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

YorkshireBoy

Gromitt wrote: »

According to UK Payments, Santander also has a £1,000 limit on its faster payments service

According to Santander themselves, it's "£300 - £1000"...they'll decide what limit to apply at the time of the request...

http://www.santander.co.uk/csgs/Satellite?pagename=Abbeycom%2FGSPageDetail%2FWC_ACOM_PrintA&canal=CABBEYCOM&empr=Abbeycom&leng=en_GB&cid=1237886379761

Standing orders are £50K though!

Tubbss

Branches have been advised that this offer will be pulled by close of business on Monday 31st and all marketing is to be removed and replacement posters have already arrived in branches - in order to qualify for the £200 offer the application must be submitted AND switching application must be completed and by 5pm on 31st - if an application made on this day is declined, then the switch will obviously be cancelled.

Gromitt

Does anyone else think the co-op internet banking looks a bit pants?

Has anyone asked about a card reader ? The customer service representative told me I didn't need one, but the sort/ account/ passcode/ question everytime is crap. I'm used to one customer id and one 8-digit code from the card reader. That way I only have to remember my cards PIN rather than 7 pieces of information.

tagq2

Gromitt wrote: »

Does anyone else think the co-op internet banking looks a bit pants?

Certainly not pretty, but fancy stylesheets just make things slower and less predictable, imho. More worryingly:

(1) I think Co-op still have that horrible problem of not having an up-to-date online available balance following certain transactions;

(2) Transactions are reordered over one day un-chronologically, so a debit which you manually submitted after a credit can turn into a debit before a credit.

If neither of the above are true (any more) then I'd be happy to be corrected!

Has anyone asked about a card reader ? The customer service representative told me I didn't need one

For logging in or for anything? I think you need it to set up a transfer to a new random (non-preset) account.

I wish all my financial things used two factor authentication for initial login.

noh

(2) Transactions are reordered over one day un-chronologically, so a debit which you manually submitted after a credit can turn into a debit before a credit.

As do most banks or at least all the ones I use.
What's the problem with doing so?
I understood it to be standard accounting practice.

Gromitt

I just seem to have plenty of bank account and trying to remember all the login data is a nightmare. If they all used card readers it would be much easier - just find the appropriate card and punch in the pin code.

I'd say the co-op is the least friendly of them, requiring me to remember 7 pieces of information. They talk about card readers on their website, but I've no idea of if we can get one for logging in. Maybe I'll ask when I receive my card.

tagq2

noh wrote: »

As do most banks or at least all the ones I use.
What's the problem with doing so?
I understood it to be standard accounting practice.

For scribbling in the ledger, yes. But not for "available balance" / charging purposes.

AIUI Co-op have used the reordering as an excuse to consider people as making an informal overdraft request. So, assuming no authorised overdraft, you could have a balance of £10 at T, credit your account with £300 at T+1, transfer £20 back out T+2 and be hit with a charge.

To give an example of a bank which is clear that it operates differently, Natwest's terms imply that they don't care about the chronological order of transactions on some day as long as you're not exceeding your authorised overdraft amount by close of business.

Further, Co-op terms for electronic credits say they're applied "4.2. [...] immediately after we receive them provided they are received by us before close of business". But Natwest do not qualify a time of day for electronic credits to be received to be processed immediately: "3.1.3. Electronic transfers will be added to your account and treated as cleared immediately upon receipt."

Any recent Co-op user shed light please?

moneyuser

Gromitt wrote: »

I just seem to have plenty of bank account and trying to remember all the login data is a nightmare. If they all used card readers it would be much easier - just find the appropriate card and punch in the pin code.

You should try to some central account manager then like egg money manager or accountunity (https://www.ewise.com.au/accunity/aa/home.asp?pid=accunity) then you only have one password to remember

beefturnmail

A summary of my progress: Applied for account on 19th and received welcome letter on Tuesday. Rang up co-op customer services on Thursday, who confirmed I am eligible for £200 offer. I asked to initiate switch then and there but they told me I had to do it via post. Wanted to avoid this being delayed and missing the 14 day 'window' so found another number for the dedicated 'account switching team'. Rang this, they also confirmed I was eligible for £200 offer, but apparently they can't do switches over the phone, so I have to do this online. I duly did so (all you need is a co-op sort code and account number).

Then thursday evening I rang to set up internet banking (24hr number). This was activated instantly. Transferred £800 from my Nationwide current account last night. This morning it was showing in my co-op account, so I have now transferred it straight back to Nationwide. Probably unnecessary, as I think the condition on funding is only from when the switch is complete, but this should cover me if the account needs an October 'calandar month' payment.

Incidentally having seen their online banking system there is no way I would use this as my 'real' account, as it is incredibly insecure IMHO. Internet bank security was simply set up by giving one person all the details over the phone (so this person could easily access my account if they were dishonest). Then to log in you just need the sort code and account number, 2 digits from a 4 digit code and the answer to one of 5 questions, some of which (such as place of birth) could be guessed or obtained with e.g. a stolen passport. Compare this to the Nationwide security (for example) which requires a 10 digit customer number (no relation to acc number) a random secret word and 3 digits from a 6 digit security code.

Cash_Flow

beefturnmail wrote: »

A summary of my progress: Applied for account on 19th and received welcome letter on Tuesday. Rang up co-op customer services on Thursday, who confirmed I am eligible for £200 offer. I asked to initiate switch then and there but they told me I had to do it via post. Wanted to avoid this being delayed and missing the 14 day 'window' so found another number for the dedicated 'account switching team'. Rang this, they also confirmed I was eligible for £200 offer, but apparently they can't do switches over the phone, so I have to do this online. I duly did so (all you need is a co-op sort code and account number).

Then thursday evening I rang to set up internet banking (24hr number). This was activated instantly. Transferred £800 from my Nationwide current account last night. This morning it was showing in my co-op account, so I have now transferred it straight back to Nationwide. Probably unnecessary, as I think the condition on funding is only from when the switch is complete, but this should cover me if the account needs an October 'calandar month' payment.

Incidentally having seen their online banking system there is no way I would use this as my 'real' account, as it is incredibly insecure IMHO. Internet bank security was simply set up by giving one person all the details over the phone (so this person could easily access my account if they were dishonest). Then to log in you just need the sort code and account number, 2 digits from a 4 digit code and the answer to one of 5 questions, some of which (such as place of birth) could be guessed or obtained with e.g. a stolen passport. Compare this to the Nationwide security (for example) which requires a 10 digit customer number (no relation to acc number) a random secret word and 3 digits from a 6 digit security code.

I find that a bit strange as I and many others from this site have been able to initiate the account switch over the phone.