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  • FIRST POST
    ilesmark
    Co-op privilege premier bank account - problems
    • #1
    • 30th Nov 10, 1:41 PM
    Co-op privilege premier bank account - problems 30th Nov 10 at 1:41 PM
    Hi all

    As 'advertised' on MSE, I was impressed with this offer from Co-op - so much so I opened one.

    But the hassles I have been getting! Co-op told me they would handle the switching of all the regular payments going into and out of the account. As Alliance and Leicester had done a similar exercise a few years ago with no problems, I thought this would be OK.

    The first sign of trouble was when I got a letter from Co-op telling me the account was overdrawn. This transpired to be because they'd switched all the debits to the new account, but not my monthly salary. When I queried this, the response was "you were told in the small print you had to contact people paying money into your account - the account switching team can only deal with payments going out of the account". I opened that new account in a branch and I definitely wasn't told this, only that the account switching team would take care of all of it. In fairness to them, they gave me a temporary overdraft and waived the charges to give me time to get my salary payment switched over.

    Some of the utilities I dealt with sent me letters telling me they had changed the direct debit details OK. But so far I have had 5 letters from other utilities etc telling me they'd tried to collect their regular payments via direct debit but that the direct debit had bounced. Thus I have had to contact them and tell them the new details, and I have even been hit with a £25 failed D/D charge by one company.

    Am going to take this up with Co-op, but before I do I just wondered if anyone else had been having any problems with this new bank account offer.

    Mark
Page 1
    • premierfella
    • By premierfella 30th Nov 10, 2:27 PM
    • 852 Posts
    • 467 Thanks
    premierfella
    • #2
    • 30th Nov 10, 2:27 PM
    • #2
    • 30th Nov 10, 2:27 PM
    Not a defence or criticism of Co-Op Bank, but these are standard issues when using switching services. You should have been advised that the timing of the salary payment switch would be totally dependent on your employer as they control that change rather than the bank.

    Best advice for anyone allowing the bank to switch their direct debits and standing orders is to print a list (or photocopy the list if sent to you) of the DDs and SOs at the old bank, make a note of the regular payment dates and tick them off as they appear on you new bank account. A bit more admin, but at least you are then aware before the event of potential bouncing payments and can make the phone calls before they happen.
  • ilesmark
    • #3
    • 30th Nov 10, 3:00 PM
    • #3
    • 30th Nov 10, 3:00 PM
    Useful tip - thanks.

    I didn't mind my employers being in control of the timing of the salary switch. What I minded was the employers not being told of the salary switch!
    • scgf
    • By scgf 30th Nov 10, 4:42 PM
    • 306 Posts
    • 107 Thanks
    scgf
    • #4
    • 30th Nov 10, 4:42 PM
    • #4
    • 30th Nov 10, 4:42 PM
    Last month I switched from the Co-op (smile) to Metro Bank. As soon as a direct debit was paid from my old account, I rang the company concerned to set up a new DD with my Metro Bank details. All the companies bar one were happy to change the DD details there and then over the phone.

    A fair few phone calls since I have 27 direct debits, but worth it to be in control. Personally I wouldn't use any bank's switching service. I would much rather do it myself.
  • ilesmark
    • #5
    • 1st Dec 10, 1:58 PM
    • #5
    • 1st Dec 10, 1:58 PM
    Hi all

    I went to my local Co-op bank today re the above. For the sake of fairness, I must point out that they were very apologetic and nice about it, that they agreed to cover the £25 charge and also gave me a £15 credit to say sorry.

    Mark
    • blueberrypie
    • By blueberrypie 1st Dec 10, 3:16 PM
    • 2,357 Posts
    • 5,197 Thanks
    blueberrypie
    • #6
    • 1st Dec 10, 3:16 PM
    • #6
    • 1st Dec 10, 3:16 PM
    Useful tip - thanks.

    I didn't mind my employers being in control of the timing of the salary switch. What I minded was the employers not being told of the salary switch!
    Originally posted by ilesmark
    Even if the bank did tell your employer about the switch, there would have to be some process by which you confirmed it. If there wasn't, someone else could arrange for your salary to be paid into their own account.
  • ilesmark
    • #7
    • 1st Dec 10, 3:27 PM
    • #7
    • 1st Dec 10, 3:27 PM
    Even if the bank did tell your employer about the switch, there would have to be some process by which you confirmed it. If there wasn't, someone else could arrange for your salary to be paid into their own account.
    Originally posted by blueberrypie
    Yep - I can see the logic in that. What was missing was me being told about it.
  • Baldur
    • #8
    • 1st Dec 10, 3:51 PM
    • #8
    • 1st Dec 10, 3:51 PM
    Yep - I can see the logic in that. What was missing was me being told about it.
    Originally posted by ilesmark
    In every transfer that I have made, either a form for completion & forwarding to one's employer has been sent to me by the new bank, among their paperwork, or they have included the need to inform one's employer of the change of bank in a 'welcome' letter.
  • ilesmark
    • #9
    • 1st Dec 10, 7:00 PM
    • #9
    • 1st Dec 10, 7:00 PM
    Definitely not mentioned in the welcome letter or face-to-face when I opened the account, although it is possible it was in the small print somewhere in the welcome pack....that's what they said when I phoned re the salary cheque not going in. Also definitely no form for completion & forwarding to one's employer.

    Anyway, this just underlines the need to be vigilant. One thing I did today which was useful was - at her invitation - sit down with the manager and go through all my direct debits on screen. Good spring-clean!

    Mark
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