Co-Op Cashminder Accounts

john10001

What are the benefits of the Co-Op Cashminder Accounts?

I have read a few posts on the forums regarding them but I am unsure as to what they are exactly and what their benefits are but would be very interested if one of those benefits is a lack of excessive bank charges (in exchange for a package of invisible services or the emperors new clothes!).

Cheers,

John

lizzy23

The cashminder account is a basic bank account, thats why you see it so much its suitable for people going on to a DMP, there is no overdraft and all you get is a debit card, no check book no nothing, you do get access to internet banking so are able to transfer money set up direct debits and standing orders etc

downnotout

The only negative is that the Internet banking feels like it runs a fortnight behind. In reality its just a few days but very frustrating none the less.

Lensman_2

The internet banking does seem a bit 'clunky' but I like the security.

A big benefit with any Co-op account is 24x7 UK call centres.

I wish I had moved from my 'main' bank a lot sooner.

orchid2010

We have a Cooperative Cashminder account and I love it.

You can set up and cancel standing orders and direct debits, transfer money and make payments on-line. Direct bill payments and transfers go out almost immediately and money transferred or paid in at any Post Office credits almost straight away.

Of course you must not overdraw the account and they are very strict about this. Almost got our account cancelled when we went £1.52 overdrawn (my mistake, transposed two figures on my budget sheets).

You get a card reader for safer internet use and the debit cards are Visa debit not electron.

john10001

Do these accounts charge fee's, bank charges etc? And I thought they prevented you from going overdrawn by declining transactions if you don't have enough? If they still allow it but then close down your account for being a quid overdrawn I am less sure about the benefits? Losing a chequebook is no biggie for me because I rarely use cheques these days. I think most people just use internet banking now and bacs or faster payment methods instead of cheques, even paypal etc?

I also just wondered for people on DMPs and IVAs, why is it important to not make payments to your creditors using your new bank? I have read a coupld of posts were people have said they are going to make sure that their creditors are paid manually using paying in slips and not through online payments through their new account they have set up that they are getting paid into? Is there some sort of way that creditors can get access to that new account or your earnings?

Thanks,

John (learning more and more each day)

lizzy23

No they don't charge fees, as far as i'm aware they do stop you going overdrawn, by not allowing payments to go through if there is insufficient funds, as for the rest i'm on a DMP and all my payments come out of my cashminder account

FireWyrm

Strange...I have a cashminder and a cheque book.....

Its about the simplest account possible. No overdraft, no credit cards. A simple debit card and (perhaps) a cheque book. It's as close to real cash as you can get and much like the old style bank accounts of the early 90s. No hard sell either.

Well worth it in any event. Besides, how hard is it to really keep an eye on the situation and stop yourself going overdrawn with online banking, mini-statements, balances at the machine and no unexpected charges to worry about?

sexyshark

if a direct debit bounces you get a £15 charge

rising_from_the_ashes

Quick question please - I need another bank account but don't particularly want to go through a credit check.

Where can you pay in money to this account?

Are there branches of the bank or can you pay in elsewhere (PO?) - never seen any branches around here

There's no branch of my other bank near me so need to ensure I can pay money into the new one easily - thanks

GazHatesBanks

You can pay in cash at a Post Office which is immediately shown on your account.

If you need to pay in a cheque, be aware that if you can't get to a branch then you can get some envelopes from Co-op which can be left at the post office although it does take a few extra days for them to clear.