Co-op cash minder current account issues

loopylu4848

Hi all,

I wonder if anyone can help at all...

My partner has a co-op cash minder account (the one for poor credit ratings) and also has debt with Barclays bank. He went over his limit by £3 last week, and as soon as he realised (less than 12 hours later)
he transferred money into the account.

Co-op have now said that he is in breach of contract with them, and that they give him until the 25th to withdraw his remaining balance and they have closed his account.

I realise this is his own fault for bad management of his money, but now we need to work out what to do next. Is there any way we can talk co-op around? If not, who else can offer him a basic account? Im aware of the barclays one, but a significant amount of his debt is with them and he doesn't think they'll let him have even a basic account.

Any advice or similar experiences would be welcome.

Thanks in advance,

Loopylu4848

BugsyBrowne

Its a silly mistake especially as you're very limited on who will take you on,forget about speaking to CoOp they dont want you anyhow so this is a blessing for them and a good reason for them to get shot of you.

I also believe Coop would want to get shot of all cashminder account holders if they could.

Look through the basic account thread and see what banks are good for basic accounts

pmduk

I suspect this isn't the first occasion, I suspect his only recourse is to bank elsewhere and start managing his account better.

Marauder999

I would suggest going into the bank and talking this over with them rather than on the phone to the call center in Manchester.

loopylu4848

Agreed, it is silly but he is now in the situation he is and we need to sort it out. Will take him into the branch on Saturday morning and talk it through with them. Any suugestionson who else offers these types of account?

I've read through the guide but it seems to suggest that co-op and barclays are the only ones.

I am surprised though that they have closed it, his account always goes back in to credit (assuming its happened more than once now) and they get to charge him and therefore make money from him....?

Isn't this the way that free banking is funded?

Thanks.

Loopylu4848

pmduk

Banks like to choose who they lend to rather than customers just appropriate the money. The fact that he only has a cashminder account indicates the bank doesn't want to lend him money. There's a list of basic banks accounts here

Tupperware_Queen

The co-op have a strict 'three strikes' policy. It's non- negotiable. I'm guessing he has done this before, however long ago, they do not wipe the slate clean.

If he really can't get another basic account then he should consider things like the orange prepay MasterCard, where you can get wages paid in etc, for orange customer there is no monthlt charge after the initial cost of the card - it was a fiver when I did it.

Another alternative is a credit union account, depending on the area some of these now offer more traditional facilities such as a payment card.

As an aside, I have used co-op for nearly 3 years and never had any problems, they are very helpful...however I am meticulous and NEVER get closer than £5 left in either account( I have 2)

loopylu4848

pmduk wrote: »

Banks like to choose who they lend to rather than customers just appropriate the money. The fact that he only has a cashminder account indicates the bank doesn't want to lend him money. There's a list of basic banks accounts here

Hello,

I found this link earlier and it doesn't work... Page no longer exists.

I too have a co-op account, but not a cashminder and I've enjoyed excellent customer service from them. Frustrating that he didn't just ask me to help him out in the first place, when now it looks as though I'm going to have to manage his income through my accounts. I'd rather have lent him £3!!!

BugsyBrowne

loopylu4848 wrote: »

Hello,

I found this link earlier and it doesn't work... Page no longer exists.

I too have a co-op account, but not a cashminder and I've enjoyed excellent customer service from them. Frustrating that he didn't just ask me to help him out in the first place, when now it looks as though I'm going to have to manage his income through my accounts. I'd rather have lent him £3!!!

Most banks will always try and give excellent service to current account holders as to basic account customers due to selling loans etc which makes the banks money.

pmduk

I'm sorry I didn't pick up that the booklet had moved, there's a comparison table here (I have checked this link!)

GOLFER

loopylu4848 wrote: »

Hello,

I found this link earlier and it doesn't work... Page no longer exists.

I too have a co-op account, but not a cashminder and I've enjoyed excellent customer service from them. Frustrating that he didn't just ask me to help him out in the first place, when now it looks as though I'm going to have to manage his income through my accounts. I'd rather have lent him £3!!!

I have a current account PLUS, another current account and a savings account.

Are these different from a cashminder account and do the Co-op operate the same rules for a curRent account plus ie 3 strikes and they close your account.

If they did would they close all my accounts as only one of them is in joint names the others are in my name. i had a returned chaequ earlier this year and would like to know if i need to be prepared to move banks as sometime things go wrong like ur wages going in late or something unexpected coming off.