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

Frogletina

I was approved over the phone but was told subject to taking in documentation to my local branch

As I didn't get anything in the post I went in today with my passport and a utility bill and these were photocopied. I have now been told that the account will activate overnight and that if I go in tomorrow then I can set up my security details and then it will be all go

Very pleasant and efficient customer service

pqrdef

notts_phil wrote: »

The co_op told me that the clock didn't start until the switch had actually been completed. Have other people been told this?

As I understand it, when they've done switching SOs and DDs, they write and tell you it's OK to switch your wages, by sending your employer a form which they supply.

Of course your employer will have a deadline about 2 weeks before payday, and the form will arrive one day too late, so it'll be over six weeks before any wages arrive at the Co-op. In the meantime, well that's what the free overdraft is for.

But I'm pretty sure they don't expect proper customers to shunt a random £800 in and out of their accounts for the hell of it, just because that's the sort of thing gamers do all the time anyway.

td_007

notts_phil wrote: »

The co_op told me that the clock didn't start until the switch had actually been completed. Have other people been told this?

Received the confirmation letter stating that they have started the switch letter. More importantly, the letter also states...

"Once we have confirmed in writing the date your account switch is complete you must pay at least £800 into your account every month for the three following months. If you do this, in the fourth month we will be happy to credit your current account with £200"

This means:
- the clock to start paying in £800 does not start till the switch has taken place
-it is not clear if it is calendar month or account opening month
-we could get the £200 incentive in 4 month rather than upto 7 months (which was the way the initial T&C could be interpreted)

Overall looking good :T

Wilma33

Last night I sent a £1 from my Sandander current account to my new Co-op account and it's not arrived yet. Does the Co-op not accept faster payments?

Gromitt

co-op are enrolled in the faster payments scheme. Maybe its Santander which sent your payment via BACS so they could get a bit more interest from it before its transferred.

zermattbusby

Wilma33 wrote: »

Last night I sent a £1 from my Sandander current account to my new Co-op account and it's not arrived yet. Does the Co-op not accept faster payments?

yes I made a trs from the RBS which showed up within 10mins

its Santander that's slow, and one of the reasons why I'm moving

Doc_N

Wilma33 wrote: »

Last night I sent a £1 from my Sandander current account to my new Co-op account and it's not arrived yet. Does the Co-op not accept faster payments?

All Santander payments made for the first time go via BACS - they claim this is for security reasons. Subsequent payments may go Faster Payments, but the limit's likely to be £300 in any period of 24 hours.

Pay £300 at 2pm, for example, and a payment the next day at 1pm will go BACS.

Truly an awful bank, and my guess is that the Co-op Bank is hoping to steal a lot of their (mainly pretty unhappy) customers. They'll find an enormous improvement.

chanz4

anyone got their cards yet?

Siouxsie32

Can anyone tell me what the envelope looks like? I'll not be home for the next week so I'm going to get my flatmate to open it for me - would help if we knew what we were looking out for!

Gromitt

According to UK Payments, Santander also has a £1,000 limit on its faster payments service, compared to the £20,000 limit co-op has.

susie-sue wrote: »

Can anyone tell me what the envelope looks like? I'll not be home for the next week so I'm going to get my flatmate to open it for me - would help if we knew what we were looking out for!

White envelope with "The co-operative bank" written on it and "Welcome". You really can't miss it!