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

jellyhead

I assume that the co-op won't know whether I sent it or not, but just in case it is connected to the switching process I wasn't sure ...

stuartm100

jellyhead wrote: »

Can I ask a stupid question please?

They have sent me a closure form to send to Santander to close my account. Do I have to do anything with it? If I don't send it and I keep the Santander account open will that be okay? I don't want to jeopardise getting my £200.

There's no requirement to close your old account, just switch the DD's and SO's across

I'm keeping my Santander account open

adindas

You mean withdrawal using Debit Card ? or Cash withdrawal through the counter ?
If this is what you mean, I stand corrected but I think any debit card will be approximate has the same limit. They will only allow you to withdraw £250 - £300 unless there is a per-arrangement.

I have several Debit Cards from different high street banks and BSs. the above limit is the limit that I normally have. But actually they are doing to protect our money as we might loose our DC or our DC the Debit card might be stolen.

But there is nothing to prevent people to withdraw large sum of money directly from the counter by bringing some form of IDs.

N9eav wrote: »

The down side with Coop You cannot withdraw more that £250 cash in any one day unless you use a high street branch. The nearest one for me is 50 miles away. A small thing, but one that left me in a difficult position last week when I needed cash.

rb10

adindas wrote: »

I have several Debit Cards from different high street banks and BSs. the above limit is the limit that I normally have. But actually they are doing to protect our money as we might loose our DC or our DC the Debit card might be stolen.

I believe it's more to do with the amount of money that you can physically fit inside an ATM.

If you allowed everyone to withdraw £1k+ per day, then ATMs would need refilling far more frequently.

michaels

Citibank used to allow 1k per day but reduced this to 500, same as first direct.

N9eav

adindas wrote: »

You mean withdrawal using Debit Card ? or Cash withdrawal through the counter ?
If this is what you mean, I stand corrected but I think any debit card will be approximate has the same limit. They will only allow you to withdraw £250 - £300 unless there is a per-arrangement.

I have several Debit Cards from different high street banks and BSs. the above limit is the limit that I normally have. But actually they are doing to protect our money as we might loose our DC or our DC the Debit card might be stolen.

But there is nothing to prevent people to withdraw large sum of money directly from the counter by bringing some form of IDs.

The £250 limit applies to taking money out either at the hole in the wall or Post Office. If you want more you have to go to the counter.
The problem I have is there is no counter. The nearest branch was 50 miles away.
Coop are not a high street bank, down our way....

adindas

N9eav

I think the best ways is to call them or visit one of their branches. You have a case to make as there is no counter within your areas. They might approve the higher limit of cash withdrawal from the ATMs after looking into your case.

Alternatively, open several banks a/cs in several banks. If you have four debit cards then you could withdraw 4x250 = £1000 a day from the same ATMs using four different DCs.

I rarely need more than £250 a day in cash as I prefer to pay stuff using CC or DC. But when I desperately need cash of more than £250 a day then I will use several DCs and withdraw cash from the same or different ATMs.

N9eav wrote: »

The £250 limit applies to taking money out either at the hole in the wall or Post Office. If you want more you have to go to the counter.
The problem I have is there is no counter. The nearest branch was 50 miles away.
Coop are not a high street bank, down our way....

N9eav

adindas wrote: »

N9eav

I think the best ways is to call them or visit one of their branches. You have a case to make as there is no counter within your areas. They might approve the higher limit of cash withdrawal from the ATMs after looking into your case.

Alternatively, open several banks a/cs in several banks. If you have four debit cards then you could withdraw 4x250 = £1000 a day from the same ATMs using four different DCs.

I rarely need more than £250 a day in cash as I prefer to pay stuff using CC or DC. But when I desperately need cash of more than £250 a day then I will use several DCs and withdraw cash from the same or different ATMs.

Thats sort of silly. I need one bank account and access to my money when I need it. I also rarely use cash, but on the one occasions I needed some, I could not get it. I had hoped that the Post Office who deal with Coop accounts might have that facility, but they don't. Even a phone call to customer services could not get them to authorise a larger amount.
But I doubt I will switch banks again, just for that...

Gromitt

It's not silly to open a second, basic bank account, put £100 in there and keep it for emergencies or when your bank is not available. It's called being prepared. You've seen on the news how easy it is for a bank to have problems (in the sense that you can't withdraw cash or pay for stuff on plastic).

DragonQ

Got a letter today confirming my eligibility for the £200 bonus. I don't think it mentioned having to pay in £800 per month (I went for their most basic current account, which doesn't require this). I will be paying in £800 per month until I get the bonus though - no need to risk it! Just gotta wait for the completion date on the switch and I'm all set to go!