from 28th june co-op visa reducing all default charges !!!!

notes

Just got a letter today which i think all co-op customers will get.

It says that with effect from 28th june 2006 instead of 25 quid for a default it will now be 11 quid . i.e late payment / cheque or direct debit failed / over limit etc

Is this the start of ALL banks now starting to reduce their fees ????? :beer:

By the way my balance has been nil with co-op for many months and never defaulted. This is just like a circular to all customers.

rog2

Whilst this reduction is highly commendable, the whole system of charging needs overhauling. If a charge is legal, fine, but if a charge is not legal, then it does not make a difference if it is £5.00 or £50.00.
Thanks, though - I am considering swapping to the Co-op.

MoneyMagnet

I recommend the Co-op - have always had great service from them.

notes

yes ive decided to keep my co-op card as my spending card for future.
the others once pid off will be cut up.

Ali-OK

Yep, quite a few are dropping their fees to £15 or £12, so £11 is pretty good.

Mind you, I'd still recommend we avoid paying them altogether! I do everything on line with DDs and overpayments now - saves on paperwork, stamps and legwork to the post box!

M_Thomson

notes wrote:

Just got a letter today which i think all co-op customers will get.

It says that with effect from 28th june 2006 instead of 25 quid for a default it will now be 11 quid . i.e late payment / cheque or direct debit failed / over limit etc

Is this the start of ALL banks now starting to reduce their fees ????? :beer:

By the way my balance has been nil with co-op for many months and never defaulted. This is just like a circular to all customers.

The flip side of this is that all banks and credit card issuers are starting to increase APR's on credit cards, loans and overdrafts. We also now face the prospect of monthly fees on current accounts.