Changes to Co-op's processes?

alastairq

Just to keep folk up-to-speed, the rules Co-op currently operate with regards to payment of direct debits

[sufficient funds must be in account for at least one working day before DD demand date]


are to change.

From beginning of May, funds can be paid into the account at any time, up to mid-day, on the previous working day, to provide sufficient funds to clear a DD.

So, you will now have up to midday on the previous working day [to a DD demand ] to pay in monies to cover the DD!

MAkes life a little easier managing a Cashminder account?

In fact I suspect this change of procedure has already been put in place.....?

john1002

Ive posted the note as it same day you have not previous day, even better

Changes to how we process payments out of your current account


We are extending the amount of time you have to ensure funds are in your account prior to payments being made, e.g. Standing Orders, Direct Debits.

What does this mean to you?

Currently you have to have sufficient money in your account by 9pm on the previous business day before the payment is due to be made. You will now be able to pay funds in by 12 noon on the same business day. You will be able to take advantage of this change from 1st May 2013.

Methods for paying funds into your account;

• Cash deposits at a Branch and or at the Post Office
• Electronic Payments from another account held with another bank
• Transfers from other accounts held with us

To see the change that will be made to the terms and conditions please refer to https://www.co-operativebank.co.uk and choose current accounts. The changes are detailed in the green box on the right hand side titled "Existing customers help".

mynumber

Just reading the email i recieved from them, it says
currently you have to have enough money in your account by 9pm the previous business day before the payment is due to be made, as from May 1st you will be able to pay funds in up to 12 noon the same business day, which is a good improvement.

K X

arcon5

Many banks, if funds cleared same day, can still honor a DD if you phone them up and ask

john1002

arcon 5 the co op was not one of these banks and was quite specific on this rule in terms and conditions etc.

This is a good move and it seems is consistant with them finally getitng inline with most other banks. Last hurdle will be there internet banking.

john

sort_me_own_yard_out

john1002 wrote: »

Last hurdle will be there internet banking.

john

I am more than happy with my cashminder account, i am yet to find a problem with my debit card, can even re-fuel at Asda now. The customer service and friendliness of their staff have been second to none BUT internet banking is absoultly dire bless them!!

TDMum

Very happy to hear this as my husband and I have been caught out by this rule before. We assumed as long as it went in by close of business we were fine, but we weren't! Good news!!

alastairq

thanks for the corrections, folks..I posted in rather a hurry before work this morning...

AdvicePlease

**whispers** I have always liked my cashminder account, and have never had any problems with it - I even think the internet banking is fine (I use it daily)

I am just miffed that I didn't get an e-mail I saw this when I logged in to my internet banking today Good news