Enough of 'Banks'! Goodbye Co-operative

PeteHiggins

For my entire adult life (and I'm now 60 and retired) as a student and as a full time employee for 35 years, I have banked with the Cooperative Bank. I thought I was being 'ethical'. I thought I was avoiding the ugly face of 'big business'.....I was just a Mug!
The Co-op bank cares no more about it's customers than Barclays, HSBC, or any of the others who have shareholders to satisfy. Co-op hides behind it's 'Ethical' stance but nevertheless provides appalling customer service!
In my years with the Co-op I have suffered forced closures of accounts (which have been in credit) because the bank no longer wanted to provide the facilities promised with the account (Freeflow accounts), refusal to open joint accounts with or even single accounts for my Civil Partner who was employed full time by a national utility company, complete lack of advice in investing substantial sums I had deposited with them (on a number of occasions) and the most appalling letter based 'officialese' communications rather than simple phone calls or even emails.

Well enough is enough! I'm going to Nationwide! It may not pay the best or save me the most on bills etc.....but at least it's a mutual not a company.....if this doesn't work out I will buy a safe!

DCFC79

And now breathe

Eve4ever

Good for you! If we all moved to the more ethical suppliers, perhaps the reminder would re think their practices. In real terms your decision won't change the world but at least you are at peace with your own decisions.

ses6jwg

Do you honestly think Nationwide being a mutual will mean they value you more as a customer?

Because they won't. They're still paying their execs millions and their floor staff pennies.

You should go with whichever institution puts the most money in your pocket and can do it safely, and milk them for all they're worth.

CLAPTON

the CEO of nationwide has a remuneration package of £2million

they have lots of saving a/cs with bonuses to take advantage of the old and the young and anyone that isn't vigilent

JuicyJesus

PeteHiggins wrote: »

In my years with the Co-op I have suffered forced closures of accounts (which have been in credit) because the bank no longer wanted to provide the facilities promised with the account (Freeflow accounts)

I don't know what Freeflow accounts are or were, but they can supply whatever products they like. They are in no way obligated to continue supplying the same product range forever.

refusal to open joint accounts with or even single accounts for my Civil Partner who was employed full time by a national utility company

They also don't have to have anyone they don't want as a customer as a customer.

Also, just because you are employed full time by a utility company doesn't mean you can't fail a credit check.

complete lack of advice in investing substantial sums I had deposited with them (on a number of occasions)

Unless you ask for advice, you shouldn't receive it. It is proper that you not receive unsolicited financial advice. Any advice should be provided through a qualified financial adviser and subject to a fact find and risk rating. Branch staff cannot do this.

They could contact you about alternative savings accounts, or give you the opportunity to seek financial advice through them (I don't know if the Co-op do this or not)... assuming you haven't opted out of marketing. If you've stated you want no marketing contact then to try to offer you anything would be a breach of the Data Protection Act. That isn't really their fault.

At any rate, it is not outwith your control to ask them or to seek out an IFA to deal with such things for you.

and the most appalling letter based 'officialese' communications rather than simple phone calls or even emails.

They'd be business communications from a bank regarding a business relationship. Seems fair enough they be in writing and official language. True, I'd rather a phone call or for most things too, but frankly I can't blame them. Putting things in writing leaves a paper trail.

I do happen to get the impression these letters might have been regarding complaints. In which case for compliance reasons, they might prefer to send letters too. Again, just a thought.

I'm going to Nationwide! It may not pay the best or save me the most on bills etc.....but at least it's a mutual not a company.....if this doesn't work out I will buy a safe!

The Co-op are a mutual too.

I hold no particular brief for the Co-op (as banks go they're pretty poor) but it sounds like you keep having problems with banks because you look for them or blame them for things that actually make perfect sense. Not exactly sure why it's poor service to you to not offer someone who isn't you an account, for example.

antrobus

JuicyJesus wrote: »

....The Co-op are a mutual too....

The Co-Operative Bank is in fact a PLC just like a lot of other banks. It just happens to be a PLC whose sole shareholder is the Co-Operative Group, which is a mutual.

JuicyJesus

antrobus wrote: »

The Co-Operative Bank is in fact a PLC just like a lot of other banks. It just happens to be a PLC whose sole shareholder is the Co-Operative Group, which is a mutual.

For most purposes it's close enough. And in reality, being a mutual has very little impact on the quality of service provided, as the OP is likely find out when they go to Nationwide.

agrinnall

Good luck with Nationwide, my experience over the 13 years that I've been with them is that they have become more and more like every other bank. You may be fortunate enought to get a better experience than you have had with Co-op, but if it turns out to be a bad move don't come here asking for any sympathy.

innovate

PeteHiggins wrote: »

Well enough is enough! I'm going to Nationwide!

There's often good reason to move some or all of your accounts to another bank. There is rarely ever any bank that provides for all your needs, or that provides the best offers continuously.

You have made the first step at potentially cutting the umbilical cord that many people mistakingly think they need to have with a bank. But I'm afraid, if you think you will find any truly "ethical" bank, you'll be disappointed again and again.

What is it you want from a bank? Draw up lists of "must have", "nice to have", and "cannot accept". Then vet each bank against it. By all means, publish your lists here and draw on the various opinions people will have about best matches.

Forget about the idea that any bank that will ever give you a "loyalty bonus" or similar - - they operate in a cut-throat competitive market, they all try to outperform each other from time to time, and they will all willingly let down their most loyal customers any hour of any day. The way to "live" with banks is to cherry-pick what suits you best, and to regularly move your money where it suits you best. That's why quite a few of us have umpteen current and savings accounts, with literally any bank or building society you can think of.

I don't know what you expect from a bank, but I'd hazard a guess that Nationwide won't live up to expectations either. Forget the notion of "my bank" - - the notion of "my money" will serve you a lot better, i.e. put your money wherever you get the best deal, and keep moving it when they think they can drop your interest rate to peanuts.

innovate

JuicyJesus wrote: »

At any rate, it is not outwith your control to ask them or to seek out an IFA to deal with such things for you.

Any conscientious person shouldn't ask any bank for "advice" in money matters, anyway - - it's alright to shop about for a bank's offers, but not to the detriment of other offers in the market. Expecting a single bank to give you advice on what to do with your money is, I am afraid, frankly naive.