What on earth is the deal with Co-op Bank?

BrandNewYear

I applied for a savings account with Co-op Bank (online). They sent me an email saying it was approved in principle subject to final checks. Today I received my account number and sort code code in the mail plus a letter saying that the account is opened. Today another letter came, also from the Co-op, saying:

"Thank you for your recent application for an account with The Co-operative Bank. Unfortunately after careful consideration we are unable to open the account that you have requested."

This is just for a SAVINGS account, not a current account or that basic current account they do.

I have never in my life held any account with the Co-op. There are no CIFAS markers on my credit files. I have opened other accounts with other financial institutions successfully recently. I've never been bankrupt or anything similar.

About 3 years ago I applied for a Co-op Cashminder Account and was similarly turned down without explanation. Before and since that time I was able to successfully open other banking products without any problems at all.

What is going on here?

BugsyBrowne

TBH you're applying for everything of late that has an apply button on the screen.

What's wrong with your other accounts or are your tactics to maybe open up a coop savers account then apply for a full current account.

BrandNewYear

BugsyBrowne wrote: »

TBH you're applying for everything of late that has an apply button on the screen.

What's wrong with your other accounts or are your tactics to maybe open up a coop savers account then apply for a full current account.

I wanted savings with them because they claim to invest in ethical businesses. I'd understand if other institutions turned me down for accounts but they don't. Clearly Co-op has got something against me to turn me down for a savings account which is not even credit scored, hence my question....

Saturnalia

I'd take both letters into the branch and ask them abput it, as if they have sent you an account number and sort code it seems this account in your name has been set up by them.

Have you tried logging in to their online facility with the ac & sort code?

BugsyBrowne

Saturnalia wrote: »

I'd take both letters into the branch and ask them abput it, as if they have sent you an account number and sort code it seems this account in your name has been set up by them.

Have you tried logging in to their online facility with the ac & sort code?

Why would anyone get messed about by a bank then grovel to them by going into the branch.

Stuff the coop I say. Ethical or not all banks are the same.

Saturnalia

BugsyBrowne wrote: »

Why would anyone get messed about by a bank then grovel to them by going into the branch.

Stuff the coop I say. Ethical or not all banks are the same.

I'm not suggesting OP grovel. I'm suggesting s/he go into the branch and ask why they have had a letter with the relevant codes for the account they requested to open, which shows the account has been opened for them; but also a letter saying they can't have an account, as both letters cancel each other out.

It's possibly an admin error.

agrinnall

While I suppose it could be an admin error, what is far more likely is that there was an automated account opening process that supplied the account number but a later manual check which has thrown up something that means the Co-op thought better of having the OP as a customer. You'll see plenty of posts about this happening at RBS/NatWest so there's no reason to think that Co-op wouldn't be prepared to do the same thing.

It's doubtful whether anyone in a branch will be able to help much as this will have been done well away from the branch network.

InsideInsurance

agrinnall wrote: »

While I suppose it could be an admin error, what is far more likely is that there was an automated account opening process that supplied the account number but a later manual check which has thrown up something that means the Co-op thought better of having the OP as a customer. You'll see plenty of posts about this happening at RBS/NatWest so there's no reason to think that Co-op wouldn't be prepared to do the same thing.

It's doubtful whether anyone in a branch will be able to help much as this will have been done well away from the branch network.

I agree it is certainly better to call than to go in branch but it would be a very poor process to have a system generate and open an account prior to manual checks being completed. If it had been flagged for checks then it should pause the automated workflow.

RBS/ Natwest systems are absolutely creaking at the seams and the continued number of system failures and issues are proof of that. My 3 complaints as of late have all been put down to systems failures even though one incident ultimately goes back to 2009 and so certainly not related to this summers failure. Comparing any other bank to them is probably not best

BASFORDLAD

They just dont want you as a customer

JuicyJesus

It means, as far as I know, that something about you looks dodgy so they don't want to deal with you. This decision is non-negotiable.

I'm only guessing here, as I had something similar happen to me when applying for a Cashminder. They refused to give a reason beyond "we do not want to have you" so I surmise that they have put two and two together and got eleven thousand. I have never been involved in fraud or money laundering, my CIFAS is clear, I applied (as always) with truthful details, they will give Cashminders to people who have b*llocksed up their finances beyond all recognition and I've never had any similar trouble applying anywhere else, so I'm not exactly sure what tree they're barking up. Maybe they think I sell arms.

Either way, they sent me on a run around supplying them with ID documents and such which it turned out they didn't need or want because the decision they had made was final and ended up compensating me for my time and phone calls.

And the branch were worse than useless. Girl at the front desk was cute though.