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

adindas

Hi Guys

When you apply how many DDs and SOs active in your accounts. I am asking because based on information they have provided 2SOs active in our account shall be sufficient. Here is what stated in their websate:

"...- simply open a new standard current account, Current Account Plus, Privilege or Privilege Premier current account and request a full switch (including a minimum of 2 Direct Debits AND/OR standing orders) from another provider using our dedicated switching service before the incentive is withdrawn. If you apply online you must request a full switch from another provider within 14 days of account

But in general other banks will normally require 2DDs AND 2SOs, I just wonder whether someone in Coop has made mistake and Coop will still want to honour to what they have said.

Thanks
AdINDAS

R34GTT wrote: »

Applied around 17:30 yesterday, received acknowledgment email straightaway, Credit Expert shows they searched my Experian credit report yesterday too, no doubt automatically. Now waiting on an acceptance email.

gener8or wrote: »

Finally had an email this morning advising I have been approved subject to a few formalities.....:j

kar999 wrote: »

I've given them the details of one of my three LloydsVantage accounts where there are 2 standing orders. One for moving the circular £1000 around the vantage a/cs and one for moving the £10 interest each month. I hope this should work OK but may have to set up a new SO in the vantage account to preserve the rolling £1000 once the account is switched to the Coop.

izools

adindas wrote: »

But in general other banks will normally require 2DDs AND 2SOs, I just wonder whether someone in Coop has made mistake and Coop will still want to honour to what they have said.

I find this rather odd, as my OH has only one standing order set up on his account and that is his full, main use, and only current account through which all of his income and expenditure is paid.

Come to think of it, I only have one SO, too.

Seems silly to expect any account used as a "main" account to have at least 2 SOs set up on it.

adindas

izools

If it was just 2SOs you need, it is very simple and this could be done within minutes if you have access to internet banking. Just set up two dummy SOs to your other accounts in other banks in value of 1p.

Alternatively, Some SOs Instruction even allow you to do half yearly or even yearly SOs. So set up a yearly standing order. Even you do set up two SOs in value of £100.00, for yearly SOs there will be no money coming our from your old a/c/.

As soon as you get incentive (which is expected in four months) then cancel the SOs. DDs is quite painful to set up if you have not got one.

That is the reason why I am asking How many SOs and DDs to get principle approval in my previous posts #82. We just need to make sure we comply to what they have actually required. As incentive will be paid in month 4, nobody knows whether £200.00 is paid or not. I just worry that they might refuse paying those incentive using an accuse that they want 2SOs AND 2DDs. By this time there is no more chance to reverse the decision.

ADINDAs

izools wrote: »

I find this rather odd, as my OH has only one standing order set up on his account and that is his full, main use, and only current account through which all of his income and expenditure is paid.

Come to think of it, I only have one SO, too.

Seems silly to expect any account used as a "main" account to have at least 2 SOs set up on it.

Gromitt

Santander is exactly the same with it's offer of £100:

Actual wording:

"have at least two active Direct Debits or standing orders set up on the account"

So I don't think its strange.

Of course they can change the T&Cs at any time, but what we have agreed to at the moment is the same as santanders condition.

chambta

Just been into the local Co-op bank to sort it out. Once she knew I did the same job in another bank she gave up trying to sell me anything else!

hethmar

Just sent my application. What did worry me a bit is when they ask for details of your switching account and refer to it as your MAIN account. Ive used one I just keep a little bit of money in with a couple of standing orders to charities.

chambta

hethmar wrote: »

Just sent my application. What did worry me a bit is when they ask for details of your switching account and refer to it as your MAIN account. Ive used one I just keep a little bit of money in with a couple of standing orders to charities.

I noticed that. But the T&Cs refer to £800 being credited and that's what matters.

pirlo_21

So...


pay my salary + my orange and sky direct debit and i get £200?

sounds like a deal to me?!

thank you!

chambta

pirlo_21 wrote: »

So...


pay my salary + my orange and sky direct debit and i get £200?

sounds like a deal to me?!

thank you!

Well yes, except you don't need to actually pay your salary in. As long as £800 hits the account for the relevant three months you met the terms & conditions. Hopefully they're up to speed with FPs and I can use the internet banking to send the majority of it straight back.

horngkai

got an email an hour after the confirmation email for my application

''[FONT=verdana, arial, helvetica, sans-serif;]Thank you for your recent application for a Current Account Plus.
Your application is still being processed and we'll do our best to let you know our decision within the next few days.
We may need to contact you to provide some more information about your application. If we do, we'll send you an e-mail to let you know.''


Have not hear anything since.... that was sent to me last night.... Hopefully it doesn't means bad news, my credit rating been excellent normally, having been approved for cap one world card, M&S card etc..... Might have drained myself of my rating perhaps

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