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

gelato_cat

I can't remember if I applied for it or if it just came with the account: I opened the account three years ago. Sorry!

Suze

Cash_Flow wrote: »

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.

pqrdef

£200 free overdraft is standard with the Plus account (but you have to carry on paying in £800 every month).

dave76

All 8 of my DD have appeared in my new coop account, and as of this morning 4 have been deleted from the old account - the remaining 4 are DDs that are probably too close to change this month as they are due to go out in the next few days. They havent actually given me a switch date yet but I would guess its around 14th given the DDs that have been cancelled so far.

pqrdef

Got a strange letter from the Switching Team, asking me to phone to clarify some details. Turns out they haven't got any details, clear or otherwise, because they haven't got my DD list from Santander yet. But there's a note on my account that evidently relates to somebody else's account, and I've got somebody else's letter.

Keep calm and carry on.

Millionaire

The overdraft will change.

Mine changed from £0 to £1000 once I received the Text from them saying they had received my DD's

I only applied for overdraft on the switching form.

Cash_Flow

Millionaire wrote: »

The overdraft will change.

Mine changed from £0 to £1000 once I received the Text from them saying they had received my DD's

I only applied for overdraft on the switching form.

Mine has now changed from £0 to £1000 - I don't need to use it but it's nice to know that I am credit worthy with the Co-Op.

beefturnmail

hmmm. Letter from Co-op today saying "unfortunately I am unable to process your account transfer, since Nationwide have advised us that there are no DDs or SOs to transfer - there are two SOs one for a £1 to my joint account and one for a £1 to my wife. I suspect in actuality they have spotted me as a 'player' and are playing the 'doesn't work' card to worm out of paying the £200. My advice to anyone else is to transfer two 'real' looking SOs or DDs. I will simply shut the account - nothing ventured...

concept

Suzey wrote: »

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

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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]

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HTH

Suze

I have received the same letter (mine also dated 31 October) apart from the paragraph relating to the £200 reward which has been omitted.

I know from the web site concerning switching that I will be able to qualify as I applied online between the 17th and 24th October and my DD's are already being switched and I will be meeting the account funding requirements.

I wonder now why this paragraph has been omitted from my letter but as it makes it quite clear what is required in regard to the monthly £800+ payin and there have so many posts on this forum questioning the exact timing requirements I can only assume many others have not received written confirmation of their £200 reward.

10_66

beefturnmail wrote: »

...there are two SOs one for a £1 to my joint account and one for a £1 to my wife. I suspect in actuality they have spotted me as a 'player' and are playing the 'doesn't work' card to worm out of paying the £200. My advice to anyone else is to transfer two 'real' looking SOs or DDs. I will simply shut the account - nothing ventured...

My two were only for £5 to other accounts I hold, and they went through (reasonably) easily (only hiccup was dear old N'wide only gave them details of one of my standing orders instead of two, but fortunately I noticed and had it corrected).

10_66

concept wrote: »

I have received the same letter (mine also dated 31 October) apart from the paragraph relating to the £200 reward which has been omitted...

...I wonder now why this paragraph has been omitted from my letter but as it makes it quite clear what is required in regard to the monthly £800+ payin and there have so many posts on this forum questioning the exact timing requirements I can only assume many others have not received written confirmation of their £200 reward.

The letter I received (and OH) also had the paragraph in about the £200 switching cashback, strange that yours didn't if you used the switching service.