Co-operative bank student account 2010/2011: We want your feedback

Former_MSE_Alana

Hi folks,

In our newly published Student Accounts 2010/11 guide, the Co-operative Student Account is one of our new top picks.

It offers a guaranteed 0% overdrafts of £1,400 in year one (as long as you're accepted). Then £1,700 in year two and £2,000 in year three. We're after feedback from people who have applied this year and want to know your experience and if you had any trouble getting the overdraft.

Thanks for all help in advance

Alana

goffie78

ive just looked at the terms etc for the co op account and it looks like you get charged for using the debit card to withdraw cash from non co op cash machines, which are few and far between, anyone know how much you get charged, this is from other high street banks cash machines, not the privatly operated rip off machines.

Freddie_85

On the application it asks for my annual income, but I can't say for sure what part-time money I'll be earning until I start my studies in September.

If I simply declare my student loan amount (£2700) it will look minuscule and I am sure they'll refuse my application.

atypical

goffie78 wrote: »

ive just looked at the terms etc for the co op account and it looks like you get charged for using the debit card to withdraw cash from non co op cash machines, which are few and far between, anyone know how much you get charged, this is from other high street banks cash machines, not the privatly operated rip off machines.

It's not if you don't use a Co-Op ATM, it's if you use an ATM which isn't part of the LINK network. Nearly every ATM is part of the LINK network.

For others, the relevant part of the T&Cs is:

3.2 You may withdraw cash from your account by using your card at
a cash machine or at any of our branches. If you use your card to
withdraw cash from some cash machines you may be charged a cash
withdrawal fee as follows:
- a fee for any cash withdrawn from a UK cash machine displaying the VISA or PLUS sign (i.e. a machine which does not display the LINK symbol) as set out in our account charges leaflet

han182

from what i have read you can go on to get 1700 in year two provided you make reasonable use of the account. what does this mean? obviously i assume they want you to deposit money on multiple occasions but the t&cs do not give a number or ammount.
anyone had this account for more than 1 year?:undecided:huh:

gared007

Well I've just set my account up over the phone (too much hassle online).

Very friendly woman I was speaking to on the phone setup the account with me. Don't worry about how much you earn!

I earn £0 at the moment as I'm waiting for Uni in September and lost my part time job a few weeks back. Plus don't worry if you don't know your exact term time address (i.e. your flat number) all the information they want to know about you is the PRESENT information as in literally right now.

I said that I would need to give my award notice (I'm from Scotland so that's my tuition fees sponsor SAAS) later on as my Dad is retiring now which complicates things.

Anyway that was all fine and she ran me through the 'checks' so I don't even have to bring a passport to my local branch (about 40 miles away in Glasgow but luckily I'm studying there term time). All I need to do now is wait for them to do more checks and my account should be open in roughly a week. When it is I'll deposit £300 of my parents money (since I'm skint) and leave it in there for a few days to ensure I get the overdraft. After that we'll withdraw the whole £300 back to my parents account and leave £0 in for when I can put in my student loans/bursaries. I've been told my account won't close because I have 0 in it.

Overall so far excellent customer servie and would reccommend setting up by phone rather than online.

pete1014

gared007 wrote: »

Well I've just set my account up over the phone (too much hassle online).

Very friendly woman I was speaking to on the phone setup the account with me. Don't worry about how much you earn!

I earn £0 at the moment as I'm waiting for Uni in September and lost my part time job a few weeks back. Plus don't worry if you don't know your exact term time address (i.e. your flat number) all the information they want to know about you is the PRESENT information as in literally right now.

I said that I would need to give my award notice (I'm from Scotland so that's my tuition fees sponsor SAAS) later on as my Dad is retiring now which complicates things.

Anyway that was all fine and she ran me through the 'checks' so I don't even have to bring a passport to my local branch (about 40 miles away in Glasgow but luckily I'm studying there term time). All I need to do now is wait for them to do more checks and my account should be open in roughly a week. When it is I'll deposit £300 of my parents money (since I'm skint) and leave it in there for a few days to ensure I get the overdraft. After that we'll withdraw the whole £300 back to my parents account and leave £0 in for when I can put in my student loans/bursaries. I've been told my account won't close because I have 0 in it.

Overall so far excellent customer servie and would reccommend setting up by phone rather than online.

I did my application on the internet, although some of the questions were a bit searching (how long with your current bank etc) it was pretty painless. Received confirmed acceptance (subjected to "formalities?" within 10 minutes by email.

Freddie_85

I applied online and was not accepted. I don't know why.

Concho

So are you not issued a Visa debit card then if you're charged for using a Visa only cash machine? Similarly, are you protected as you are when using a Visa debit card against companies that go bust etc?

RichyRich

Concho wrote: »

So are you not issued a Visa debit card then if you're charged for using a Visa only cash machine? Similarly, are you protected as you are when using a Visa debit card against companies that go bust etc?

I can confirm that the Co-Op student account comes with a VISA Debit Card and all the protection attached to it.

atypical

Concho wrote: »

So are you not issued a Visa debit card then if you're charged for using a Visa only cash machine?

You are issued a Visa debit card as the post above said. The important bit is if the ATM is Visa only. You'll often find the machine is labelled as Visa and LINK. As I said above and as it says on the LINK website:
"Virtually every cash machine in the UK is connected to LINK...All the UK's significant debit and ATM card issuers are LINK members."

It's essentially a confusing way of Co-Op saying they'll charge you if you use your card to withdraw cash abroad (where LINK doesn't exist).