co-op account help please.

gem4

Has anyone got a co-op privelege account? I'm in the process of helping a friend claim back charges on one but he doesn't know what they all are. The items listed on the statements are Interest, Service charge £25, subscription £7.50, daily excess charge £25, commission £30. These are being added monthly even though he cant use the account.

The privelege account has been 'suspended' by them as it is so much overdrawn and it is a joint account, either to sign, but other party has vanished after running up the huge overdraft.
A separate 'sole' account has been opened and they transfer by DD an amount from 'sole' to 'joint' to cover payment on a loan attached to the joint account.

They are still adding the charges every month. When telephoned about it they said that 'commission' is a type of charge but didnt explain what it was for.

If anyone can help out with an explanation on how the account works I'd be very grateful. Or point me in the right direction to find out. I cant see anything on their website relating to a 'privelege account'.

YorkshireBoy

gem4 wrote:

I cant see anything on their website relating to a 'privelege account'.

It's 3 clicks away from their homepage...

http://www.co-operativebank.co.uk/servlet/Satellite?c=Page&cid=1110355069674&pagename=CoopBank%2FPage%2FtplPageStandard

gem4

YorkshireBoy wrote:

It's 3 clicks away from their homepage...

http://www.co-operativebank.co.uk/servlet/Satellite?c=Page&cid=1110355069674&pagename=CoopBank%2FPage%2FtplPageStandard

Thanks for that, just discovered I cant spell either :rolleyes:
Just scoured their T&C, no mention of the 'commission' £30, although interesting point about the 'daily excess charge' of £15 up to 5 times a month.

It's clearly being charged because their charges are increasing the balance. ie. subscription = balance increase,
interest = balance increase,
service charge = balance increase.
All 3 together = 3 x £15 daily excess charge = another balance increase??

The monthly subscription is for it being a privilege but none of the privileges can be used cos its suspended.
The £25 per month is cos its overdrawn more than £100.
Its a nasty vicious circle of endless charges. :mad: