Is the Co-op genuinely BR-friendly??

alastairq

Is the Co-op bank genuinely BR-friendly?

This is a quest ion I ask myself now, having just made a slight !!!!-up with a quarterly DD.....and the peculiar terms& condition's which require funds to be cleared...the previous working day.....so paying in on a Saturday or Sunday online...which shows up on my account...and the bank's...can still mean a DD ain't paid on hte Monday.....how sad is that?

So, I rang to query [and get the charge removed].....and during the conversation, was informed that 'due to my credit history' it would be unlikely I'd get any sort of bank account elsewhere....., I'd better be a good boy and be very careful.......

which gave me the impression, ex-BR's are merely 'tolerated' and their business isn't really wanted?

Regarding the co-op 3 strikes rule?

This is applied [I asked] per account....for the lifetime of that account.

It does suggest to me, a way around it would be, to voluntarily close..or cease to use, an account, and open a new one?

This theoretically will present a clean sheet...will it not?

The reason I'd suggest that, is.....Co-op seem to have a 'policy' of automatically waiving penalty charges on the 'first offence'...but not so automatically on the subsequent 'offences'....so a 'new' account might offer a way around that?

[Co-op do not seem adverse to opening any number of 'new' accounts?]

BR-friendly?

I'd say, don't kid yourselves......

thefishdude

it may just be me but personally after br you ment to be getting things together and keeping a very close eye on finances soo really you shouldnt make any mistakes i intend not to. allthough i did go bank rupt untill the final year i recieved 1 penalty payment over the previous 14 years of my banking. soo im not bothered by the 3 strike rule as i wont make a mistake. plus i allways assume with any bank that things clear on a working day basis. there for if you pay in on a sat or sun wich are not working days its like you are paying in on monday so it wont clear till tuesday.

and besides the fact they even give a br an account is good not many others will

dojoman

At least they will "tolerate" us with an account and with on line banking as well.

Classylady2010_2

As long as you keep a tight rein on your finances, and they do give us "3 strikes" before closing your account then Ive found the coop very Bankrupt friendly. Without the Coop lots of us would have found it extremely difficult to get a bank account due to our bad credit history. So must disagree with you on this one. They are the only bank that lets you have internet banking whilst being undischarged bankrupt and this enables me to keep a close watch on every transaction.
classy

Tupperware_Queen

thefishdude wrote: »

it may just be me but personally after br you ment to be getting things together and keeping a very close eye on finances soo really you shouldnt make any mistakes i intend not to. allthough i did go bank rupt untill the final year i recieved 1 penalty payment over the previous 14 years of my banking. soo im not bothered by the 3 strike rule as i wont make a mistake. plus i allways assume with any bank that things clear on a working day basis. there for if you pay in on a sat or sun wich are not working days its like you are paying in on monday so it wont clear till tuesday.

and besides the fact they even give a br an account is good not many others will

it must be lovely to be perfect, but in real life sometimes, with the best will in the world, things happen to upset the apple cart.

I am so paranoid I check my banking online at least twice daily - so I hope not to run into any problems.

andyf1980

I tend to look at my account and direct debits daily particularly as I get paid weekly and not on a set day of the week. I do find it a nuisance that you can't get an available balance online - how basic is that?

I agree though, with the best will in the world mistakes can happen. People at co-op should be empowered to use their discretion on a case by case basis. If account is in good standing except for a one off mistake they should overlook it IMHO

alastairq

So do I.....however, what I am arguing against is a two-tier banking policy regarding ''payments in'', Direct debits, etc.

In my case..the argument is thus:

If a customer pays cash into their account on a Saturday, [in Co-op's case, can be via the Post Office] it is credited...electronically, to that account instantly!

In other words, it show up on the customer's personal computer screen instantly...and will also show up on the bank's screen.

So the money is in the account....acknowledged by both party's...customer and bank.

And this money can be used, ie withdrawn or spent, as needed.

Except of course, via a direct debit which may be 'due' on the following Monday.!!!

Even if money is transferred by a customer, online, over a weekend,from one account to another, it shows up with both parties..the bank and the customer.

