Co-op account query?

southgrange

They are sound and to be honest i dont miss a cheque book and not having an overdraft!

mrcurious wrote: »

I have found coop ok so far but only 2 weeks though.

money_fool

Hi. I found exactly the same situation with the co-op. I called them and the problem is that they with-duct all debits before adding in the credits for a particular day. So, on their paper statements it can show as an overdrawn account. They seemed OK when I asked about this and accepted it was just the way their systems worked - it has not caused me any issues. But I have to be honest and say that that I try and leave at least a day for the credit to be in the account prior to paying all the bills! – Just to be on the save side.
The main thing to remember is that you cannot withdraw money without the account being in credit. I have had this situation several times and the Co-Op has not had an issue. As others have said: the Co-Op is a very good bank account – but not exactly the fastest at updating transactions

alastairq

Co-op will never lead the financial world from the front.....never have, either...which is why I find them such a nice concern to deal with.

Maybe their old-world systems are what appeals...?

Something 'homely' and 'human' about the Co-op?

mazza2003

I would definitely do more banking with the coop.Its the most stressfree bank I have ever dealt with, and they are very happy to talk when you are discharged.

haremscarem

Essantially these days I only use my coop for savings. Never had a problem, but it was a bit slow for my liking. Some things took up to 8 days to clear through the account... hence I stopped using it for day to day.

andyf1980

BRSurvivor wrote: »

I would guess it's because co-op aren't a clearing bank, and that most of the bigger places where you would use your debit cards use clearing banks for their accounts - but that it just a guess.

I use Microsoft Money (2005), to keep track of things and it works a treat. You put in your recurring transactions, direct debits, wages, benefits etc. We schedule weekly amounts for groceries etc, and put them as recurring transactions (just like budgeting). We have the yearly home insurance renewal in there, the car tax, etc. There is also a budgeting function too (which I don't use). I enter the transactions as they take place (input receipts basically), then mark them as cleared when they appear on the co-op screen.

I've currently got transactions entered until the end of May, so I can see what the account balance should be if we stick to budget.

It's pretty good. And a shame microsoft stopped developing it. You can still buy it at Amazon, but there are other similar products available from other companies.

That's a fair assumption. Any non clearing bank will take longer to clear cheques BUT it should make no difference whatsoever to other transactions.

I used to like MS Money but it's not compatible with Windows 7.

philnicandamy

andyf1980 wrote: »

I used to like MS Money but it's not compatible with Windows 7.

depends which version of w7

andyf1980

philnicandamy wrote: »

depends which version of w7

Home Premium. I think it's 64 bit.

BRSurvivor

You can download the 'sunset' versions of Money from Microsoft's website, they are totally free and work on Windows XP SP3, thru Windows 7.

You are unable to open previous Money UK files though, so you'd have to start over. I'm using Money 2005 which is working fine on my Windows 7 32bit installation, but I have just tonight created a patched CD as Money 2005 requires an update to work on Vista/Windows 7 - if you google, you can find instructions.

I've also downloaded the sunset version, and just may set about manually converting to it - although I don't think it does much that 2004/5 doesn't do.