Switch Guarantee Scheme - ineligible building society?

debtfreeforlife

I have just set up a current account with Co-Op and phoned them to say that I would like to switch all direct debits from my current provider (Coventry Building Society) to the new Co-Op current account, to take advantage of the switch incentive.

They say that Coventry BS aren't registered with the switch guarantee scheme and therefore whilst they are willing to do a manual switch, they can't do the 7-day switch guarantee and therefore I'm not eligible for the £150 switch incentive.

To me this seems to make no logical sense. I don't mind how things are switched over or how long it takes, just that they are. And whether it gets switched in 7 days or not, I'm still switching to them and therefore (to my mind) should be eligible for the incentive to switch.

I'm planning on going into Coventry BS and grumbling at them about this - because I need to leave anyway, since I'm moving across country where there are no Coventry branches - but does anyone else have any experience of this?

System

If they aren't part of the switching scheme, it's hardly the Co-op fault.
It's their switching incentive and therefore their rules.

https://www.currentaccountswitch.co.uk/banksandbuildingsocieties/Pages/banks.aspx

Given that current accounts are no longer sold by Coventry, I doubt they will be adding any new services soon

YorkshireBoy

Grumbling to Coventry would be a complete waste of your time! They've taken a commercial decision to not help you move away! Belonging to the CASS costs money don't forget!

Others have reported success with asking Co-op for a goodwill payment in lieu of the CASS switching incentive, so that's where to put your effort.

But at the end of the day you could/should have checked Coventry were CASS members, being as Co-op provided information on their site...not directly, you had to click a link.

debtfreeforlife

Thanks both. I agree that grumbling to Coventry is a time-waster, and I can understand the logic of them not investing into a scheme which helps people to move away from them! I do need to leave anyway though and will go into a Co-Op branch next week to see about switching it over manually and any opportunities for a goodwill payment. I know it's their scheme, their rules, and I guess switching is much more effort for them if I'm not in a bank which is already part of the scheme, hence the lack of interest in getting customers from non-participating banks. I just didn't realise that Coventry weren't a part of the scheme, and I still can't see the information on the Co-Op website which states that there are specific banks/building societies which are part of the scheme and those which aren't. It makes total sense to someone who's familiar with the scheme, I guess, but it's not terribly clear to someone who isn't.

agrinnall

I doubt whether there is any need for the Co-op to maintain a list of other financial institutions that are part of CASS on their website, a link to the CASS website where a list of members is maintained would suffice.

https://www.currentaccountswitch.co.uk/Pages/Home.aspx

xylophone

Open a standard account with (say) Barclays. Manually move (or set up) the required DDs?

Switch the standard current account to Co op so as to obtain the incentive.

Do as you wish with the Coventry account.

pinkdalek

It is not the CO-OP's fault that Coventry is not part of the 7 day switching system. You would encounter the same issues if you were switching from Coventry to any other bank and most incentives only pay out if you use the 7 day switching scheme.

As xylophone said, open a current account somewhere else and then switch that. As long as you meet the CO-OP's requirement what have you to lose?