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

gowgowuk

Doc_N wrote: »

Unimpressed so far with this account, and I'll be one of those taking the £200 and closing the account. The website looks (and behaves) like something mashed together on a wet evening, and you can't rely on Faster Payments out of the account working. Even relatively small payments frequently go BACS instead of Faster Payments, with a consequential 3 working day delay.

I agree on the website looks but for me, as long as it does what I want, it's fine. What kind of website behaviour problem did you get?
I just received a letter from the co-op saying all payment will be made by Faster Payment *from 19th December* so, maybe you cannot really be too critical before that date?

cptncanary

Doc_N wrote: »

Unimpressed so far with this account, and I'll be one of those taking the £200 and closing the account. The website looks (and behaves) like something mashed together on a wet evening, and you can't rely on Faster Payments out of the account working. Even relatively small payments frequently go BACS instead of Faster Payments, with a consequential 3 working day delay.

I agree on the website, it does look very basic.

I spoke to someone at Santander yesterday (the bank I'm leaving), and they confirmed that from 1st January, all banks will be using Faster Payments for all transfers between banks. At the moment, they will only accept one FP transfer out per day, and that must be a maximum of £1k. Other transfers on the same day, or transfers over £1k will go via BACS. Maybe your bank is the same?

stewpot

Follow up to my Shoddy Treatment post. November 22nd - promised a letter confirming cancellation of my transfer to Coop; December 2nd - still awaiting the promised letter. Despite getting verbal confirmation that the process was stopped, however, I HAVE had a letter confirming that Coop are continuing with the transfer and have requested SO and DD details from my bank.
Perhaps I should add the words "amateurish" or "unprofessional" to my rant.

Hurri

I received a letter from Co-Op saying all but 1 of my direct debits have successfully transferred over (I used their switching service and requested a full switch). The remaining DD was a personal loan (car finance), and that was taken from my existing bank account as usual - I'd planned for this eventuality and had sufficient funds in both accounts.

I'm happy to leave it with my existing bank as I'd hate to contact the PL company and the direct debit to get messed up. However, does anyone think me leaving this now would affect my £200 offer? If so I'll contact them to get it moved to my Co-Op account.

Doc_N

tagq2 wrote: »

Are you certain you didn't just get a B reason code even though it actually went by FP? (Yeah, I know this is lame.)

Sadly, no - it went BACS.

Given that I switched completely away from any dealings with Santander because of their failure to implement the Faster Payments programme, to find that the Co-operative Bank is still not properly geared up to dealing with them is a disappointment, and my wife had a similar failure.

What's even worse is that they can't explain why BACS was used instead of FP.

First Direct is still pretty much faultless in every respect - streets ahead of the Co-operative Bank, and with a website that doesn't look as if it was built by Mickey Mouse.

As I said, I'll now be taking the £200 (as will the wife) and closing the account. I want reliability with a bank, and if the Co-op can't provide it, I'm out.

Doc_N

stewpot wrote: »

Follow up to my Shoddy Treatment post. November 22nd - promised a letter confirming cancellation of my transfer to Coop; December 2nd - still awaiting the promised letter. Despite getting verbal confirmation that the process was stopped, however, I HAVE had a letter confirming that Coop are continuing with the transfer and have requested SO and DD details from my bank.
Perhaps I should add the words "amateurish" or "unprofessional" to my rant.

Similar problem here. They messed up a few things during the account opening process and I logged a formal complaint (which would need a written response) with them at the end of October.

So far - nothing at all.

Opus_Fluke

cptncanary wrote: »

I agree on the website, it does look very basic.

I spoke to someone at Santander yesterday (the bank I'm leaving), and they confirmed that from 1st January, all banks will be using Faster Payments for all transfers between banks. At the moment, they will only accept one FP transfer out per day, and that must be a maximum of £1k. Other transfers on the same day, or transfers over £1k will go via BACS. Maybe your bank is the same?

That explains it. I did my first £800 transfer from First Direct to Co-op, it went within minutes. However, when setting up the return journey, I transfered £1 to ensure the details for my First Direct account were correct, it went FP and arrived again within minutes, then when sending the preferred amount, £800, it gave a H code. Called Co-op, unable to confirm why but if what you say cptncanary applies to the Co-op then that's my answer.

stuzhunter

Account now set up with also £500 fee free overdraft.. So last month I deposited £800 and then withdrew £800 the next day.

This month withdraw the free £500 to another account & then transfer back £800 ( in theory I am only depositing £300).

next Month..ditto above then £200 cashback.

sbradnam

sbradnam wrote: »

So, applied for full switch online (which for me involves 20+ standing orders/Direct Debits), and 2 salaries into a joint account. Switching from Barclays who after 30 years banking, since I was at school had shown us zero loyalty/incentive to stay with them.

Got approval/debit cards/cheque book all within 10 days. Plenty of txtx along the way fm co-op advising of progress. They have successfully "grabbed" all my DDs. They have given me a date of 28 Nov when the DDs etc formally switch from one bank to the other. Getting letters emails from my various payees advising of acct change

Have spoken to them on the phone 3 times during this process -very helpful, and quick to answer phone.

So...in sum....although I am taking advantage of the £200 offer, we had been thinking of doing this full switch to the co-op for some time. The 200 quid offer was just the catalyst. Very pleased with the service thus far

Stu :rotfl:

And now it is all complete - no hitch, and lots of good communication from the Co-op. Goodbye Barclays after 30 years of mediocre, flat service - loyalty is a 2-way street!!

DragonQ

Wow, this transferring of two standing orders is taking a long time...