Co-op £100 switch incentive is back

YorkshireBoy

castle96 wrote: »

yes, it is not clear whether they will accept a one off £800, or want to see regualr payments of £800 (+), having gone into the existing donor account....

That's not what I was referring to, but on that point...


The lack of £800+ credits to the other account can easily be explained by your salary being paid into (yet) another of your accounts. You'd agree to divert this salary if they insisted, but you can bluff your way through the 45 day period by blaming your payroll department.


What they may do (although I personally doubt it*) is to check the account for any BACS Direct Credits, ie salary, pension, benefits, etc prior to paying the £100. However, as above, you can blame payroll et al again if there's none there.




* But what about those paid in cash or by cheque, or the self-employed who pay themselves by FP from their business accounts?

oldfella

YorkshireBoy wrote: »

Have you read the rest of the thread? If not, take a look at post #7. What's your interpretation of that condition?

I dont see how they could identify a payment as a salary or not. Its just a BACS payment. If it comes from another account in your name then it could be a payment from your own company.

castle96

trouble is the only 2 payments are for £1 each x s/orders (TO another of my accounts). I have nothing showing as coming IN

YorkshireBoy

castle96 wrote: »

trouble is the only 2 payments are for £1 each x s/orders (TO another of my accounts). I have nothing showing as coming IN

I've been in exactly that position before (well, mine were more 'substantial' at £5 each ), when I switched from Co-op to Halifax for £100.


And Halifax already received my salary (by BACS Direct Credit), yet still paid out the £100...before I left branch.


In fact, I've been in that situation many times with switching offers.

YorkshireBoy

oldfella wrote: »

I dont see how they could identify a payment as a salary or not. Its just a BACS payment. If it comes from another account in your name then it could be a payment from your own company.

BACS Direct Credits are easily identifiable to the bank. For one thing, they're pre-notified the day before they arrive since they run on the 3-day batch process. Also, don't they carry a BGC annotation?


FPI (faster payment in, eg from another bank) and TFR (eg from Lloyds to Halifax) are, again, easily identifiable to the bank.


I agree it'd be unlikely that they wouldn't pay the £100 in such cases, but you can't hide from what it says in the relevant condition so may have to put up a fight.

innovate

Salaries can be paid by FP as well, particularly when the company is small.

bristolleedsfan

YorkshireBoy wrote: »

The lack of £800+ credits to the other account can easily be explained by your salary being paid into (yet) another of your accounts. You'd agree to divert this salary if they insisted, but you can bluff your way through the 45 day period by blaming your payroll department.


What they may do (although I personally doubt it*) is to check the account for any BACS Direct Credits, ie salary, pension, benefits, etc prior to paying the £100. However, as above, you can blame payroll et al again if there's none there.

Strictly speaking the offer is for "your main current account" to be switched, "main accounts" normally would have a salary/pension/benefit etc credit, under faster/new switching scheme all such direct BACS credits would be redirected to new bank for 13 months.


I made an application last week at a branch, all the above was emphasised several times, I had already primed a Nationwide account with everything necessary for a 100% satisfactory incentive switch so was able to nod each time and say thats fine.

oldfella

YorkshireBoy wrote: »

BACS Direct Credits are easily identifiable to the bank. For one thing, they're pre-notified the day before they arrive since they run on the 3-day batch process. Also, don't they carry a BGC annotation?


FPI (faster payment in, eg from another bank) and TFR (eg from Lloyds to Halifax) are, again, easily identifiable to the bank.


I agree it'd be unlikely that they wouldn't pay the £100 in such cases, but you can't hide from what it says in the relevant condition so may have to put up a fight.

we are not talking about where the payment comes from, the issue is what is it. If a FP turns up for £800, how are they to know what the payment is for ?

xkpa

Hello. I applied on 6th of February and didn't heard anything from Coop. Should I consider my application as approved? I had a missed from Private number, may be it is them? Anyone with approved account, what is the timeframe for opening the account? Cheers

innovate

I applied on the 3rd and had almost instant response by email, followed by some brochures and use instructions as well as a debit card in the post on the 7th. I could then call them to set up Internet banking access and to get the switching process underway.

If you don't have an email, may be check your spam folder, or call them to follow up. But it's only 2 working days since you applied, so nothing much to worry about.