Giving you the heads up on the Co-operative Bank

chunx

Hi Everyone. I thought this would be useful for all Cashminder account holders to know in case the same happens to you.

My latest statement has just arrived and showed me that I was OD/S £113.34. :eek: (Overdrawn Intermediate Balance)

With the fright of my life, I immediately rung the bank to ask how this happened.

The co-op bank can only issue a statement with 25 transactions (apparently) before cut off and sent out. The true balance at the end of the day was credit £166.00 but you can imagine all sorts going through my mind as it took me several months to get my credit file cleaned up properly.

I was assured by the advisor (who was quite curt and could not see my side of things) that any data sent to the CRA's would not be based on a cut off midday deadline, but the end of a day.

Also I verified something else that I knew before and wanted to make sure it hadn't changed. Providing you bank cash funds before the midday of the same day the transaction is due to go out, you are not overdrawn.

I'm now going to have a cuppa and treat myself to a chocolate biscuit or two to bring down my stress levels. :beer:

sniggings

have a got this right,,,they send out a statement and if that statement has more than 25 transactions on it they stop at 25 and whatever your balance is at the 25th they show that as the closing balance?

My bank will send out a full statement, sometimes it can be 3 pages long, do the co-op not do that?

chunx

sniggings wrote: »

have a got this right,,,they send out a statement and if that statement has more than 25 transactions on it they stop at 25 and whatever your balance is at the 25th they show that as the closing balance?

My bank will send out a full statement, sometimes it can be 3 pages long, do the co-op not do that?

Exactly. This doesn't happen with my Barclays account, just the Cashminder Co-op account, which is frankly bordering on ridiculous.

I don't know whether this is some b%#lsh&t drummed up by the Co-op advisor I spoke to but she did say that the statement was printed at the cut off point of 25 transactions on the date of 5th August.

I went online to check and it does say my balance as of 5/8/13 (closing) was in credit by £166 not O/D.

Is it just another farcical change that we will now start to see on the Cashminder accounts. I think I will be closing my account (where my benefit is paid into) and use the Barclays Bank as my sole account.

The Barclays basic account is brilliant in comparison to the inferior Cashminder. For those who are not aware of the capabilities of the account, after BR discharge, you can use Internet banking, mobile phone app banking and telephone banking.

I was able to add a new ISA account to the phone app and (the big whammy) everything is done in real time, which was never the case with Cashminder. I can transfer money in between accounts or to another account (non Barclays) and they receive the payment immediately - and I can see the money has gone.

Cashminder was a brilliant account to have at the start of my BR in 2012 but I would still advocate the Barclays account (either pre or post BR) is better.

For me, I get the impression the co-op would like to get rid of the accounts and this statement could be just another step towards putting people off.

sniggings

I have both and like you only really use the Barclays, my co-op account never has more than 1-2 transactions so I have never experienced the 25 cutoff thing :eek: crazy :rotfl:

I keep tho, as it's good to have a spare account if ever I need one.

alastairq

On the other hand, I found Barclays to be extremely short with their customer care.

Of course the Co-op adviser thought you were being a bit dim.

Regarding the printed statements?

This is already explained in the T&Cs for the Cashminder account...the printed statement really is only a 'back-up'...[and I wonder why Co-op haven't offered the suggestion of forgoing printed statements, as they are accessible online?]

The T&Cs also inform the account holder of the process when a payment cannot be met [you cannot go 'overdrawn'......the T&Cs explain, debits are issued before credits....but it is the balance at the end-of-play which matters......

If a payment cannot be met due to insufficient funds, they don't make that payment, and inform you by letter of that fact, the penalties imposed, etc. However, if the account holder contacts the bank forthwith, with an explanation, the bank can withdraw any penalties imposed.

All the above is in the T&C's.

Which really should be read?

More to the point, Co-op have recently introduced major changes to the T&Cs for all accounts....and there has been significant mail to that end.

Including, the change to the way Direct Debits are met? [The change to having sufficient funds in the account by midday, on the day?}

I have both accounts, I don't use the Barclays one because I find it inconvenient, and their customer services to be..well....obstructive, to say the least!

....They don't allow internet access whilst Undischarged BR, either..whereas Co-op do!

For someone like myself, who lives away from an urban area, and does not want to/cannot, simply 'pop' into the local bank willy-nilly...having internet access is a boon....and i find Barclays internet banking to be more complex in operation [not user-friendly]...than Co-op's...!

Co-op's telephone banking is clean & honest....always with a Lancashire accent, too.




The nub of this thread is really all based around not reading the T&Cs for the accounts....?

Rather than any shortfall on the part of one bank over another?


Just be thankful you lot aren't with Lloyds?

Where local customers are suddenly being told, they are no longer banking with Lloyds, but with TSB....and many...being set in their ways, don't like TSB!