Is the Co-op genuinely BR-friendly??

[Deleted User]

alastairq wrote: »

......my issues lie with the banking system as a whole........Co-op are no different than any other with regards to their conditions of use.

But let me make this clear...I do support Co-op, both bank and insurance...even though they may not offer the best of the financial world's products, they are..and have been, consistent in their customer approach...and their ethos as a bank and insurer..

I'm interested in this and understand where you're coming from -
my friend has had a comparable incidence which has resulted in a DD for rent not being paid (due on 31st sunday) because it was not processed until AFTER those due to be paid the following day (on 1st monday) so the big important DD got refused while the later ones were paid.
From what I know about banks a lot of these idiosyncrasies are likely the legacy of their early computer systems that are probably still lurking within their 'modern' systems and not yet been replaced - so these weird incidents will crop up occasionally.

Sadly all you can do is try to change the dd forward a couple of days or set something up like the 'tart-alert' or calendar as a reminder so as not to get tripped up again.

lbm

alastairq

ok..an update on the Co-op bank saga.....

The DD concerned [which failed one month ago..] has been re-presented for the same due date this month..[ie, 28th]....this I knew would happen, having had a letter to that effect from the company concerned]....

Also, another DD always due on the 28th.......

Plenty of funds in account on Friday....so not anticipating any issues this time around.


However.....


went onto online banking last night, at 11 pm.....just out of curiosity, to check something else.

To my surprise..not only was my pay cheque for this month showing.........but the two DD' above..due today, were showing as debited...last night!

ie, debited the day before........

Now, I don' believe for one second the Co-op works either on a Sunday...or in the middle of the night....................


Do you lot think, if I sent the Co-op a jar of Horlicks, their nocturnal working practices might get back to a semblance of normality?


The Co-op are free to reply to the above.....

alastairq

also.. their online site has taken a turn for the worse......

whereas, up until this morning, when entering my security details, I could 'enter' by pressing a return key....NOW we have to actually use the ok button on the screen...otherwise the new page will not load!

Doucam

I've seen that before Alistair, I went online one night quite late about 10.30 and was surprised to see dh's wages in and dd's out for the day after.

I did read somewhere that you are supposed to make sure that you have the money for a dd to be taken at 9pm the night before or something odd like that.

dojoman

alastairq wrote: »

also.. their online site has taken a turn for the worse......

whereas, up until this morning, when entering my security details, I could 'enter' by pressing a return key....NOW we have to actually use the ok button on the screen...otherwise the new page will not load!

I have just logged on using the return key with no problems at all.

WLITC

Wow just catching up on this thread. Do feel a few people are being unnecessarily critical of Alastair. He makes a good point about the system needing updating and also the intial comment about we all should be greatful (like some charity case) that they allow us a bank account.

It does often seem that the rules are always in favour of the bank. I know they are businesses, but its frustrating that one rule applies to them, i.e their debits on a sunday counts, but your credit doesnt) I also hate how they alsways apply debits before credits too, so for example on pay day I also have a DD going out and even tho I was paid that day, because they choose to apply debits before credits on screen it appears to show that until the credit was applied I was overdrawn. Its all smoke and mirrors.

Alastair, as for DD's showing up on Sunday, I've had that before (with my old bank account), but when I asked they said they weren't taken until the Monday.

BTW, with regards the 3 strikes rule. I almost went overdrawn twice, once because they took a DD due on the 28th (which that month was a sat or sun) on a Friday and another time because I forgot about a paypal transaction (could have kicked myself for that one). Luckily I caught both on the day, knowing about the 3 strikes rule, I called them as was told that as long as the account was in credit by close of business that day it was fine and doesn't class as a strike.

alastairq

BTW, with regards the 3 strikes rule. I almost went overdrawn twice, once because they took a DD due on the 28th (which that month was a sat or sun) on a Friday and another time because I forgot about a paypal transaction (could have kicked myself for that one). Luckily I caught both on the day, knowing about the 3 strikes rule, I called them as was told that as long as the account was in credit by close of business that day it was fine and doesn't class as a strike.

