Should I leave the Co-Op Bank?

pmduk

starfish_chimp wrote: »

Should I leave? Feel surprisingly sad at prospect, as very happy for 10 years with Co-Op and always had wonderful service, but given above is it time to move on? Any recommendations?

If you're happy with the service and your account why leave? Their customer service is better than many of the other high street banks although there will be people who disagree.

[Deleted User]

I started the ball rolling 2 weeks ago and am now with the halifax bank. We joined the coop bank 37 years ago and watched interest rates go down to zero and closure after closure of high street branches. CS was always good but there were many subtle changes over time. We liked the bank so much that we bought the ill fated bonds in our sipp pensions, they lost 60% and we sold as we wanted the coop out of our pensions. We stayed with the bank for a while afterwards but I started to shop around as the ethos had gone. Halifax paid us £100 to move and we get £5 a month for banking with them. CS is excellent and there is a local branch, so I can physically deposit a cheque instead of the roundabout post office way. No regrets at all about us moving but I am very sad at the way certain people at the top used and abused what was an ethical bank

starfish_chimp

Thanks all for your comments, including jokey ones! Am still a bit torn between Opinion's approach, and Kittie's view. Will look at Halifax's perhaps, I did consider them. It feels like a surprising wrench though! Thanks again, interesting about Labour Party and Co-operative movement, didn't know that ...

Amesk1ng

I can't see any other banks offering any real value, some times it's better the devil you know.

I wouldn't let Paul Flowers's behavior put you off, it's not as though he was handing out the wraps!

mgdavid

datostar wrote: »

It's the Co-operative Group, not the Bank, that gives the bungs to the Labour Party.

and where does the Group get its money from? the service charges and profits of the member companies in the group

rb10

Amesk1ng wrote: »

I can't see any other banks offering any real value, some times it's better the devil you know.

I can see lots of other banks that offer real value.

Halifax has already been mentioned, with £5/month.

Nationwide gives 5% interest.

Santander gives 3% interest and cashback on direct debits.

TSB, Bank of Scotland and Lloyds all give 3% interest.

Compare all that to the Co-op's 0% interest.

Wilkins

rb10 wrote: »

I can see lots of other banks that offer real value.

Halifax has already been mentioned, with £5/month.

Nationwide gives 5% interest.

Santander gives 3% interest and cashback on direct debits.

TSB, Bank of Scotland and Lloyds all give 3% interest.

Compare all that to the Co-op's 0% interest.

I have and it does not attract me. What I want from a bank is good, efficient service. I'm not interested in interest on an ephemeral and tiny proportion of my assets. So far, the Co-op has been fine in this respect. If that changes, I'll move.

Anthorn

The answer to whether anyone should leave the Co-operative Bank is a definite and emphatic no. The imminent transfer of 70% of the Bank's shares principally to U.S. hedge funds has its upside not least of which will be their further injection of funds to the Bank of £1bn. Couple that with the high likelihood that the board will have representatives from those hedge funds which are associated with aggressive management and it's not rocket science to come to the conclusion that the Co-op Bank is set for a dramatic upturn in 2014.

Let's look at recent events. Why is it that the Co-operative Bank is subject to such invasive attention while in 2008 the numerous failed banks got off so lightly? Compare the Co-operative Bank's shortfall of £1.5bn with the £20.5bn bailout of Lloyds TSB alone!

The answer is of course the Co-op's traditional association with the Labour Party through the Co-operative Party since 1927. The Co-operative Bank and to a lesser extent the Co-operative Group and the whole Co-operative Movement is an easy target due the the actions of Rev. Flowers and therefore so is Mr. Miliband and the Labour Party. The Tory government is merely engaging in infantile politics while its attacks are repetitively spoon fed to the nation by BBC News which at this time is nothing more that the Tory Government's propaganda machine.

Lastly while the Tory Government pledges an inquiry into the Co-op Bank's affairs we are still awaiting the promised inquiry into the failure of HBOS 5 years later!

Debt_Free_Chick

Anthorn wrote: »

Lastly while the Tory Government pledges an inquiry into the Co-op Bank's affairs we are still awaiting the promised inquiry into the failure of HSBC 5 years later!

Do you mean HBOS ?

[Deleted User]

Anthorn wrote: »

The answer to whether anyone should leave the Co-operative Bank is a definite and emphatic no. The imminent transfer of 70% of the Bank's shares principally to U.S. hedge funds has its upside not least of which will be their further injection of funds to the Bank of £1bn. Couple that with the high likelihood that the board will have representatives from those hedge funds which are associated with aggressive management and it's not rocket science to come to the conclusion that the Co-op Bank is set for a dramatic upturn in 2014.
!

really!! My bil owns a hedge fund and I have mixed with hedge fund personnel from a very company . Aggressive management yes! Seeking a large profit yes! Customer care and good ethics does not come into it on the path to hedge fund profits

I want nothing to do with the scumbag can of worms that is now opening up. The lifeline charity today and whatever next. I no longer feel sorry for leaving, I am GLAD to be well and truly OUT