Co-op Cashminder feedback - Accounts opened AFTER 17th Sept 2012

haremscarem

Interesting decision... I stopped using my CoOp full time as it takes to long to update. The only benefit I have had with it is paying in cash at the Post Office, which weirdly credits quicker than a main branch of CoOp.

I keep it for two direct debits now and that's it.

alastairq

except today...................Co-op had its computers crash!

I, for one, could not withdraw any cash, or even obtain a balance....very embarrassing when I came to pay for my petrol!

[Luckily I managed to scrape together enough cash at the time.......however, on reflection, I should maybe have simply said I have no other means of payment, other than my bank debit card!

Then, Co-op would have been in for a shed-load of compensation for the ensuing inconvenience I might have endured?}

When this sort of 'systems crash' occurs with banks, it is really vitally important, from their customers' point of view, that the banks promptly inform all major retailers of the issue, so that customers presenting their cards [and being refused] don't face an embarrassing situation!

When it is through no fault of theirs.

Sadly this does not occur.


Wonder if Co-op might be inclined to proffer some compensation for the inconvenience caused?

mynumber

Hi, thought id add my experience of co-op account. I opened the standard current account about 10 years ago with my son as he was too young to open one alone. Anyway he never used it and it was dormant till begining of last year when i started to use it, ( lloydstsb was the one i used but they are one of my creditors ) i have used it since and to be honest am pleased with the fact if i need to talk to them i actually get through to my bank not a central call centre. I went bankrupt on 10th sept and fully expected my account to be affected if not closed, the or clerk said he wasnt interested in it and would relay this to the bank. My account hasnt been affected in anyway and is still up and running. Apart from the fact there are very few co-op branches about i dont think id want to move to another one, even if i could

K X

PippaGirl_2

Yes all accounds are fine for previous customers. We are hoping to hear from people who have opened their cashminders after the recent date of change to see if they are affected. I don't think they will be affected and think they will be fine. We'll see!

topcat2006

We have just applied this weekend to opera cash minder account and will go bankrupt in a few weeks.

Just waiting for stuff to come from co-op now.

Not sure wether to change salary etc straight over or wether to go br and then change it all over. My gut feeling is to go br, see what or and coop say and then change over.

TC

alastairq

Not sure wether to change salary etc straight over or wether to go br and then change it all over. My gut feeling is to go br, see what or and coop say and then change over.

Once the account is up & running, move everything over as soon as possible.
It is vital that income is moved away from any account belonging to a creditor, soonest.

IF

topcat2006 wrote: »

We have just applied this weekend to opera cash minder account and will go bankrupt in a few weeks.

Just waiting for stuff to come from co-op now.

Not sure wether to change salary etc straight over or wether to go br and then change it all over. My gut feeling is to go br, see what or and coop say and then change over.

TC

Thank you TC for posting and please do come back and let us know if the Co-op keep your Cashminder account open :beer:
I'm not sure either what to advise about your pay as it is still unclear to us all as Fermi has said in post 1.

Best wishes
IF...x

IF

Bumping for further replies from posters who have opened a Co-op Cashminder account after 17th September 2012 and have been allowed to keep/not keep it after their BR.

chunx

To be honest, I would have thought that all of us who are undischarged BR's, the Co-op would have written out to customers to advise of any restraints / cessation, after the news announcement took place.

On the bank's system, there may be an indicator which has to be ticked when an account is open for an undischarged bankrupt. In that event, the bank could have easily have written out to all accounts with that indicator flag had they wanted to take action on an undischarged bankrupt's account.

As no-one has been directly written to, I think we can safely say that existing accounts will not be affected at all just yet.

I haven't worked in banking for over 12 years now, so I may be wrong to say this, but what may happen is the Co-operative Bank may decide in the future to migrate accounts from Cashminder to another account and cease offering the Cashminder account all together. I've seen both banks and building societies do this account migration in the past.

The advice we were given by the CAB when my wife and I started to have financial difficulties was to immediately move all transactions and financial matters to a Co-op Cashminder account.

We didn't go BR or 2 years after that advice and our accounts had been well and truly open.

My advice to people who think mid term they are going to go BR is to get a Cashminder account opened now before you take the BR route longer term.

fermi

chunx wrote: »

To be honest, I would have thought that all of us who are undischarged BR's, the Co-op would have written out to customers to advise of any restraints / cessation, after the news announcement took place.

On the bank's system, there may be an indicator which has to be ticked when an account is open for an undischarged bankrupt. In that event, the bank could have easily have written out to all accounts with that indicator flag had they wanted to take action on an undischarged bankrupt's account.

As no-one has been directly written to, I think we can safely say that existing accounts will not be affected at all just yet.

We know that existing accounts that were open before the announcement on the 17th will be unaffected. That is not the point here.

It is ones opened after the announcement but before BR that are a little uncertain.

On those there will be no marker or indication of BR, as the person will not have gone BR yet.

The Co-op says that "existing customers" will be OK, but will only give that guarantee for accounts opened before 17th Sept.

For one opened after, but before BR, they are being evasive at best about how they will treat these.

Thing is, if you take the press release at face value you could open an account one day (or week etc) and go BR the next and by doing so completely evade the new restrictions. That does seem a bit absurd from the Co-op, which then begs the question how will they react to people who do this?

Co-op press office refused to say.

So far, we have not had real enough examples to tell.

So please. Keep the comments on this thread to those regarding accounts opened AFTER 17/09/2012 and shortly BEFORE you went BR.