Yet a DD due on the Monday will not be paid, despite the money showing its presence!!

UNLESS...AS IT HAPPENS, THAT MONEY PAID IN, WENT THROUGH THE BACS SYSTEM!!!!!

Now..if a DD is due on a certain day......it will be paid DESPITE the fact the account may not have sufficient funds the WORKING DAY BEFORE.....if, on the day of payment, there is a BACS transfer of monies into that account!

Now then..I have two accounts.

One is for DD's.

I transferred funds from the other account into this account on the Sunday night, online..ie electronically.

It shows as credited on my screen...it also showed up on the Cashier's screen the following morning....it was a transfer of funds from one account to another, both belonging to the same customer.

There is..or could be no doubt whatsoever the funds were present, in one account or the other!

otherwise the system would not permit the transfer!

In other words, it is as reliable as a BACS transfer!

As would be a 'cash payment' in!

Yet for DD there is this rather odd rule in the Conditions!

One rule for BACS payments, another for everything else.

As it happens...if my 'running' account..ie the other one, not for DD's..had absolutely zilch in it...[regardless of whether it had zilch on the 'working day' before a DD was due].....if a BACS payment was made into that account, on the same day the DD was due, the DD WOULD HAVE BEEN PAID!.


I get paid by BACS!

If I had quite simply had the DD on the same account as the BACS pay would be paid into.. the DD would have been paid, no questions asked...even if, prior to the BACS payment the account had been empty!

As for this 'working day' boswellox?

It really is that....boswellox...especially in this modern day and age ...of electronic banking, transfers, etc.

Why do I say this?

Because...although officially I receive my pay on the 'last day of the month'....in this case..officially on the Monday....it actually showed up on my account by 10pm on the previous day....a Sunday!

Showed up..and definitely usable....as I could if I wanted, immediately go to a cash machine and draw out on that money!

What have I learned?

Well not a sausage from thefishdude's approach.

But maybe I'll transfer that particular small DD [3 monthly one] to my running account...then I wont have to give a figg if there's nowt in it.. because my pay will go in by BACS on the same day the DD is due....

Or....do as the Co-op Customer advisor said...and simply, cancel the DD online the day before it's due..[if no funds available]....then simply get the Co-op to 're-activate ' the DD once funds are in the account!

Nope..this isn't about 'budgeting' at all.

This is about playing the game, twisting the rules....and sometimes falling foul of them....

Which is fundamentally what the rest of MSE is very much all about....playing the money game, twisting and using the rules, taking advantage of any apparent mistakes, & finding holes in the system.

andyf1980

I could be wrong but I think this is a systemic issue at co-op. When I opened my easy saver they asked me for photographic id. When I pointed out that they already knew who I was as I held a Cashminder with them I was told that Cashminder accounts are run on a different system.

Totally agree with your comments. The banks use cash held in current accounts and invest it in the money markets overnight so you can bet your bottom dollar that they know (within reason) how much is coming in and going out of your account.

Tupperware_Queen

I do see what you mean Alastair, I had no end of rows with Alliance and Leicester back in the pre BR days, as they would bounce DD's in a similar way to your situation. Then charge me for the privilege!!

I do have a chuckle to myself now, as they insisted on resetting up DD's that I cancelled pre BR, and now about £200 a month goes on the account in charges which I will not pay as BR!!! ( I have written to them at least 3 times to tell them to cancel the DD's again, which they do, then re set them up!!)

Classylady2010_2

I think thats why you are given 3 chances then your out
classy

andyf1980 wrote: »

I tend to look at my account and direct debits daily particularly as I get paid weekly and not on a set day of the week. I do find it a nuisance that you can't get an available balance online - how basic is that?

I agree though, with the best will in the world mistakes can happen. People at co-op should be empowered to use their discretion on a case by case basis. If account is in good standing except for a one off mistake they should overlook it IMHO

dojoman

As CL says you are given 3 chances, it is not as if they throw you out after one strike. I have been with them now for 16 months and had no problems at all.