Is the Co Op Bank really ethical and fair to customers?

PetePetePete_2

innovate wrote: »

You shouldn't believe it because it is not true.

You have many more banks and Building Societies to choose from.

For instance, Nationwide has been rated (by those ethical rating people I posted a link to) as a lot more 'ethical' than the Coop. But if you don't think Nationwide are for you either, there's a plethora of others who the ethics-raters put above the big 4.

"Ethical" appears to be a bit like "beauty" - - - i.e. a very subjective assessment of something or someone. Having a mediocre CS, or anancient system (your complaints), for instance, wouldn't count as 'unethical' in my books. It's just lack of investment, and general sloppiness (probably a direct result of lack of investment). I for one wouldn't deal with such an organisation, particularly not if I have literally a dozen or more alternatives.

One last thing, I agree that bad procedures and customer service is not a matter of ethics. Where it is a matter of ethics is where they adapt their terms and conditions to compensate for their own shortcomings and make you pay as a result. In these circumstances they should have some flexibility and waive charges which people have incurred. They dont and this is what I call unethical.

DalePie

I have a co op and barclays account by choice.

The co op are a lovely bank and the staff are nice but because they are a relatively minor player they have some odd rules and regulations. Even simple things like printing a bank statement you cannot do at a co op bank.

Barclays however, these guys have the size to get all jobs done quickly. They might be evil but sometimes when you need that £300 wired to your account pronto it just makes sense to use barclays because you know it will work fine.

A huge warning to basic account holders too! They have a 3 strikes and your out policy for going overdrawn and missing dd payments.

If you want a co op account because they are "ethical" that's cool. For god sake open an account with a larger player too so if you need something done and it matters you can

PetePetePete_2

Southend1 wrote: »

Your complaints mainly seem to revolve around the fact that you are determined to pay bills only at the very last minute. A little more organisation on your part is all that is required to resolve this!

I pay bills on time and always have done, that is the important thing.

If you review your statement on the website there is nothing on the statement page to tell you you must transfer money 2 days in advance to ensure the money arrives on time. If you click on the "pay this bill" link there is still nothing about having to pay 2 days in advance. It is only when you have ordered the payment that it tells you that money needs to be paid 2 days before the payment date.

This is important information. It is too late to tell you after you have paid the money that you should have paid the money two days earlier!!!!! I would expect this is common sense. When you also consider that it is their fault that they cannot transfer the money on time and they do not suffer any financial loss anyway, then I do not see why they are not able to offer a refund.

Charging people interest in these instances is totally unacceptable. What is the point of having an ethical investment policy if they cannot treat the people who invest in them in an ethical way either?

PetePetePete_2

DalePie wrote: »

I have a co op and barclays account by choice.

If you want a co op account because they are "ethical" that's cool. For god sake open an account with a larger player too so if you need something done and it matters you can

Alternatively, the co op being a large organisation with considerable resources, it should pull its finger out (putting it politely) and do things properly itself.

Southend1

PetePetePete wrote: »

I pay bills on time and always have done, that is the important thing.

If you review your statement on the website there is nothing on the statement page to tell you you must transfer money 2 days in advance to ensure the money arrives on time. If you click on the "pay this bill" link there is still nothing about having to pay 2 days in advance. It is only when you have ordered the payment that it tells you that money needs to be paid 2 days before the payment date.

This is important information. It is too late to tell you after you have paid the money that you should have paid the money two days earlier!!!!! I would expect this is common sense. When you also consider that it is their fault that they cannot transfer the money on time and they do not suffer any financial loss anyway, then I do not see why they are not able to offer a refund.

Charging people interest in these instances is totally unacceptable. What is the point of having an ethical investment policy if they cannot treat the people who invest in them in an ethical way either?

Why not just pay your bills a couple of days earlier? I always make sure to pay at least a week before the due date and I have never had a problem.

PetePetePete_2

Southend1 wrote: »

Why not just pay your bills a couple of days earlier? I always make sure to pay at least a week before the due date and I have never had a problem.

I think you are missing my point, but thanks nevertheless for your most helpful advice...

dalesrider

Given that Co-op are part of the faster payments network. I would raise a complaint on this as internal systems are no excuse for the payment not getting to the credit acc in the limits.

opinions4u

dalesrider wrote: »

Given that Co-op are part of the faster payments network. I would raise a complaint on this as internal systems are no excuse for the payment not getting to the credit acc in the limits.

Weekends, however, remain an excuse.

PetePetePete_2

Southend1 wrote: »

Why not just pay your bills a couple of days earlier? I always make sure to pay at least a week before the due date and I have never had a problem.

On second thoughts, can you explain to me why you think I should accept the co op charging me when they cannot be bothered telling me properly when I should pay my credit card statement? What your post is effectively saying is that we must take responsibility and make accomodations for when organisations cant be bothered trading in a fair and transparent way. I totally disagree with you.

olly300

PetePetePete wrote: »

I want to stay with the Co Op, but I question if their commitment to ethical and fair treatment of customers and to trading is as strong as they claim. I wonder if it is only me who is having these problems, or am I expecting too much?

I have personal bank accounts with Nationwide BS, Coventry BS and Metro Bank. Before that I had personal bank accounts with HSBC, Natwest and RBS.

If you don't like a particular banks or BS stance to what you need to do then vote with your feet.

I wouldn't open a bank account with the Co-op but I have personal reasons for that.