Bounce Back Loan - Co Operative Bank

mcpearcy

Is anyone else struggling with the Co-Op business account opening?  We have banked with them using a current account for 7 years, we need to apply for the bounce back loan, they say we need to open a business account to do so and since October we have been told to wait for the one day business account opening, which was supposed to be live in November, we signed up for the waiting list and received a couple of alerts saying its almost ready but then nothing.  When i go back on line to see whats going on theres now no mention of the one day account opening and a warning saying its a minimum of 12 weeks to open an account.  We will now miss the dead line for the bounce back loan.  The link from the bounce back loan to open an account doesn't work wither, i feel like im going round and round in circles.   When i call no one seems to know whats going on and im getting no email responses.  I feel like they never intended to allow existing customers to change over to business accounts and this is all a deliberate time waster so we cant get to the loan application in time?

daveyjp

To be clear are you saying you have been using a current account as a business account for 7 years?

mcpearcy

yes thats correct.  naughty i know.

MattMattMattUK

mcpearcy said:

Is anyone else struggling with the Co-Op business account opening?  We have banked with them using a current account for 7 years, we need to apply for the bounce back loan, they say we need to open a business account to do so and since October we have been told to wait for the one day business account opening, which was supposed to be live in November, we signed up for the waiting list and received a couple of alerts saying its almost ready but then nothing.  When i go back on line to see whats going on theres now no mention of the one day account opening and a warning saying its a minimum of 12 weeks to open an account.  We will now miss the dead line for the bounce back loan.  The link from the bounce back loan to open an account doesn't work wither, i feel like im going round and round in circles.   When i call no one seems to know whats going on and im getting no email responses.  I feel like they never intended to allow existing customers to change over to business accounts and this is all a deliberate time waster so we cant get to the loan application in time?

mcpearcy said:

yes thats correct.  naughty i know.

You may well have missed your chance for a BBL based on that, most banks have delayed opening of new business bank accounts until after the ability to borrow from the BBL scheme has expired, except where the company is already ineligible for a BBL.

Whilst there is an outside chance that you might still get a BBL, you should be planning on the basis that obtaining one will not be possible. 

Thrugelmir

mcpearcy said:

I feel like they never intended to allow existing customers to change over to business accounts and this is all a deliberate time waster so we cant get to the loan application in time?

That's the danger of trying to be clever and save money. The bank will focus it's efforts on existing business customers. Not the bank's problem if you've now missed the boat. Totally down to you. 

mattyprice4004

Yep, I hate to echo the above but you’ve shot yourself in the foot here. 

gartshore

I disagree the co op clearly states you can be eligible if you change to a business account so I tend to agree it is delaying tactics 

sheramber

The one day accounts are available for sole traders or single directors
https://www.co-operativebank.co.uk/business/products/current-accounts/business-directplus#!