Co-op Bank - My Experiances

Jaks

I have had a lot of support from members on this site since I decided to go bankrupt. I would like to give something back as there has been a lot of threads recently on bank accounts for bankrupts.

I currently bank with Nationwide (Cash card only account - opened last year when I went on a self managed dmp). I contacted Nationwide and asked them what would happen to my account when I go bankrupt - answer was that they would freeze my account and gave me a fax number to give to the OR to get permission to unfreeze the account. I decided not to risk things and try and open a Co-op Cashminder account.

Here is a sequence of events so far:-

Saturday 16th August - Phoned Co-op and asked about Cashminder account, told them I was going bankrupt, they said that this was the ideal account for me in this case. I answered a few questions, had to listen to their terms and conditions, was asked for my previous address as I have only lived at my current address for 14 months. I told them I wasn't on the electoral role yet - they said it was not a problem. They put my details through their computer and said that they were doing a credit check :eek: , but was told this was for ID purposes. I was then told that my application was been refered to the banks underwriters:eek: and they gave me a reference number and I was advised to call back in 3-4 working days.

Wednesday 20th August. Called Co-op and was told I had been accepted for a Cashminder account :j :j :j , I was told that I would be recieving a welcome pack through the post with the next 5 days.

Thursday 21st August. Recieved the welcome pack through the post with the account number and was told that the bank card should be with me within the next 7 days.

Friday 22nd August. Recieved my Visa Electron card through the post. I phoned Co-op to register for on-line banking. This seemed to go fine until I tried to log-in to on-line banking. I couldn't put my memorable name in, I got de-registered for on-line banking as I tried to put my info in 3 times. I phoned Co-op, they pinpointed the problem. My memorable name was spelt incorrectly on their system, they put this right straight away and I can now log-in to on-line banking. All I have to do now is wait for my pin number to come through.



I hope my experiences with Co-op helps some of you who are thinking of opening a Cashminder account.

skylight

Cool! Nice one!

k2nga

yeah they are really good and my application was the easiest thing i think i had ever done. I have heard though that they have been clamping down on people who owe them money on getting a cashminder post BR. I hope its just been a few unlucky people as Co-op have shown the lead for people like me

craigmc

I'm confused as to why I was declined.

I have catalogues and recent halifax easycash account

help?

AllNancy

I had the same experience as Jaks except there was no mention of freezing or unfreezing my account. I told the Coop I was going bankrupt, told the OR I had the account and how much was in it and that was it.

I was only a month in arrears with everything so maybe that's it and the Coop wasn't a creditor.

Nancy

RichOneday_2

The Co-op must be on a good thing here. All these bankrupts who have now got solid finances and will have a very positive image of them. I dare say most will stay with them for years.

It's very short-sighted and judgemental of other banks to ignore this market.

Well done Co-op. (But your convenience stores are expensive )

deedee_3

craigmc wrote: »

I'm confused as to why I was declined.

I have catalogues and recent halifax easycash account

help?

You can appeal their descicion, so try that. Also get hold of all your credit reports from the 3 credit reference agencies to see what is on them.

Merry_Gentry

craigmc wrote: »

I'm confused as to why I was declined.

I have catalogues and recent halifax easycash account

help?

You need to check your credit file - make sure there are no frauds on there (often by accident). Also as mentioned, Co-op are apparently no longer offering Cashminder accounts to people who have gone BR owing them money - a real shame, cos the account is extremely easy to run.

Did you query why you were declined?

Walter_J

I opened a Cashminder account after being discharged. I didn't realise I could have one while I was actually bankrupt!

I must say it is the best bank account I've ever had (and I've had a few!)

While other banks take 4-5 days to clear a cheque funds are available with the Co-op within 2 days of banking one.

I'm self-employed and have been using my Cashminder account as a business account for the last year without a hitch. I pay all my suppliers online and the systems are superb. My only gripe is that when you transfer money into another account it doesn't flag up on their statement who has sent it!

Not having a cheque book or overdraft facility is fantastic discipline. As a consequence I now always have a balance of several thousand pounds in there. I'm sure that if they had given me a cheque book I'd be totally skint!

dalip

Walter i have a co-op cashminder account and have transferred money from OH abbey basic to my co-op and it shows on both who sent it. Are you saying if you transfer money FROM your co-op it does not show on the op account. As i will need to look into this as i transfer my daughters rent to her LL from my co-op:eek: .D