Coventry First - operating the account

Dagobert

ED wrote:

cheque received by Coventry Bdg Soc ... Saturday ... was effectively 'banked' on Monday

See [post=2751199]post #6[/post]. The Coventry starts paying interest on cheques from the day of receipt. That does not mean that the funds are immediately available though.

BASFORDLAD

The reason it was debited so quickly was because cheque details are sent electronically accross the APACS system.

ED

Nationwide debited on Day 2 (Tuesday) whereas debiting in my experience occurs on Day 3 with cheques sent to Coventry Bdg Soc from accounts with Abbey, A+L, Barclays, Norwich & Peterborough Bdg Soc, etc.

Guessing...perhaps Nationwide bank with HSBC (as does Coventry) so debiting is speeded up?

Or is it relevant that Coventry received on the Saturday, rather than on the Monday? BASFORDLAD, maybe you know?

Dagobert – the fact Coventry BS pays interest from the day cheques are deposited has made me a happy customer for almost 10 years.

Nationwide are less generous - and frankly deceitful (or unlawful?) with their debiting of the outward cheque. On the Tuesday morning, the online service showed :

11 April Credit/Debit being Processed £1000.00 -£998.64
11 April Credit By Cash £1001.00 £2.36

(The deposit was cash over-the-counter at 9.37am. Clearly the account should ideally have been funded before the cheque was written – delayed due to serious injury that weekend.)

Next day (the Wednesday), all was OK until 4pm when Nationwide had done 'creative accounting', mysteriously inserting a fresh entry between the first and second entries for 11 April :

11 April Personal Cheque £1000.00 -£998.64
11 April Correction £1000.00 £1.36
11 April Credit By Cash £1001.00 £1002.36

Nationwide 'bounced' the cheque, issued a £30 fee demand for "unpaid cheque", despite the branch receiving a fax on Day 3 querying the above, and although they eventually reversed the 'fine' they didn't explain or apologise for the above entries.

Coventry Bdg Soc were far more understanding, when notified, and didn't issue a fee demand. Furthermore, they responded to secure online messaging within a few hours, unlike Nationwide's astounding promise to respond within 5 days.

BASFORDLAD

nationwide dont bank with anyone they own thier own sort codes

Kazza242

ED wrote:

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.

ED, I don't use Coventry's FREEPOST address when sending them cheques to be deposited into my Coventry First account. FREEPOST is delivered by second-class post, therefore taking a minimum two days to reach its destination, so I've always affixed my own 1st class stamp when sending cheques to Coventry.

I recently used the following address and they deposited the cheques into my account the same day they had received them (via 1st class mail):

Coventry Building Society
Oakfield House
PO Box 600
Coventry CV3 9YR

BASFORDLAD

You can use any CBS address to send cheques to , either the one above, head office on the high street in coventry, or just your nearest branch

Hazzanet

BASFORDLAD wrote:

nationwide dont bank with anyone they own thier own sort codes

They clear their cheques through HSBC, and their foreign payments are also done through the HSBC (BIC: MIDL GB22)

Hazza

AndyR_3

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?

Abbey and Barclays

BASFORDLAD

also many others in fact.

Dagobert

Hazzanet wrote:

their foreign payments are also done through the HSBC (BIC: MIDL GB22)

I was told that you can't make foreign payments into the account. Is this true?