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

dave76

I logged into my coop IB this morning to see all my DDs listed, within 30 seconds of logging out I got a text message saying they had received the details of my direct debits and would confirm transfer date shortly - spooky!

So far so good though with the switch. I agree about other peoples concerns over security questions. I couldnt log in after setting up my questions and found out they had spelt at least one wrong and got my memorable date wrong too. The woman said the words werent case sensitive but do it all in lower case just ot be sure

Regarding the 800 deposit - it is ambiguous but looks to me like you have to pay in your first 800 before 1 month after the switching date. I dont believe they could expect you to do it before the switching date as for many people the 800 will be their wages and you might not have that coming in again before the switching date.

luke222010

I have requested a full switch, and also ticked the box where I want Co-op to request a closure of my switching bank account.

When the switch goes ahead, will my funds in that account be transferred along with my direct debits and standing orders?

Many thanks,
Luke.

DragonQ

Two weeks after being approved, still no welcome pack, account number or sort code. :mad:

Doc_N

DragonQ wrote: »

Two weeks after being approved, still no welcome pack, account number or sort code. :mad:

You might want to phone them. Some applications (mine, for example) disappeared from their system altogether, and I had to reapply.

DragonQ

I phoned them last week and they apparently sent it all out again but still nothing. I'll definitely be calling them again today.

EDIT: Apparently I have to send proof of ID and address and I should've been told this both on the application form and by post. Not only was I not told online or by post, but the person I spoke to last week didn't mention this at all!! What a joke.

jellyhead

I did say to the co-op to close the other bank account, but having read about the internet banking I'm not so sure ... will I have the option to keep the old bank account open, does anyone know?

silverbullit

I'm in the process of switching from Santander to Co-Op, and so far everything is running very smoothly and speedily. I applied online on 19th Oct, and have today registered for online banking; two weeks is very fast I think. Although, like some posters above, I too am concerned that the CSA now knows all of my security details in full; Co-Op should really change that procedure.

Apart from that, I'm very impressed with the Co-Op.

tagq2

silverbullit wrote: »

Itwo weeks is very fast I think.

My local credit union set up my account and provided the printed welcome information in 20 minutes. Online account facilities which I requested from the web site in the evening appeared by the next morning. This included the usual identity checks financial institutions are required to do.

It's refreshing to be reminded that a small, agile institution can actually act at considerable speed when given the freedom to process things at the pace technology allows rather than being burdened by needlessly complex processes or under-staffing.

I understand the counterargument that doing things too fast means a criminal can quickly launder money if he manages to hoodwink the institution before they notice what's going on - IIRC Metro Bank distributes cards same day, which might be asking for it. It may be less risky to commit fraud online where your face won't definitely have been recorded on CCTV, but hm...

ukdutypaid

- No PIN device until you've registered for online banking
- OD is 1,000 and fee free for 90 days from completion of Switch (see back of letter detailing AN/SC)
- Previous account closure mandate means funds will be transferred.
(Me Santander to Co-op. Now I can 'give it large' with my 'right on' Co-op card)

Question - Isn't it possible to change some/all your security details the first time you log on. You must be able to change some of them, surely?
That's the only bit that I think is archaic. Although given they've got 2 factor security on it, then it's better than most.
Question - My thinking is that it's best to register as a member of the Co-op too. Benefits 'divi' etc.
Question - Did anybody go for one of the fee paying accounts (was tempted - travel and mobile phone cover - 25 quid excess etc)

Phone txt update thingy is great

emc

jellyhead wrote: »

I did say to the co-op to close the other bank account, but having read about the internet banking I'm not so sure ... will I have the option to keep the old bank account open, does anyone know?

Yes. You can, and should, keep the old bank account open.

They try to ask to transfer the old bank balance over, and unless you need funds immediately in the new account (they offer a temporary free overdraft anyway) tell them to leave the funds in the old account.