Co-op Cashminder account query?

z292001

I am currently in the process of opening up one of these accounts. However I have read quite a lot of reviews stating that card transactions do not update until 2-3 days later, therefore they can 're-use' the funds over and over until the system updates!

Can anyone with this account confirm this? The last thing I want is to be getting into more debt by been overdrawn.

22bear

z292001 wrote: »

I am currently in the process of opening up one of these accounts. However I have read quite a lot of reviews stating that card transactions do not update until 2-3 days later, therefore they can 're-use' the funds over and over until the system updates!

Can anyone with this account confirm this? The last thing I want is to be getting into more debt by been overdrawn.

Yes, it's true...otherwise its a great account and the co-op have been excellent with me in terms of customer service...but yes, items can take 2-3 days before showing on your online balance but there are 2 ways to get around this:

1) checking your balance at a cash machine will give you your available balance in real time

2) The co-op has recently introduced a text service which give your up to date balance in realtime (like it would at a cash dispenser)..you can ask them to sign up to this text service

john1002

It is true that the internet service does take 2-3 days depending on retailer to update but you would nto be able to reuse funds as you say as any authorisation reduces your balance.

So if you have 50 and spend 45 then you can only spend 5 and no more.

john

z292001

john1002 wrote: »

It is true that the internet service does take 2-3 days depending on retailer to update but you would nto be able to reuse funds as you say as any authorisation reduces your balance.

So if you have 50 and spend 45 then you can only spend 5 and no more.

john

Thank you that has answered my question. I was very worried about being able to 're-use' the funds, as a review I read stated that co-op don't hold the money you spend after making a transaction.

AdvicePlease

This happens with other bank accounts as well as the Co-Op one - I used to have a Nationwide Flex account which was just the same?

Padstow

z292001 wrote: »

I am currently in the process of opening up one of these accounts. However I have read quite a lot of reviews stating that card transactions do not update until 2-3 days later, therefore they can 're-use' the funds over and over until the system updates!

Can anyone with this account confirm this? The last thing I want is to be getting into more debt by been overdrawn.

You can't go overdrawn with it, they are way ahead of us, thank goodness.
Make sure you get the "text balance" service as that is your available balance.
It's very slow at updating on the site and it drove me so mad at the beginning that I posted about it on here.

Even the text service isn't always right as I've had a larger balance on the second day than the first without making a deposit.

Best thing is they have call centre staff who understand what I'm saying. I don't have the embarrassment either of asking "Please could you repeat that?" The call centre staff are helpful and friendly. So much so that in the early days of trying to get used to the CO-OP, I'd ring up in desperation and after advice would be asked if there was anything else they could do to help?

No thankyou I'd meekly reply, and get off the phone feeling far better for it.

Yes so open one but be prepared to adjust a little. It's not a current account as you know it.

tigerfeet2006

You CAN go overdrawn with it. Some shops will not do a verification if you spend under a certain amount. If that amount is £20 and you only have £5 left and you forget then you can go over.

PippaGirl_2

and then Co-op can close your account for failing to keep out of a negative balance.

dojoman

I have had this account for 3 years, one thing BR did is make me more vigilant as to what is in your account, in the end it is up to ourselves to know what is in the account not the coop, I use Quicken to keep a track of mine but there are some good free programmes out there as well. What you have to bear in mind is that there are only 2 banks out there willing to give BR`s an account!!!

Oldfatgrumpy

I've had one of these accounts for seven years, and got into the habit of keeping receipts for anything I pay for with the debit card, in my wallet with the card. That way if in doubt I can work out the balance myself by deducting anything not showing online yet from the online balance. I got it wrong once and it cost me a bank charge and a snotty letter but they didn't close the account!
After I'd had the account for a few months I opened a savings account with the Co-Op, in which I keep a couple of hundred quid, if I need extra money in the Cashminder a/c I can transfer from one a/c to the other online instantly.

alastairq

I agree with OF&G....I too, have two Cashminders and a Smartsaver.....the first CAshminder receives my salary, and pays out for variable but immediate stuff like food and fuel, etc....the second receives a lump sum from the first, on payday, and has all the SO's and DD's....everything that must be paid, regardless.

The Smartsaver receives any and all surpluses, and is used like OF&T's model, to add to the first account as & when I think it may be getting close to the mark.

Anything not used by month's end gets transferred back to Smartsaver.

It is a real pity Co-op won't accept a direction from the customer, to simply transfer sufficient funds from one account to another , should that account prove to have insufficient funds.


But before we complain too much, perhaps we should recognise that really we are victims of the times we live in?

When I first opened a running bank account,, nearly 50 years ago.....although I had a cheque book, the account had to be run much as the Cashminder is today...for no allowance was given if there were insufficient funds available...and often, cheques might not hit the account for months!

Folk forget this was normal......once....and we didn't have the issues noted today!

It isn't the account that needs to be changed....it is our own mindset towards finances.

We have embraced too much the concept that we should need to exercise less & less control over everything in our lives, and rely more & more on the so-called technology to keep us right.

The obvious example is the car, and driving.

So it has become with our finances.

BR, especially, gives the opportunity for a 'fresh start'......and , hey, folks, basic personal budgeting is a fresh start.