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

Doc_N

Cash_Flow wrote: »

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.

Did so yesterday, in fact - no problem at all, and they seemed more than happy to do it.

Doc_N

Gromitt wrote: »

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 wrote: »

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.

You're right - and I find, much to my annoyance, that I can't actually get money out of the account without a card reader. Here's an extract from the screen I'm getting:

Card Reader Required - Choose Your Card You will usually need to use your card reader to:

• set up or amend standing orders
• set up, amend or make bill payments
• set up, amend or make funds transfers

Doc_N

beefturnmail wrote: »

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.

Maybe the reason is that they use card readers as the main security - see post above.

sugarcube84

well i applied on the 17th, they sent me a pack in the post with the switching instructions (sorry i cant remember when but it was easily within a week) i logged on immediately and applied to switch all my d/d's and s/o's but kept my old account open. I have now been sent a cheque book, card and have just set up my internet banking (a card reader should be sent within 5 days) then i will switch £800 in and out again unless my bills have been set up.

All in all its been dead easy i assume that as i switched within the 14days (taking opening to be the 17th) and have paid in (or will pay in) £800 within the first month of opening and in subsequent months then thats the conditions fulfilled.

I will keep you posted.

beefturnmail

Doc_N wrote: »

Maybe the reason is that they use card readers as the main security - see post above.

Well I am not yet in possession of a card reader (or indeed a debit card), yet I was able to set up a payment of £800 to my nationwide account (essentially a third-party account as far as the co-op are concerned). Nationwide also use card readers and when setting up the payment the other way - i.e. from nationwide to the co-op, I had to use the card reader. Very leaky secuity by the Co-op.

tagq2

beefturnmail wrote: »

was able to set up a payment of £800 to my nationwide account (essentially a third-party account as far as the co-op are concerned)

Ouch. Natwest have made me use a card reader for every new custom payee, although I recall some standard payees not needing it, e.g. HMRC. In theory one could steal money by routing it via HMRC - paying your own tax bill this way would be royally stupid, but uncovering someone's Government Gateway details and overpaying then withdrawing an overpayment seems feasible.

Why can't I just have choices above what the bank considers the minimum acceptable? [ ] All new transfers [ ] At login etc.

notts_phil

Got txt saying they had received standing orders with the nationwide and would let me know the switch date

Millionaire

beefturnmail wrote: »

Well I am not yet in possession of a card reader (or indeed a debit card), yet I was able to set up a payment of £800 to my nationwide account (essentially a third-party account as far as the co-op are concerned). Nationwide also use card readers and when setting up the payment the other way - i.e. from nationwide to the co-op, I had to use the card reader. Very leaky secuity by the Co-op.

The same account you paid the original £800 in from... Was this also your switching account?

nzseries1

Tubbss wrote: »

in order to qualify for the £200 offer the application AND switching must be completed by 5pm on 31st -.

This can't be true. Assuming you mean 31st of October, then the offer only started 17 October, and the switch takes four weeks. It's simply not possible.

mangomango

I did my switch online last Friday and got a text from Co-op yesterday saying...
'Just to let you know I've now requested a list of your Direct Debits and standing orders from *bank x*. The Co-operative Bank Switching Team'.