CO-Operative bank A/C Balance Updates

just_about

Hi,
I have got a co-operative cash-minder account, so presumably I must have been issued with a visa Debit online card, (the one that requires authorization for every transaction).

However I made a couple of transactions for £10 today and for £5 yesterday using my card, but my online banking is still showing the available and account balance same as it was 2 days back. I know the transaction does take about a day or two to show in the account statement, however the the available balance is immediately blocked when one makes a transaction, especially with visa debit online cards.

So my question is that does the co-operative bank online balance updates real time or is there is a lag or could it be that I have been issued with a full offline visa debit card (My card starts with 4508), though that would be unlikely with a cash-minder account ?

Toe-Jam

There is a lag in the online banking, the transactions don't show up until it is posted to your account, 3-5 days normally. The only way to get a true balance is to use an ATM or speak to an advisor and ask, the phone banking doesn't give you the correct amount either.

And the 450875 debit card is a fully authorised card.

JacksterD

just_about wrote: »

Hi,
I have got a co-operative cash-minder account, so presumably I must have been issued with a visa Debit online card, (the one that requires authorization for every transaction).

However I made a couple of transactions for £10 today and for £5 yesterday using my card, but my online banking is still showing the available and account balance same as it was 2 days back. I know the transaction does take about a day or two to show in the account statement, however the the available balance is immediately blocked when one makes a transaction, especially with visa debit online cards.

So my question is that does the co-operative bank online balance updates real time or is there is a lag or could it be that I have been issued with a full offline visa debit card (My card starts with 4508), though that would be unlikely with a cash-minder account ?

The Co-Op's online banking is rather archaic and does not update in real time as almost every other bank's service does. This is the main reason I don't use my Co-Op account any more, but I keep it open as I emailed them and they said they had started work on a new system for Personal Banking customers to be rolled out within the next 18 months.

PresidentWensleydale

Found this thread on google, and had to come to vent my spleen. It's not just that the information they give you online is misleading, it's actually altogether more scammy. In fact they have a vested interested in keeping the old unfit-for-purpose system.

In the last two months, on three occasions, I've tried to use the coop's online banking to transfer money. Each time, I have checked the balance, and there have been plenty of funds there. I've done the transfer and everything seems tickety-boo.

A couple of days later, I check back, and the transfer's not gone through. This has been down to "uncleared items" - in other words transactions like direct debits or debit card payments that are taking 48 hours to amble through the creaking system. Unlike other banks where this takes place within minutes.

Then, several days later, I get letters through the post telling me I am to be charged for unpaid standing orders, £15 a pop. Not for the prior transactions, but for the online ones that I made after seeing misleading balance information on their site - and that their site allowed me to do! I ring up and get an unhelpful, unpleasant call centre operator who explains this is all my "responsibility" - apparently I should know that balance information on the screen is wrong, and I should go out to a cashpoint and check every time. Or alternatively, hold every transaction in my head.

I'm still battling to get my money back from this amateur bunch. Of course I understand the importance of keeping an account in good order. However, it's ridiculous that they knowingly display false information, and I'm penalised for taking it in good faith. This makes their online banking system worse than useless.

pmduk

This is definitely the worst part of banking with Coop. However, it is always the customer's responsibility to keep track of transactions in any bank account. To not allow for forthcoming automated payments is the surest way of attracting bank charges.

chuckley

a day or 2?! with co-op it can take up to 2 weeks. on the fone they told me to ignore what online says as its never up to date (if uve made card purchases).

thats why they dont charge u when they say ur 'technically' overdrawn, when ur not!

JacksterD

I emailed them again about when a new online banking system will be up and got this back

Hello Jack

Thanks for your email.

The process is still ongoing, all of our customers will be made aware of
the changes closer to the implementation date.

If you need any more technical help or information, reply to this message
or drop us another email at ibis@co-operativebank.co.uk or give us a call
on 0870 6000 328. We're here to answer your questions between 9.00am and
5.00pm Monday - Friday.

Thanks

Neil

JacksterD

A wee bit of progress on this if anyone's interested...

Just off the phone with the Co-Op Bank and they have a new text banking service which they've yet to advertise - and it gives your actual up to date available balance!! All you need to do to activate it is ring them up and ask about it. I've tried it out - got my available balance, bought something with my debit card, then texted to get my available balance again and it was indeed right up to date.

Also, did anyone recently get a message from the online banking saying they'd changed the URL slightly and that we should update our bookmarks? Maybe they're finally getting ready to update the online banking to something fit for the 21st century!

coolesticeking

And a reminder until the new system comes into play to ensure you do keep a good eye on your balance and not to get any payments or Direct Debits returned as they operate a three strike and you are out policy - You could find your account is going to be closed due to this!

Watch out!

padre

I've used Co-op for years and only just picked up on this.
How many charges have they duped me into over the years?

I've been checking my online balance every day as i'm waiting on a slow payment to come through in time to pay the bills.

Today I had a Direct Debit claimed 2/3 days earlier than usual.
According to the transactions listed its gone through and the balance at the top of the statement is still within my o/d.

Because I'd checked my balance yesterday I knew it wasn't adding up. Sure enough, the balance figure doesn't include the DD transaction.

Co-op claim the balance doesn't include the DD as it will be rejected due to insufficient funds, but it could still get paid if I pay the cash in today and ask them to try paying it again.

If I hadn't checked my account yesterday and manually calculated the transactions they list under the balance I wouldn't have known there was a problem. Until a few days pass and I'd get a letter through basically saying "that direct debit we said went through cos you were still within your overdraft? It hadn't. That will be £15."

Clearly the co-op are profiting out of these discrepancies.
How can it be legal, never mind ETHICAL for them to produce a statement that doesn't add up!?

First_Sea_Lord

So how can this account be any use then stopping you going overdrawn if clearly on day x you have £1000 in your bank and use your debit card to say buy petrol shopping etc. The initial check will verify you have a grand available however you could go daft with your card for a few days and be allowed to go way overdrawn, or say switch payments for a few hundred pounds then transfer via faster payments the grand you still have "available".

Not very bright at all. Yeah you'd get hammered with charges but its so open to abuse it's not real...