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

Millionaire

ukdutypaid wrote: »

Is your previous /donor account now devoid of any DDs and SOs you might have had? I'd be intrigued if anybody was seeing them duplicated/retained.

In effect there should be nothing whatsoever remaining on the other (transferred from) account.

No, just checked and the DD's appear in both the old account and the new Coop account.

starM wrote: »

So you received the txt today? I have completed wifes switching online on 28th, received txt on 02/11 confirming they have requested DDs, still waiting for further txts to arrice.

MS

Hopefully you should receive one soon, might depend on how quick your previous bank passes on the DD details to Coop.

I also noticed the overdraft has been applied at £1000.

Gromitt

jellyhead wrote: »

does everyone get a £1,000 temporary overdraft during the switching process though? I can't remember if they said it was interest free. I'm going to leave money in both accounts just to be sure.

Only if you asked for it (there was a tick box on the switching form). Interest free for 90 days or some such. I said I didn't want one as I didn't want a credit check (want to save that for my CC app)

YorkshireBoy

Gromitt wrote: »

I said I didn't want one as I didn't want a credit check (want to save that for my CC app)

No credit check is made, other than the one you've already had for the application itself.

I added a £1K facility (or rather increased it to £1K from the initial £200) via phone after my branch application. Was simply asked to confirm my income.

gelato_cat

You don't receive it automatically - you need to be offered it and then accept it. I don't know if everyone is offered it, but I was and I figured there was no harm in accepting.

It is interest-free for 90 days.

Suze

jellyhead wrote: »

does everyone get a £1,000 temporary overdraft during the switching process though? I can't remember if they said it was interest free. I'm going to leave money in both accounts just to be sure.

Gromitt

Which CRA do co-op use? I didn't notice any searches via noddle.

gelato_cat

On Friday I received a letter dated 31st October saying:

---

Dear Suzey

Thank you for switching your account to us at The Co-operative Bank. Your dedicated switching team are now dealing with your request and we'll do all we can to ensure your payments are transferred from your previous account as smoothly as possible.

As a thank you for taking up our switching offer and to show our appreciation to you for making us your main bank, we'll reward you with £200. To benefit from this limited offer you must complete your switch to us, including at least 2 active direct debits or standing orders. 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 following three months. If you do this, in the fourth month we will be happy to credit your current account with £200.

Please note that this offer is strictly limited to one eligible account per customer which includes any accounts held in either sole or joint names.

What we'll do

We have now requested a list of all Direct Debits and standing orders set up on your account with <NAME OF OLD BANK>.

Once we've received this list we will set up the payments on your Co-operative Bank account.

We will advise your Direct Debit companies of your new account details and ask them to change their records.

What you'll need to do

Until we write to you to confirm your switch is complete:

• Please don't cancel any of your Direct Debits and standing orders or close your previous account as this could delay transferring your payments to us
• We recommend that you make sure there is enough money in your previous account to cover any regular payments.

What happens next?

We will send you a letter to confirm the date when all of your regular payments will switch over and will start to be taken from your account with us.

Once you have received this letter:

• Please ensure you have enough funds in your Co-operative Bank account to cover payments due after the transfer date we provide you with
• Please advise your employer/pension provider or anyone else who regularly sends payments to you of your new Co-operative bank account details so they can credit payments to your new account.

You have requested a temporary overdraft which will last for 90 days, at the end of the 90 day period the temporary overdraft will no longer be available. For more information please ensure you read the pre-contractual information and terms* detailed at the end of this letter.

How long should it take to transfer

It normally takes about 4 weeks to transfer your Direct Debits and standing orders to your Co-operative Bank account. It can take more or less time depending on how long it takes to receive details of payments back from your previous bank and how long the companies updating your Direct Debits take to update your details.

If you have any questions about your switch you can phone us on 08456 023 862 Monday to Friday, 8.00am to 4.00pm.

Yours sincerely

Deb Smith
Head of Customer Processing Services

*Your Overdraft Pre-Contractual Information and Terms [goes into detail about the temporary overdraft and how it only stays on the account for 90 days etc]

---

HTH

Suze

Suzey wrote: »

Following my appt in-branch on Saturday to switch, I received a text just before 8am this morning saying "Just to let you know I've now requested a list of your Direct Debits and standing orders from <name of my other bank>. The Co-operative Bank Switching Team".

Suze

Cash_Flow

Suzey wrote: »

On Friday I received a letter dated 31st October saying:

---

Dear Suzey

Thank you for switching your account to us at The Co-operative Bank. Your dedicated switching team are now dealing with your request and we'll do all we can to ensure your payments are transferred from your previous account as smoothly as possible.

As a thank you for taking up our switching offer and to show our appreciation to you for making us your main bank, we'll reward you with £200. To benefit from this limited offer you must complete your switch to us, including at least 2 active direct debits or standing orders. 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 following three months. If you do this, in the fourth month we will be happy to credit your current account with £200.

Please note that this offer is strictly limited to one eligible account per customer which includes any accounts held in either sole or joint names.

What we'll do

We have now requested a list of all Direct Debits and standing orders set up on your account with <NAME OF OLD BANK>.

Once we've received this list we will set up the payments on your Co-operative Bank account.

We will advise your Direct Debit companies of your new account details and ask them to change their records.

What you'll need to do

Until we write to you to confirm your switch is complete:

• Please don't cancel any of your Direct Debits and standing orders or close your previous account as this could delay transferring your payments to us
• We recommend that you make sure there is enough money in your previous account to cover any regular payments.

What happens next?

We will send you a letter to confirm the date when all of your regular payments will switch over and will start to be taken from your account with us.

Once you have received this letter:

• Please ensure you have enough funds in your Co-operative Bank account to cover payments due after the transfer date we provide you with
• Please advise your employer/pension provider or anyone else who regularly sends payments to you of your new Co-operative bank account details so they can credit payments to your new account.

You have requested a temporary overdraft which will last for 90 days, at the end of the 90 day period the temporary overdraft will no longer be available. For more information please ensure you read the pre-contractual information and terms* detailed at the end of this letter.

How long should it take to transfer

It normally takes about 4 weeks to transfer your Direct Debits and standing orders to your Co-operative Bank account. It can take more or less time depending on how long it takes to receive details of payments back from your previous bank and how long the companies updating your Direct Debits take to update your details.

If you have any questions about your switch you can phone us on 08456 023 862 Monday to Friday, 8.00am to 4.00pm.

Yours sincerely

Deb Smith
Head of Customer Processing Services

*Your Overdraft Pre-Contractual Information and Terms [goes into detail about the temporary overdraft and how it only stays on the account for 90 days etc]

---

HTH

Suze

I have the same letter but when I look at my account online my O/D limit is £0 I take it yours shows £1000?

gelato_cat

No, it says £200. I'll let you know if and when that changes...

Suze

Cash_Flow wrote: »

I have the same letter but when I look at my account online my O/D limit is £0 I take it yours shows £1000?

Jammi

Suzey wrote: »

No, it says £200. I'll let you know if and when that changes...

Suze

It will change. I got the same letter as you did, and very shortly after my overdraft changed from £200 to £1000.

Cash_Flow

Suzey wrote: »

No, it says £200. I'll let you know if and when that changes...

Suze

Did you apply for the £200 when you opened the account?

I never applied for a O/D but when I was going through my switch I was offered the £1000 interest free O/D. When I look online though my O/D limit is £0.