Co-Op bank - £200 if you switch to them

noh

pqrdef wrote: »

No reason your existing bank should cancel the DD at all. No reason anybody should ask them to. It can just be left to go stale.

But we are against the clock, because the switching application has to go in before the incentive is withdrawn. And for online applicants, there's also something about filling in the online switching form within 14 days of account opening.

Thats not how it works.
The bank you are switching to sends instructions to the originator of the DD who should then should set up the DD with the new bank. Instructions to cancel the existing DD are sent to the original bank.

http://www.bacs.co.uk/Bacs/Businesses/BacsAcademy/AccountSwitching/YourCustomers/Pages/YourCustomers.aspx
http://www.bacs.co.uk/Bacs/Banks/BacsServices/Accountswitching/Pages/TransferOfDirectDebitsAndStandingOrderService.aspx

ejv

horngkai wrote: »

I have the same situation. Just got off the phone with co-op, he says my application has been approved. Not sure why no emails been sent to me confirming that though

Me and spouse applied last evening and received "approved" email by this morning.
I have set up 2 SO on my redundant NATWEST account for the switch.(may have to transfer a couple DD after the account is active)
My spouse has 2 proper DD on the account, so that shouldn't cause any glitch.
We both have the HALIFAX £5 pm reward account since last month.Thinking of bouncing between the 4 accounts.

Siouxsie32

I didn't get an email either so I just called them and they confirmed it was approved and the paperwork should be sent out in the next 3 weeks after the formalities were completed.

chanz4

I got no email, but accepted and called them. And have done the switching over the phone. Set dds up for credit cards I don't use. Thanks vanquis

BellyJabies

Hello! Long-time lurker, first-time poster on these forums.

I'm applying for this account today and crossing my fingers. Just a couple of questions that I'm hoping someone can answer for me:

1. I don't want the hassle of the DD admin, so I only want my SOs transferred. Will I be given the choice of WHICH SOs/DDs I want to transfer?

2. Residential Status is asked for on the application form. Call me dim, but I'm not certain what I'm classed as! I live with my boyfriend, who has a mortgage on the flat. I pay him a set amount per month, which goes into his mortgage account, but my name is not on the mortgage. I presume this means I'm not owner occupier, but I also don't class myself as a tenant, since he's not my landlord. Or is he? Am I "other"? What should I call myself?!

Any help gratefully received.

Frogletina

I have just contacted the co-op and they did not have my details even though it has been 3 days since I sent the form online

The adviser took my details over the phone - it took 20 minutes and has been approved subject to me taking in passport and untility bill into a local branch to be photocopied and sent on to them

I have only 2 standing orders on the account which she said was ok. My income is less than £800 but she put note on to say that I was making monthly funds up by savings which she said was fine

noh

BellyJabies wrote: »

Hello! Long-time lurker, first-time poster on these forums.

I'm applying for this account today and crossing my fingers. Just a couple of questions that I'm hoping someone can answer for me:

1. I don't want the hassle of the DD admin, so I only want my SOs transferred. Will I be given the choice of WHICH SOs/DDs I want to transfer?

.

You have to transfer all your DDs and SOs to be eligible for the £200 incentive payment.

Dr_Cuckoo3

NHS Discounts offer ends at 5pm today ( the £200 offer may close at the same time ?)


"Switch to a Co-operative Bank Current Account Plus and receive £225 cashback - £200 from The Co-operative Bank plus £25 from NHS Discounts - All applications must be in by 5pm today (21/10/2011) to qualify for this cashback offer"

(source NHS Discounts email)

Hurri

pqrdef wrote: »

No reason your existing bank should cancel the DD at all. No reason anybody should ask them to. It can just be left to go stale.

But we are against the clock, because the switching application has to go in before the incentive is withdrawn. And for online applicants, there's also something about filling in the online switching form within 14 days of account opening.

Thanks - confirmed by the advisor on the telephone last night. She informed me that it'd be my loan company who would amend the DD details and my existing bank would have no reason to cancel it.

I applied for the switch last night and asked if I'd be eligible for the incentive. She informed me 'depends how many applications we went through today'. So when it came to the end and she said "please confirm you authorize me to contact your existing bank" I replied "subject to me being eligible for the incentive, yes". Then her reply "OK thanks, that's all been submitted for you."

pqrdef

noh wrote: »

Thats not how it works.
The bank you are switching to sends instructions to the originator of the DD who should then should set up the DD with the new bank. Instructions to cancel the existing DD are sent to the original bank.

We must hope that the banks don't operate the scheme as described on the BACS website, since it clearly wouldn't work.