Slow "Faster Payments" into Co-op Bank?

cheesetoast

Does anyone bank with Co-op, and find that incoming faster payments aren't all that fast?

aparky85

Yes I've found this too, but they get there in the end.

Marcio45

Same issue here. Got used to send money to other accounts and the money would be there next second. When coop is involved it is normally a minimum of 10 or 15 minutes. They do say that faster payments can take up to 2 hours, but with all banks i worked with - except coop - the money arrives in seconds.

Dird

Isn't it the same with all these fake banks as they have to pass the transactions to real banks to be processed?

Fake banks: co-op, tesco, M&S etc. I know Tesco's are slow

mollycat

Hi all

Just posting to add some balance to the thread.

Since switching haven't had similar problems; money going into Co-op account pretty much instantaneously from elsewhere.

Bloomberg

cheesetoast wrote: »

Does anyone bank with Co-op, and find that incoming faster payments aren't all that fast?

What do you expect from a Mickey Mouse outfit? The Co-op aren't exactly at the forefront of technology. I don't know but it wouldn't surprise me if they didn't even have an app.

mollycat

Bloomberg wrote: »

What do you expect from a Mickey Mouse outfit? The Co-op aren't exactly at the forefront of technology. I don't know but it wouldn't surprise me if they didn't even have an app.

Internet banking and the mobile app seem pretty much similar in ease of use to my other current accounts; far superior to Yorkshire Bank which seemed clunky and old fashioned.

You do sound well informed though so maybe I'm mistaken...:)

paragon909

Dird wrote: »

Isn't it the same with all these fake banks as they have to pass the transactions to real banks to be processed?

Fake banks: co-op, tesco, M&S etc. I know Tesco's are slow

I think you mean they piggy back main stream banks, Payments for these banks are generally put into a holding account until the "fake" bank process them into it's customers account.

So in other words it isn't real time FP, But is guaranteed within 24 hours as the rules state it has to be...

badger09

mollycat wrote: »

Internet banking and the mobile app seem pretty much similar in ease of use to my other current accounts; far superior to Yorkshire Bank which seemed clunky and old fashioned.

^^^^^This^^^^^

mollycat wrote: »

You do sound well informed though so maybe I'm mistaken...:)

:rotfl::rotfl::rotfl:

SnowTiger

Dird wrote: »

Isn't it the same with all these fake banks as they have to pass the transactions to real banks to be processed?

Fake banks: co-op, tesco, M&S etc. I know Tesco's are slow

The co-opertaive bank is a Direct Member: http://www.fasterpayments.org.uk/membership/access-options/direct-membership/current-participants.