Co-operative Bank current account Qs

Steel_2

I'm in the process of claiming charges back from RBS and have applied for another current account with Co-operative just in case things get nasty and I'm forced to bank elsewhere. To be honest, i've wanted to change my account over to Co-op for some time because I like their ethical policy so I will go with them anyway regardless of the outcome with RBS.

I had a letter from Co-op this morning saying I was approved in principal subject to a few formalities. I recieved a banking pack from them and a form to fill in to switch all my direct debits and wages to them.

First off, I don't want anything switched over until a) i know for sure I have been approved and b) all of July's direct debits have gone out by the 5th in case they muck up the mortgage DD transfer.

Second, I'm self employed and pay my own wages!

Does the filling in of these forms bear any relation to whether I will get approved or are they simply sorting out a credit check in this interim period?

Voyager2002

Personally, I would NEVER fill in one of those forms. You just do not know how reliable their switching service is, and a little mistake on their side could result in hefty late charges for you.

I have opened new bank accounts several times, and have never had to complete any of those forms. My guess is that they have already done the credit check on you and are simply sorting out the paperwork now.

Rafter

At some point you just have to go for it.

Switching services do have a bad reputation - and there is plenty of potential for things to go wrong. However, there is also the potential for you to mess up trying to manually transfer all your direct debits etc.

Under the banking code it is the banks responsibility to ensure that you are not penalised in any way as a result of a mistake with the transfer.

Personally I would go for it and ensure you have sufficient funds in both accounts (or overdraft facilities) to avoid anything bouncing. Then just keep a close eye on things to ensure the funds are in the right place for big bills like the mortgage.

Good luck.

R.

realaledrinker

Just out of interest why didn't you go for a smile account rather than Co-op (same company) as they pay 3% vs 0% on their current account?

ikr2

My New Year Resolution 2006 was to move our Joint Account to Smile from Lloyds TSB purely for ethical reasons. I already had a current account in my name and an ISA with Smile but it was only this year that I got things together and opened up the joint account.

But I haven't moved anything across yet. We have several DDs coming out, my salary, Child Tax Credit and Child Benefit being paid in and I can just see something going wrong. It's like wanting to make the leap but seeing the other side getting further away.

OK I could ensure that the overdrafts in both accounts could cope with the changeover but why should I have to:

1) write and post letters to all payees and payers?
2) incur O/D interest during the changeover
3) Worry and check everything is going smoothly.

I always think next month I'll do it but next month never seems right. This month for example we have a holiday and I need to sort out our Child Tax Credit renewal.


It would be really handy if I could pass all the details to the bank and they could do it for me and refund any charges associated with the changeover.

I guess this never happens though?

Jarlawuk

Steel wrote: »

I'm in the process of claiming charges back from RBS and have applied for another current account with Co-operative just in case things get nasty and I'm forced to bank elsewhere. To be honest, i've wanted to change my account over to Co-op for some time because I like their ethical policy so I will go with them anyway regardless of the outcome with RBS.

I had a letter from Co-op this morning saying I was approved in principal subject to a few formalities. I recieved a banking pack from them and a form to fill in to switch all my direct debits and wages to them.

First off, I don't want anything switched over until a) i know for sure I have been approved and b) all of July's direct debits have gone out by the 5th in case they muck up the mortgage DD transfer.

Second, I'm self employed and pay my own wages!

Does the filling in of these forms bear any relation to whether I will get approved or are they simply sorting out a credit check in this interim period?

They are just completing the rest of the necessary checks before confirming that your account can be opened. You should receive your debit card and pin etc through the post in the next few days following that letter - this guarantees that the account is opened for you. You are not obliged to use the switching form/wages form - they are just there to make life easier. Switching normally takes 2-3 weeks to complete. Hope that helps.