd just go in and apply, you have nothing to lose, if they say come back with confirmation of account closed and we will open your HSBC account, it is sorted. If they say no, you can move on.
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# 20
amiehall
Old 01-10-2012, 9:13 AM
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Just a quick alert for anyone with this account from last year, your overdraft will probably be expiring soon and will be removed without notice unless you call to renew it.

If you're opening a new account, you need to write down the opening date in your diary next year as you will need to call just before then to renew your overdraft!
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