Co-operative Bank Privilege Account change of conditions: any ideas?

MasterOfNinja

Hi all

Just wanted to let you know that the Co-operative Bank have just sent out a letter regarding changes on their Privilege and Privilege Premier accounts for 30th March 2013. It's not clear why these changes are made, and if there are new types of current account being made, but I can't find any other information at the moment.

Essentially the changes come into force from 30th March 2013, and are:

1. Withdrawing 20% co-operative insurance home insurance discount
2. Cannot add people to make a solo to a joint account
3. Cannot change from Privilege to Privilege Premier or vice-versa

It's quite a shame as for packaged accounts these are very competitive (taking into account the MSE chat of making sure you use all the services), especially against the big banks. So if you want to add or remove things best to do it ASAP.

If anyone has any other information it would be nice if you could update the thread.

Ta

BugsyBrowne

Number 3 i is Apparently you now have to qualify for the criteria for packaged accounts due to all these morons who have claimed money back for being misold accounts.

And also they don't want another PPI crises.

reclusive46

Out of interest with the co-op accounts, if you have a joint account, do both people get to choose a separate bonus feature (One of the optional 3 i.e. lounge access or gadget cover)?

212

reclusive, funny you should mention that, I clarified this today because I want a different feature to the other account holder on my account!

Unfortunately it is only 1 per account. So I'm stuck with Gadget (which is of some use, but not as much as safeguard or even traveller would be!)

Regarding mis-selling etc, it seems strange if the changes are because of the claims going on all over the place - as customers already provide info on their breakdown cover, phone insurance etc so there is a record of why the customer has agreed to pay £9.50/£13 a month and why it is useful for them - so it's justified when people higher up look into it.

Even as staff, I'm having to supply the same info for my application (and provide it on behalf of the other account holder too), despite the fact I've clearly weighed up it as being good value etc etc - just incase I was to try and cause problems later on I guess!!

reclusive46

212 wrote: »

reclusive, funny you should mention that, I clarified this today because I want a different feature to the other account holder on my account!

Unfortunately it is only 1 per account. So I'm stuck with Gadget (which is of some use, but not as much as safeguard or even traveller would be!)

Regarding mis-selling etc, it seems strange if the changes are because of the claims going on all over the place - as customers already provide info on their breakdown cover, phone insurance etc so there is a record of why the customer has agreed to pay £9.50/£13 a month and why it is useful for them - so it's justified when people higher up look into it.

Even as staff, I'm having to supply the same info for my application (and provide it on behalf of the other account holder too), despite the fact I've clearly weighed up it as being good value etc etc - just incase I was to try and cause problems later on I guess!!

Thanks. What happens with the traveller though? Only one person gets a Priority pass?

212

reclusive46 wrote: »

Thanks. What happens with the traveller though? Only one person gets a Priority pass?

It's 4 passes per account. Additional passes are £15 per person.

So if it's a joint account it would essentially be 2 visits (assuming you both go together). For an account with 3 people then a second visit you'd need to pay £30 for 2 x additional passes for you to all get in again, or just 1 of you could use a pass (travelling alone etc). Seems quite flexible if there are only 2 holders, more of an issue with 3 or 4 and more than 1 trip!