How to get Co-Op to send by Faster Payments?

firsttimestudent

Hi,

I recently applied for the Co-op Bank account.

I tried a test payment of £1 from my Co-Op account today - it was sent by FP.

Later on, I transferred £800 into it, and wanted to transfer it out again. But it just wouldn't let me go by Faster Payments, each time it comes up with "H" - meaning 3 working days, and I see that the payment isn't debited from my account.

a. What is the limit Co-Op has on outgoing FPs? I know APACS says it is £2500 - but clearly it didn't work this time!

b. I see there is an option for me to Stop payment - am I right that I can stop the £800 payment from going out (I presume tomorrow)?

Thanks!

c-m

My payments seem to go out via FP no problem, but i break them down into £250.

Co-op have increased their limit now though.

The best bank for FP as far as i'm aware of has always been Barclays. It just works.

YorkshireBoy

Were both payments being sent to the same account? And were they sent from the same account? If so, try a different account combination.

I don't have a Co-op account currently, but the above is based on my FP dealings with Halifax.

firsttimestudent

Thanks guys!

I've tried £250 again - the first 2 went, but then afterwards it won't send out by FP anymore, no matter if I use a smaller amount, or try a different bank which accepts FPs.

YorkshireBoy - yes I thought about that too, hence I tried Halifax after sending to Lloyds no longer works - still the same!

Fingers crossed, the few BACS payments which I cancelled are really cancelled for tomorrow - don't want to get a rude shock of sending out nearly £5000 that is not in my account! (new to this internet banking platform, hence the 'worry'!)

d123

Why not phone Coop customer services? It's a 24 hour UK call centre, pretty sure they will give more definitive answers to all your questions than anyone else.

saf87

Are you making the transfers as bill payments or using the money transfer option?

FP only works reliably when using money transfer. If the money isn't being debited as soon as u raise the transfer it's going as a bill payment.

oldagetraveller

The same has happened with my smile account and faster payments out. On more than one occasion, code "H". Well within the daily limit and definitely to a FP receiving bank. Two also arrived the next working day, can't remember the code for that. Also the money has debited my account immediately, so no going back.

"Why not phone Coop customer services? It's a 24 hour UK call centre, pretty sure they will give more definitive answers to all your questions than anyone else".
Probably not, I contacted their (smile, so same entity) CS and was just advised, as their website, "faster payments are not guaranteed"! More or less - tough.

DrSyn

Maybe the Co-op bank have a limit on the number of faster payments per day which can leave an account. Or a limiton the number which they will allow you to send to the same account.

I would be inclined to telephone and ask them to make clear why this is occuring. I have always found them to be most helpful. Try to find the faster payments sections telephone number and phone them.

If all else fails you can try writing to:-

(a) the Chief Executive at head office for and explaination.

(b) WATCHDOG or MONEY BOX at the BBC.They both tend to get answers.

firsttimestudent

Thanks so much!

Some of you suggested calling their call centre - they seem to be quite clueless, so decided that I shall contact this forum as there are so many people who are far more knowledgeable!

saf87 wrote: »

Are you making the transfers as bill payments or using the money transfer option?

FP only works reliably when using money transfer. If the money isn't being debited as soon as u raise the transfer it's going as a bill payment.

I used Bill Payments yesterday. Today I tried Funds Transfer and yes, all 3 payments to the same account (£250, £250 then £60) worked fine.

Didn't realise there is a difference. How much did you manage to transfer in one-go using FP with the Funds Transfer? Thanks! :T