This is an old banking practice...however, it is interesting to note [.............or...maybe not, now I think about it].........that Lloyds bank [I think??} is advertising strongly that ''their accounts will allow you to rectify an overdrawn amount, by the end of that working day, without penalty.''

How cool is that, folks?

[never mind, that I thought all banks worked that way anyway.....bit like Citroen advertising ''look, we have working windscreen wipers!!!!!'']

Tammera

I went BR almost 7 years ago, opened an account with nationwide and they was messing up my DD's, taking money when they shouldnt have and charging me left right and centre for their mistakes. Although they always reimbursed me with the charges because it was their fault, after about 6 months of this and about the 4th mess up, i couldnt go on with the stress especially with still being traumatised from going BR, i went in said refund my latest charge and give me the contents of my account and close it im going elsewhere, they said ok, good luck with that, and laughed at me. I knew cooperative was my best bet in getting another account so went there and i havent looked back since.

I have been with cooperative over 6 years and have had no problems what so ever. To this day i check almost on a daily basis, i have my bills coming out on 2 days every month, if i go below a certain amount at any time of the month, the cooperative provides a list of all DD associated with the account online, when it was last paid and how much, i look at every single one and calculate if i may fall short and if so i plan accordingly at least 6 days prior to the payments coming out and also take into account if the money is taken early, either by asking one of the companies to stop a DD or getting extra money to put into my account. 7 years ago was the worst time of my life for a number of years due to money problems, i will never ever let that happen again, even if i have to calculate my account balance daily for the rest of my life.

I also am very grateful to the cooperative and will always be.

People are critical because this thread was directed at the cooperative (see title) and yes 7 years ago we was a charity case as noone else would touch us and therefore yes we were very grateful.

alastairq

People are critical because this thread was directed at the cooperative (see title

A question was posed.

Perhaps the term ''BR-friendly' is not appropriate?

Perhaps we should refer to Co-op and Barclays as ''BR-tolerant?''

[after all, if the Co-op Bank is a creditor in a BR, the they are known to be very intolerant. ]

The question in the back of my mind is, why do these two banks tolerate BR customers?

Yet others don't.

What do they have to gain by attracting BR customers?

Do they see us as a market to be tapped?

One thing I am sure of...and that is, neither bank tolerate BRs out of a sense of moral or spiritual duty.

It is unlikely a bank will generate much income from BR customers...since they tend to be less likely to incur penalties

Maybe BR's are actually more stable, reliable customers?


One thing I do believe...and that is, if and when the government compel banks to separate their High Street sector from the investment side, and compel the banks to provide a standard High Street banking service....then we might well see BR's gaining more choice?

plumber2009

I aggree that what co-op are doing is wrong.

Many years ago I suffered a similar fate. This was with NATWEST. They would bounce payments left right and centre saying that it was because i had insufficent funds. I said that I had money in the bank when payment was due and their response was that all payments are taken the day before due date and that all debits are processed before credits.

I only held the account for a month and told NATWEST to stick their account as i was transfering my banking activity back to HSBC which was formally midland bank. Not once did i ever have a problem with DD ever since and should you go overdrawn you have upto 3.30pm the same day to put it right.

As i have recently been discharged from BR, I have a co-op account (backup account) as well as a LTSB full current account. (LTSB let me keep the account open when i went bankrupt)
I have no way of knowing wether LTSB do debits first or credits first, but I do know that it does depend on which of the big banks that you bank with.

These are some banks that i have dealt with and know the order of payment processing.
Banks that do credits first
HSBC/First Direct
Barclays

Banks that do debits first
Natwest
RBS
CO-OP
Alliance Leicester now Santander

Not sure
Lloyds

The best bank i have ever dealt with is HSBC/First Direct.