Is It Time To Abandon The Co-op Bank?

WoodruffsDad

I have a current account with the Co-op Bank with ALL of my money in it.

I am aware that my money is protected by FSCS regulations but if it does go belly up I am told that there could be a lengthy period before I got access to my cash. I can't afford to wait for that to happen.

Should I, therefore, switch now to another ethical bank, such as Nationwide?

gt94sss2

WoodruffsDad wrote: »

I am aware that my money is protected by FSCS regulations but if it does go belly up I am told that there could be a lengthy period before I got access to my cash. I can't afford to wait for that to happen.

7 days in most cases according to the FSCS.

Should I, therefore, switch now to another ethical bank, such as Nationwide?

What makes you think the Nationwide is an ethical bank? What makes you think the Co-op is ethical?

Both are very debatable..

Regards
Sunil

pmduk

The resignation is that of the Chief Exec of the group and has no direct relevance to the bank.

dr_adidas01

WoodruffsDad wrote: »

I have a current account with the Co-op Bank with ALL of my money in it.

I am aware that my money is protected by FSCS regulations but if it does go belly up I am told that there could be a lengthy period before I got access to my cash. I can't afford to wait for that to happen.

Should I, therefore, switch now to another ethical bank, such as Nationwide?

Its always wise to have more than one bank account with separate financial orginasations especially in these days of IT meltdowns.

As for moving your account that's entirely up to you, if you feel the need to move your account then do so.

Also what makes you think Nationwide is ethical? they don't advertise they are ethical, plus there not a bank they are a building society. Which is run by its members who have a say in what the society does.

WoodruffsDad

gt94sss2 wrote: »

7 days in most cases according to the FSCS.



What makes you think the Nationwide is an ethical bank? What makes you think the Co-op is ethical?

Both are very debatable..

Regards
Sunil

Thank you Sunil but you have not addressed my main thrust, namely should I switch from the Co-op to another bank.

In response to your point, can you name a UK bank which offers a current account and which is more ethical than the Co-op or Nationwide?

WoodruffsDad

dr_adidas01 wrote: »

Also what makes you think Nationwide is ethical?

This very website lists them as the top ethical bank. Have a look!

dr_adidas01

WoodruffsDad wrote: »

This very website lists them as the top ethical bank. Have a look!

This very website lists many things that it thinks are ethical and also best for you especially when an origination pays them to say so.

Doesn't mean it true!!

WoodruffsDad

pmduk wrote: »

The resignation is that of the Chief Exec of the group and has no direct relevance to the bank.

My post was not inspired by the resignation but simply by current events within the Co-op Bank and the fact that certain areas of mobile banking have not been working for several days.

WoodruffsDad

dr_adidas01 wrote: »

This very website lists many things that it thinks are ethical and also best for you especially when an origination pays them to say so.

Doesn't mean it true!!

Yes but your question was "What makes you think Nationwide is ethical?" and I have answered you. It was this website that made me "think" that Nationwide was ethical! Maybe it's not but I'm not a Moneysavingexpert so I take advice which appears to be reliable.

Aquamania

WoodruffsDad wrote: »

I have a current account with the Co-op Bank with ALL of my money in it.

I am aware that my money is protected by FSCS regulations but if it does go belly up I am told that there could be a lengthy period before I got access to my cash. I can't afford to wait for that to happen.

Should I, therefore, switch now to another ethical bank, such as Nationwide?

Wherever you shift your money to, ensure it is still covered by the FSCS regulations. What makes you think you'll get access to such money any quicker if they then go bust?

UK customers never had any issue getting access to their money when the likes of Lloyds, Halifax or RBS went belly up.
Even customers of Northern Rock only suffered issues caused by their own making ... all queueing up at the same time to try and get their cash ... most probably taking it to Lloyds, Halifax or RBS I wouldn't mind guessing

ColdIron

Aquamania wrote: »

UK customers never had any issue getting access to their money when the likes of Lloyds, Halifax or RBS went belly up

None of those organisations went 'belly up'