Co-operative bank student account 2012/2013: We want your feedback

alex99

POSTSCRIPT

Finally heard from Coop bank: They have restored my daughter's free student overdraft facility, apologized for their mistakes, not charged her, and given her financial compensation.

So all's well that ends well ... just a shame it all took so long and so much effort.

We shall, after all, be signing my son up with them when he goes off to University in a few months' time.

Tracy62

Son has account with Santander. Wanted to change to Coop. Has always stayed within credit with his account before going to uni. Has used his overdraft facility since going to uni but has never gone unauthorised, always stayed within. He has just had the Coop application request declined without them even asking for any further info. He has no other debt or credit card. Presumably it's because of his use of an authorised overdraft!! Any advice anyone on a different bank to move to? Any way Coop might change their mind? I must say I was surprised at it being declined.

noreenw

My son applied for a student account last october. He has never gone into the red, but is now getting phone calls and letters saying they have increased his overdraft limit to 1400 {this is the amount he applied for} now they are saying his overdraft was reviewed in January 2013 and there would be a debit interest rate. He rang them a few days ago and they said they would extend overdraught to the end of april! Does this mean by that date he will have to clear the whole amount? when he applied he was told he would have this for 3 years and it would increase every year.Some advise would be really helpful thanks.

Masomnia

Just applied and got an email 10 minutes later saying I'd been accepted, and some paperwork was in the post.

So far so good; I'll keep you updated on how I get on.

Sophis

I was turned down for a cooperative student acount at the beginging of term (Sept 2012) due to my credit rating, this was because of financial difficulties 12 years ago being on my credit report still, an account was defaulted in 2007 hence still being on my credit report, this has all now been cleared and I have a fairly decent credit rating again, i have not been in any financial difficulties since, and all my accounts in the last at least 10 years have been paid in full and on time so my credit rating is back to being healthy, so i was wondering if it was possible to reapply for an account with the cooperative bank or if once i am turned down i can no longer reapply, thanks

atypical

Sophis wrote: »

I was turned down for a cooperative student acount at the beginging of term (Sept 2012) due to my credit rating, this was because of financial difficulties 12 years ago being on my credit report still, an account was defaulted in 2007 hence still being on my credit report, this has all now been cleared and I have a fairly decent credit rating again, i have not been in any financial difficulties since, and all my accounts in the last at least 10 years have been paid in full and on time so my credit rating is back to being healthy, so i was wondering if it was possible to reapply for an account with the cooperative bank or if once i am turned down i can no longer reapply, thanks

You can reapply.

clearblueskies

I opened a student account with the Co-Op in 2010 and it's been nothing but hassle all the way. First of all, because I visited the branch in the March of 2010 merely to enquire about eligibility etc, my overdraft period has run from March to March, even though the course didn't start until September. Numerous phone calls and letters throughout the 3 years has changed nothing, culminating in a demand to repay the overdraft in full in March this year, 3 months before graduation. I managed to get this extended, but only until May as this is when the course officially ends. Every other student account I am aware of expires on graduation which is normally in June, not on course end date, so at present there is 1 month gap before I can apply for a graduate account during which I am expected to pay overdraft charges. Apart from all of this, there have been random charges of a few pounds every quarter which, when challenged, they cannot ever explain and therefore always reverse, but only after I have spent yet more time on the phone to them. That is of course when you can get through to the student accounts department: they are only open from 9-4 Monday to Friday and no other department is willing to help outside those hours.

Thinking of opening a Co-Op student bank account? Think again would be my advice.

HarryStudent1

Hello,

So i was recently informed that my Coop student account has become a standard current account because i have been a graduate for a year and finished my interest free year period. However, this is a mistake that has been made by Coop as I will only just graduate this year, meaning i should have a further year before my student account converts to a current account.

Coop have said that because they heard nothing from me when they sent a warning letter last year to inform me of the changes to my account, the changes were set in motion.

This is actually incorrect, i did contact them by phone to say i had another year of my uni course left and my overdraft was adjusted to the agreed third year amount in light of this, which also confirms their acknowledgement of my third year. This means that it must have been an internal error and not a lack of information given on my part.

Coop have said there is now nothing they can do to stop me being charged interest on my overdraft and that the only option is to open a new student account, despite the fact that i will only be a student for the next 3 weeks.

This also means i will have to spend money activating the account and will still not resolve the interest charges on my existing account.

I am very disappointed with the error made by Coop and that they have offered no solution to resolve the issue other than opening a new account that i can't afford.

What should i do? I please need an urgent response to this as I believe that charges are to soon be wrongly applied to the account. Thanks in advance for your help.

Herbalus

If you feel you can't resolve the situation with Co-op, then try another graduate bank account and switch.

Have a look here: http://www.moneysavingexpert.com/students/graduate-bank-accounts#rbs

The RBS account shows details for graduates from last year - this year you will have £2k interest free in year 1 and £1k interest free in year 2, so it's actually better than what co-op offer.

I suggest you go to RBS and open a new graduate account with them. Tell them you're switching from co-op and see what they can do for you.

Hasty1991

Oops, wrong thread.