Coop Visa overcharged all of their customers in September

***trumpeter***

I've just spent an hour or so on the phone to Coop Visa CS discussing a blip in my interest charges. I haven't used the card in 6 months, I've paid the same off each month at the same time each month and yet in September the interest charge jumped UP by 20% rather than gradually reducing.

One of the Coop representatives tried the "some months are longer than others" ploy. Also one representative promised that a superviser would call me back but nobody did.

Eventually, though, one of them has agreed to refund the overcharged amount and admitted that the mistake was the bank's due to a planned and then delayed changeover of systems. She admitted that ALL of their customers would have been overcharged in this way and said that the Coop would be writing to all of us and refunding the overcharged interest.

Is it possible that Coop Visa overcharged all its customers by 20% interest and pretty much got away with it?

Best wishes, Neil

agrinnall

a) Not all customers, some of us pay our cards in full so don't get any interest charges.

b) They haven't "got away with it" as they are writing to all affected customers and refunding the excess charge.

***trumpeter***

agrinnall wrote: »

a) Not all customers, some of us pay our cards in full so don't get any interest charges.

b) They haven't "got away with it" as they are writing to all affected customers and refunding the excess charge.

I didn't say they've "got away with it". Please make and effort to represent true meaning when you quote. I ASKED if they've "pretty much got away with it", which is rather different.

And although the overcharge took place 6 weeks ago
a. I haven't heard of anyone who has received a letter (has anyone here?) and
b. I had to spend a couple of hours arguing with them to get my refund, which suggests to me that they aren't trying very hard to put things right.

Well done, by the way, for pointing out the blindingly obvious that those who pay off their cards in full wouldn't have been overcharged. I wonder if anyone at all was confused by that possibility - probably not, I not so humbly suggest.

Best wishes, Neil

***trumpeter***

Still no letter. Has anyone had a letter about this overcharge. Or has the Coop got away with it?

Coop Bank professes to have 5.5 million customers. If 1.5 million of them have a Coop Visa, and if 1 million of them don't pay of their balance in full (that's looking on the hopeful side, I know) and had an outstanding balance of £1000 (is that reasonable?) at the time of the 20% overcharge in monthly fee then the Coop made a cool £2,000,000 out of this computer error.

That should cover a few of the senior management bonuses this year, won't it! Personally I think it's tantamount to thieving.

Best wishes, Neil

savagej

I am going to take a very close look at my account, I have not had any letter about higher interest charges. I never really look at them, just accept they do it right.

***trumpeter***

They'll send you details of the interest they have charged you if you ask them, I think.

Best wishes, Neil