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

Hurri

Hurri wrote: »

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.

Just an fyi..

I spoke to Co-Op about this last night. It won't affect my £200 as I did everything I could have (requested a full switch), and I can leave it with my existing bank. There's only 2 months of the DD to run anyway.

psyman17

If you switch to Co-op using the automated switch service, do they automatically switch over payments to Payday loans companies too?

Gromitt

Anything thats a direct debit or standing order.

But some companies will refuse direct debit modification requests, so you need to request them directly.

Old_Git

I have had problems with at least two DD .
Both appear to be the same problem .I have been told a DD has to be in place 3 working days before money can be taken .O2 and Credit card company both tried to take a payment the day the DD was set up ,and both failed .Credit card imposed £3 interest charge and £24 for failed DD ,O2 barred my outgoing phone calls .
A couple off phone calls sorted both .

cptncanary

Old_Git wrote: »

I have had problems with at least two DD .
Both appear to be the same problem .I have been told a DD has to be in place 3 working days before money can be taken .O2 and Credit card company both tried to take a payment the day the DD was set up ,and both failed .Credit card imposed £3 interest charge and £24 for failed DD ,O2 barred my outgoing phone calls .
A couple off phone calls sorted both .

I've had the same issue. My official 'transfer' date is today, but 7 DDs have already been attempted against the Co-Op account. Oddly, 3 of them were accepted, which is even confusing to the guy I spoke to at the Co-Op.

EKAndrew

is this still available? i cant see it on their website

spadge_2356

Got this offer on a MSE email a month or two ago and applied immediately. Very happy with their customer service and the switch has gone flawlessly (previously had alot of trouble switching with other banks). Within a week all my DD's were setup and being taken, fee free £200 overdraft but they did offer up to £1000 for 3 months until the switch finished.

Well done Co-op!

Gromitt

EKAndrew wrote: »

is this still available? i cant see it on their website

Nope, it was a 1 week only deal.

System

cptncanary wrote: »

I've had the same issue. My official 'transfer' date is today, but 7 DDs have already been attempted against the Co-Op account. Oddly, 3 of them were accepted, which is even confusing to the guy I spoke to at the Co-Op.

The guy you spoke to at the Co-op has not been properly trained. There is no 'transfer date'. There is a date by which all direct debit takers should have got their act together.
The procedure is
1. Co-op (electronically) tells direct debit takers 'A Customer has switched from Old Bank ssssss mmmmmmmm to Co-op tttttt nnnnnnnn. From now on, please take your direct debits from Co-op instead of Oldbank.'
2. If a direct debit is pending, direct debit taker can still try to take it from Oldbank.
3. Each direct debit taker should, within three working days, set up direct debit authority with Co-op.
4. Having done 3, each direct debit taker should take next payment from Co-op, whenever it falls due.
5. Alternatively, a direct debit taker can electronically set up direct debit authority and take first payment immediately from Co-op, on the same day.
6. Having done 3, each direct debit taker should cancel authority with Oldbank.
BACS's instructions to direct debit takers are here:
http://www.bacs.co.uk/Bacs/Businesses/BacsAcademy/AccountSwitching/YourCustomers/Pages/YourCustomers.aspx
and here:
http://www.bacs.co.uk/Bacs/SiteCollectionDocuments/Account_switching_efficiency_guide.pdf
As BACS says:

Paying banks use ADDACS to inform you of changes to DDIs via
the Transfer of Direct Debits and Standing Orders service. This
allows you to automatically change the bank details without
having to request a new DDI from the customer. If you fail to act
promptly then the collection could be returned unpaid because
the collection was directed to the customer’s old bank. This would
adversely affect your cashflow and result in a dissatisfied customer.

adindas

Well done to you too.
£200 pound is just three months away to your a/c.

spadge_2356 wrote: »

Got this offer on a MSE email a month or two ago and applied immediately. Very happy with their customer service and the switch has gone flawlessly (previously had alot of trouble switching with other banks). Within a week all my DD's were setup and being taken, fee free £200 overdraft but they did offer up to £1000 for 3 months until the switch finished.

Well done Co-op!