Are Coop Bank Transfers Slow

2catsandcounting

Hi all, 
I’m in the process of switching bank accounts to the coop using the refer a friend scheme 
I’ve opened the account and set up in the app, and in the process of making the £800 payment in to get the bonus. I was planning on making this in stages as I don’t have a full £800 to transfer in one go.  I transferred £100 in last night (which took about 10 minutes to appear) and then transferred it bank.  It’s left my coop account, but hasn’t appeared back in my other account.  I copy and pasted the sort code and account number so sure they are correct. 

Are coop just slow at bank transfers or have I messed up somehow? 

Thanks 

gsmh

2catsandcounting said:

Are coop just slow at bank transfers or have I messed up somehow?

Basically, yes. The Co-operative Bank's systems appear somewhat antiquated. 'Faster' Payments are not instant like most banks, but not as bad as the worst bank in my experience, Triodos where payments can take a day or so and sometimes necessitate a phone call to have them released. The Co-op Bank doesn't (or didn't) show pending payments either. Lots of things will irritate you if you're used to a more modern bank.

2catsandcounting

gsmh said:

2catsandcounting said:

Are coop just slow at bank transfers or have I messed up somehow?

Basically, yes. The Co-operative Bank's systems appear somewhat antiquated. 'Faster' Payments are not instant like most banks, but not as bad as the worst bank in my experience, Triodos where payments can take a day or so and sometimes necessitate a phone call to have them released. The Co-op Bank doesn't (or didn't) show pending payments either. Lots of things will irritate you if you're used to a more modern bank.

Great thank you, you’ve put my mind at rest. I’m just switching an account I don’t use for the bonus, so hopefully short term pain! 

PRAISETHESUN

Back when I had a Co-Op account, I noticed they were slower than other banks. Technically they still fall within the Faster Payments, which are allowed to take up until the end of the following business day to complete. It's also possible that the payment got held for anti-fraud measures given this is a new account. I'd give it a bit of time and then follow up with them if the payment doesn't arrive.

2catsandcounting

PRAISETHESUN said:

Back when I had a Co-Op account, I noticed they were slower than other banks. Technically they still fall within the Faster Payments, which are allowed to take up until the end of the following business day to complete. It's also possible that the payment got held for anti-fraud measures given this is a new account. I'd give it a bit of time and then follow up with them if the payment doesn't arrive.

I’ve now had an email from the antifraud team. I’ll give them a call tomorrow 

rubicon15

I've just got a Visa card with them, and their processing is diabolically slow and bad. I'm used to Starling where everything appears immediately, advance warnings etc etc. I'd stopped wasting time with receipts, but money spent yesterday at Sainsburys doesn't even show the next day, let alone immediately. It's basically unusable for me. I like to keep on top of my accounts daily, and this is impossible with their app. Very poor for this day and age. ( Even Lloyds shows in the app immediately as pending)

Zopa_Trooper

I sent £25 to Hyperjar, it was stopped for a fraud check, I didn't know that but when it had left my account immediately but hadn't arrived I gave them a ring. It had been blocked. Went through the rigmarole, took about 30 minutes then the payment was cleared immediately. That was just a test payment, the next day I send further monies to Hyperjar, again it left but didn't appear so I rang again and yes, they had blocked it again. Had to go through the whole process again. It got sorted again, however I told the guy I can't work like this so it will just be a case of when my money goes in, I'll have to move it all out again to CHASE. I've already received £250 for the refer a friend scheme and have another £250 pending, after which time I will await the next switching bonus to be offered and switch away. Sadly there is nothing about the Co-op account that would make me wish to stay.

Like others have said, I've got used to instant transfers and notifications.

Note: I had no objection to the first transfer being "checked", it was a new account which I hadn't sent money to before so and it was reassuring to know everything was legitimate. The one the following day to the same account was ludicrous.