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

gowgowuk

Hurri wrote: »

My first Direct Debit has bounced from co-op. Mobile phone which gets put onto my credit report... fantastic.

It shows on 'date claimed' and appeared on my account section yesterday. However this morning it vanished. I spoke to my mobile provider (three) and they said they tried to take the DD but it failed.

Same here with already 3 direct debits so far!

Hurri wrote: »

They told me to speak to my bank. Co-Op informed me the reason it failed is because my account isn't live yet, and goes live on the 17th. They told me they told all direct debit companies this when they gave them my new details, so three are at fault for taking it from my new bank when they should have taken it from my old bank.

I'm beginning to doubt their version. Is it possible that they "forgot" to tell the companies the completion date?

Hurri wrote: »

I've just paid it off on my debit card in the hope that it won't go as a missed/late payment on my credit report, but they'll still try and take it again in a week.

I've done that yesterday morning on the phone for my mortgage: today, no sign of a payment being taken on my Co-op account and no sign of it on my mortgage account either. Does it take that long to appear online, or have they screwed up again?
I used to be a happy Co-op customer many years ago and didn't hesitate to switch for the £200, but starting to regret it now...

Jennifer_Jane

gowgowuk wrote: »

Same here with already 3 direct debits so far!

I'm beginning to doubt their version. Is it possible that they "forgot" to tell the companies the completion date?

I've done that yesterday morning on the phone for my mortgage: today, no sign of a payment being taken on my Co-op account and no sign of it on my mortgage account either. Does it take that long to appear online, or have they screwed up again?
I used to be a happy Co-op customer many years ago and didn't hesitate to switch for the £200, but starting to regret it now...

Just to ask, were these direct debits ones that you used to have on your old Co-op account? The reason I ask is that if you switched dds from, say, Co-op, and are now returning to them, the system will try to stop them going back. You would have to do the switch manually.

Have had that problem before with switching accounts, and in fact, have had it this time too. But I did choose DDs on accounts which it is easy to do online manually. Otherwise you have to phone the company and I find that tedious.

Don't forget the £15 if Co-op do make a mistake.

Hurri

If you go to the Direct Debits section it'll show "Date Claimed" even if it failed.

I'm starting to doubt that version of events too - but there's another twist.

I agreed to a new contract for Three starting next month. So now two direct debits are in my account for Three on my Co-Op bank. One with the old reference number (same as in my old bank), and one with the new reference number.

The last guy that I spoke to from Co-Op told me the second direct debit was only set up yesterday, and was also tried to be claimed yesterday. But the amount is definitely for my old contract.

Confused? You will be!

gowgowuk

Jennifer_Jane wrote: »

Just to ask, were these direct debits ones that you used to have on your old Co-op account? The reason I ask is that if you switched dds from, say, Co-op, and are now returning to them, the system will try to stop them going back. You would have to do the switch manually.

Have had that problem before with switching accounts, and in fact, have had it this time too. But I did choose DDs on accounts which it is easy to do online manually. Otherwise you have to phone the company and I find that tedious.

Don't forget the £15 if Co-op do make a mistake.

No, I was with co-op a *very* long time ago (probably more than 10 years ago). As far as I can see all my direct debits have transferred ok (they are all on my DD page at the Co-op). I still haven't received an official transfer date, but I'll see if the next DDs due today or tomorrow will have the same problem. For the £15, well, if they say it's the companies fault for claiming the DD too early, no chance!

Hurri

Jennifer_Jane wrote: »

Don't forget the £15 if Co-op do make a mistake.

In my case Co-Op are adamant they haven't made a mistake and are blaming Three. Three are blaming Co-Op.

I feared this would happen...

How long do late payments appear on your report? Is it 6 years or just a year? (I know they said I won't get one but I'm skeptical)...

Jennifer_Jane

Hurri wrote: »

If you go to the Direct Debits section it'll show "Date Claimed" even if it failed.

I'm starting to doubt that version of events too - but there's another twist.

I agreed to a new contract for Three starting next month. So now two direct debits are in my account for Three on my Co-Op bank. One with the old reference number (same as in my old bank), and one with the new reference number.

The last guy that I spoke to from Co-Op told me the second direct debit was only set up yesterday, and was also tried to be claimed yesterday. But the amount is definitely for my old contract.

Confused? You will be!

Hurri, I have two new dds requested for Co-op and neither of them are showing yet on the Direct Debit page, even though I am absolutely sure that the BT one was applied for and rejected (see my post above) and the other dd is successful.

DragonQ

This is why you shouldn't transfer an actual, in-use, bank account.

Co-Op told me today that they'd received my proof of ID & address and I should get a letter early next week. I kinda doubt it but they said I should be able to set up online banking and start the account transfer over the phone by then, even I haven't received the letter.

Millionaire

Final recap.

19th - Applied for account
26th - Received Paperwork with A/c No
28th - Received Chequebook and Completed switch online
02nd - Received Text saying DD's have been requested from old bank and set-up internet banking over phone
04th - Received Pin
05th - Text saying DD's have been received from bank
10th - Received Card Reader and also separate letter confirming Switch completion date of 18/11/11.

So it has all gone very smoothly and will take 1 month from Application to Completion.

The letter also states payment of £800 per month needs to be made after the completion date of 18/11/11 (so if anyone has made payments straight away and not waited till switch completion, I assume will have to pay again) and confirms I will receive £200 in the 4th month

Jennifer_Jane

DragonQ wrote: »

This is why you shouldn't transfer an actual, in-use, bank account.

Co-Op told me today that they'd received my proof of ID & address and I should get a letter early next week. I kinda doubt it but they said I should be able to set up online banking and start the account transfer over the phone by then, even I haven't received the letter.

Ha Ha! Haven't you heard the term 'Life is a circle'!

YorkshireBoy

Hurri wrote: »

How long do late payments appear on your report? Is it 6 years or just a year? (I know they said I won't get one but I'm skeptical)...

Either 3, 4 or 6 years, depending on a combination of a) which CRA, and b) whether you keep the account open or not.

To embellish a little, and from memory, Experian show 3 years account history (00000000100000... etc) and Equifax show 4 years account history (in the same format).

However, both have a summary saying "in the last 3 years of account activity the number of 1's is x and the number of 2's is y" etc, so the longer you keep the account open the quicker this poor "last 3 years of account activity" disappears...to be replaced by more recent good account activity.

Works better with credit cards than mobile phones though, because it's easy to just let the card lie dormant for a few years (occasionally putting a transaction on it to stop them closing it).

Make sense?