Co-op cashminder account, When??

dubiousone

Hi Guys and Gals.

I'm just wondering when me and OH should attempt to open a co-op account. Is it okay to open up 2 months before BR if you explain to them that it's for BR purposes? I'm thinking it will give me plenty of time to organise salaries and S/O etc before going BR. Will the OR freeze this one as well if it was opened 2 months before going BR? I'm concerned about timings as I'm not too sure how long it will take payroll to change my bank account details for BACS payment and I don't want wages to be paid into my present account and then have no access to cash as I've not missed a rent payment yet and don't intend to.

Any advice appreciated.

fiveyearplan

I'd open it up as soon as you can as they are likely to get busy and could take longer than usual. I opened mine in November and went BR the following April and had no problems whatsoever.

haleygrey

I opened mine a few weeks ago and have already notified work and change all my d/d's, so am hoping there wont be any problems when i go to court

dubiousone

Hi FYP. Did you inform bank in November that you were going BR in April? I can't understand how OR allows an account 5/6 month open to not be froze. Is it because it was the most basic account opened for BR purposes? What's annoying me is not knowing whether I will be able to keep my Natwest account after BR. There not a creditor, no overdrafts but do have maestro debit card and cheque book with the account. Apart from that it is their most basic account I think. It seems silly to change accounts when I'm not a liability to the Natwest or will I be seen as a liability when I've gone BR?

When you think about it the CO-OP have got their heads screwed on. There's probably going to be 150,000+ bankrupts this year. If the Co-op is one of two available banks, that's a lot of customers and money being paid in and invested. So really all those other banks that close people down are losing out.

peachyprice

As long as it's the basic co-op account and you keep it 'clean', i.e keep it on order with your just your salary going in and normal household bills going out you will be able to keep it.

It isn't the OR who freezes accounts, it's the banks, co-op don't freeze cahsminder accounts just because you go BR, no matter how long you have had it.

I wouldn't rely on Natwest, they can be very fickle, as can Barclays. At least if you switch to co-op you know you will be safe.

dubiousone

Thanks for that info. I will look into it in next several days. If you don't have a branch anywhere near you and you open it up over the phone, do you send ID in the post?

shirleymarye

dubiousone wrote: »

Thanks for that info. I will look into it in next several days. If you don't have a branch anywhere near you and you open it up over the phone, do you send ID in the post?

I phoned just before Xmas and it was done over the phone, they asked me why I wanted the a/c and I said BR and they asked how long at my address and previous bank details to transfer DDs. I got the the letter and card + pin number after Xmas.
I wasn't asked for anything in the post,no branches near me either.

dubiousone

Oh right, sounds okay. Thanks shirlymarye.

Regards,

Dubiousone.

dalip

Hi I dont have a co-op near me so i do all my banking on line. You can use the post office with this account. When you get all your bumf through you have to ring them to activate the on-line access.Dx