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

jellyhead

R34GTT wrote: »

Overdraft
I noticed that even though I chose a £200 overdraft what actually shows in online banking is £1000, has anyone else had the same? The initial letter did say £200 though, so I am not sure which I believe. Either way it doesn't matter as having read the T&Cs in more detail their overdrafts have no interest free amount so I will probably cancel the overdraft soon.

They told me that there will be a temporary £1000 overdraft to use during the switching process, and it will only be there for 90 days.

I can't remember if there would be interest charged on it, but I do remember there being a £20 per year charge for the £300 overdraft that I requested.

10_66

Still waiting for my PIN (had the card and cheque book last week), but have been able to transfer money in and out without the card reader.

Does anyone know if the £800 has to be paid in every calendar month or is it anniversary month (like with Santander)?

Doc_N

10_66 wrote: »

Does anyone know if the £800 has to be paid in every calendar month or is it anniversary month (like with Santander)?

Difficult to tell from the loosely worded T&C:

You must credit a minimum of £800 per month for the first 3 months from the date of your completed switch.

I doubt the Financial Ombudsman would allow them to use that to deny claims (either way) - too vague.

10_66

10_66 wrote: »

...Does anyone know if the £800 has to be paid in every calendar month or is it anniversary month (like with Santander)?

Doc_N wrote: »

Difficult to tell from the loosely worded T&C:

You must credit a minimum of £800 per month for the first 3 months from the date of your completed switch...

I've just 'phoned co-operative bank and was told that the £800 has to be paid within the anniversary month of the switch completion date, the date of which they'll confirm in writing a week or two beforehand. My completion date is the 11 November (not had written confirmation of this yet), so I'd have to make sure the £800 is paid in before 11 Nov, and then within the 11th to the 11th thereafter.

chexum

Doc_N wrote: »

You must credit a minimum of £800 per month for the first 3 months from the date of your completed switch.

10_66 wrote: »

I've just 'phoned co-operative bank and was told that the £800 has to be paid within the anniversary month of the switch completion date, the date of which they'll confirm in writing a week or two beforehand. My completion date is the 11 November (not had written confirmation of this yet), so I'd have to make sure the £800 is paid in before 11 Nov, and then within the 11th to the 11th thereafter.

I'm already confused by your clarification

Surely the deposit must be from the date of your completed switch, i.e. the first should be before 11 December, then 11 January, and 11 February, right? Obviously, 11 is your personal day, but they shouldn't expect anything before 11 November...

Otherwise the only way to not get caught out is to have the forethought to pay in £800 by 31 October, in case they wanted something to see in October, and then right after the completion date starting in November.

10_66

chexum wrote: »

I'm already confused by your clarification

Surely the deposit must be from the date of your completed switch, i.e. the first should be before 11 December, then 11 January, and 11 February, right? Obviously, 11 is your personal day, but they shouldn't expect anything before 11 November...

That's why I queried it with them, but I was told that's why they send the letter out a week or two before the switch completion date (ie 11th Nov for me), so that you can get the £800 in before that date. Anyway, I decided not to take any chances with losing the £200 switching cashback, so I've already transferred £800 in to cover it, just in case.

Doc_N

10_66 wrote: »

I've just 'phoned co-operative bank and was told that the £800 has to be paid within the anniversary month of the switch completion date, the date of which they'll confirm in writing a week or two beforehand. My completion date is the 11 November (not had written confirmation of this yet), so I'd have to make sure the £800 is paid in before 11 Nov, and then within the 11th to the 11th thereafter.

That's the problem with the wording in the T&C. I don't know what it means, and neither do they.

They told me that the first payment has to be in the account within a month of the completed switch (correct) but that subsequent payments could be made at any time in each successive month. That may or may not be correct, because it depends how you read the T&C.

Strictly speaking, I'd read the T&C as meaning that payment 2 needs to be made within a month from payment 1, and payment 3 within a month from payment 2. But if they turn down claims based on that very literal interpretation (particularly when their staff have been saying different things) I think they'll be on very shaky ground with the Financial Ombudsman Service.

Doc_N

10_66 wrote: »

That's why I queried it with them, but I was told that's why they send the letter out a week or two before the switch completion date (ie 11th Nov for me), so that you can get the £800 in before that date. Anyway, I decided not to take any chances with losing the £200 switching cashback, so I've already transferred £800 in to cover it, just in case.

You'll need to make another payment within a month of the switch, though, and that will count as the first payment.

10_66

Doc_N wrote: »

You'll need to make another payment within a month of the switch, though, and that will count as the first payment.

I'll keep sending the £800 within my 11th of the month anniversary date (and withdrawing again, as I will only be leaving enough in to cover the two small standing orders I'd set up for the "switch"), until they pay the £200.

patchwork_cat

I applied 2 weeks ago today and still haven't even been allocated an account number