Co-op bank's obstructive and unhelpful "anti-fraud" policies

pridehappy

Co-operative Bank is the only bank I use where incoming payments usually take about 10 minutes at least to appear, however, most of my outgoing payments are received nearly instantly.

However, I once tried to transfer £5 to a friend for a coffee using the mobile app. My payment was blocked, so had to call them (wait 50 minutes on hold) to speak to an agent who then transferred me to fraud and had to take an extra 20 minutes. I was then intimidated (only way I can describe it) and asked about 20 questions to ensure this wasn’t fraud. At one point, they even asked me “how can you prove to us you’re not a fraudster”, what kind of question is that? Plus, every time they deemed an answer as ‘not responded appropriately’ they would add an extra question to the mix. The worst I’ve come across, and don’t use them unless I have to now.

Frogletina

I have not been a co-op member for very long but cannot believe how difficult it is to deal with them.

I rang to close my regular saver account after I had made three payments and the security I had to go through was unbelievable. I have never been asked so many questions in so many different ways.

During the call I was sent an OPT code and asked to read it out to them. The text said we will never ring you and ask for the code - well, I had rang them, so in in circumstances I read it back to them and they were able to begin the closure of my regular saver account. I don't think they should use this as one of their methods of checking who you are. 

I asked for the balance to go into my current account, which was done by the end of the call, but was told that the interest would be added later as it had to be dealt with by the back office team.

Later that day I decided to transfer the money from my current account to my own account with Santander. However, this led to a text from a different number saying it was the co-op and they had fraud concerns about a transfer I was making of £750 and to answer yes if I wanted to make the payment. I did say yes, and then rang them.

I then had to go through the whole scam/fraud query with the fraud department. Another OPT sent to me and lots and lots of other questions.

Finally I was asked what would happen if the account I wanted the money to go to was incorrect - I said it was correct and that the account where the money was to go to was the account which the money came from to feed the regular saver

wrong answer!

I was asked again - so I then said that if it was incorrect then I would lose the money and it could not be retrieved.

They liked that answer and said they would process the payment.

That was Wednesday and the money arrived later that day.

Today I phoned to ask where my interest was - after about 15mins on hold, the advisor came back to me and said that as it was a manual process, the back office said that it would be in my account by Friday! So 10 days!

Of course, then I need to get it transferred to my Santander account! But that will probably be another saga.

 

ForumUser7

Frogletina said:

...
Finally I was asked what would happen if the account I wanted the money to go to was incorrect - I said it was correct and that the account where the money was to go to was the account which the money came from to feed the regular saver

wrong answer!

I was asked again - so I then said that if it was incorrect then I would lose the money and it could not be retrieved.

They liked that answer and said they would process the payment.
...

I was unsure about going for the CO-OP RS, think I'll give it a miss! This sounds ridiculous tbh, the kind of 'repeat after me' you get in primary school. No way to treat customers. Hope you get your interest out without too much hassle.

Bigwheels1111

All the banks are getting very twitchy.
I have multiple bank accounts but favour First Direct.
They do the same as other banks, hold payments etc.
In November 22, they held 3 large transfers to my fixed rate savers.
I called on the Friday and asked for fraud department, No, No No was the answer.
It’s not stuck at the fraud department.
Same Saturday & Sunday.
On Monday I got a text saying fraud team has tried to contact you multiple times, a lie of course.
Complained on the Monday, they gave me £133.15 for loss of interest and £50 to go away quietly.
Thank you very much. Was my reply.
TSB screw ups cost them over a grand.
Complain, complain, complain.

Frogletina

Frogletina said:

I have not been a co-op member for very long but cannot believe how difficult it is to deal with them.

I rang to close my regular saver account after I had made three payments and the security I had to go through was unbelievable. I have never been asked so many questions in so many different ways.

During the call I was sent an OPT code and asked to read it out to them. The text said we will never ring you and ask for the code - well, I had rang them, so in in circumstances I read it back to them and they were able to begin the closure of my regular saver account. I don't think they should use this as one of their methods of checking who you are. 

I asked for the balance to go into my current account, which was done by the end of the call, but was told that the interest would be added later as it had to be dealt with by the back office team.

Later that day I decided to transfer the money from my current account to my own account with Santander. However, this led to a text from a different number saying it was the co-op and they had fraud concerns about a transfer I was making of £750 and to answer yes if I wanted to make the payment. I did say yes, and then rang them.

I then had to go through the whole scam/fraud query with the fraud department. Another OPT sent to me and lots and lots of other questions.

Finally I was asked what would happen if the account I wanted the money to go to was incorrect - I said it was correct and that the account where the money was to go to was the account which the money came from to feed the regular saver

wrong answer!

I was asked again - so I then said that if it was incorrect then I would lose the money and it could not be retrieved.

They liked that answer and said they would process the payment.

That was Wednesday and the money arrived later that day.

Today I phoned to ask where my interest was - after about 15mins on hold, the advisor came back to me and said that as it was a manual process, the back office said that it would be in my account by Friday! So 10 days!

Of course, then I need to get it transferred to my Santander account! But that will probably be another saga.

 

I have now raised a complaint.

The interest is still not in my account - after explaining everything again, the advisor went to check and came back and said could I not see the £750 that was transferred to my current account and was then transferred out to my account. I had already told him about the £750 and re-iterated that it was the interest I was waiting for. 

He put me on hold again and then came back and said I'd only just opened my regular saver account and no interest was due. I said that was a different account.  

He put me on hold again so he could speak to a supervisor, then he came back and said it was with the back office - which I had told him at the beginning of the call, also that I was told last Monday that the latest it would be in my account by Friday, but could be Tuesday, Wednesday or Thursday.

I said I wanted to raise a complaint due to it now being 12 days since the account was closed and still no interest. Also that I had now been on the call for over 30 minutes and that I'd had to keep repeating what the problem was. 

Once again I was put on hold while he discussed this with his supervisor and I now have to wait 3 days for a response to my complaint...not sure how long to get my interest!

Update

I have already had a call back - given £20 compensation for incorrect information - however, I've been told that due to terms and conditions I'll not get my interest until the end of the original term - ie February 2025!

I've sent a secure message querying this - after looking at the terms and conditions it doesn't mention early closure, but when I rang on 17/4 to ask if I could close the account it was done there and then.

I'm not happy to wait until 2025! The account is no longer showing online and possible the takeover by Coventry will have happened by then.

Frogletina

Frogletina said:

Frogletina said:

I have not been a co-op member for very long but cannot believe how difficult it is to deal with them.

I rang to close my regular saver account after I had made three payments and the security I had to go through was unbelievable. I have never been asked so many questions in so many different ways.

During the call I was sent an OPT code and asked to read it out to them. The text said we will never ring you and ask for the code - well, I had rang them, so in in circumstances I read it back to them and they were able to begin the closure of my regular saver account. I don't think they should use this as one of their methods of checking who you are. 

I asked for the balance to go into my current account, which was done by the end of the call, but was told that the interest would be added later as it had to be dealt with by the back office team.

Later that day I decided to transfer the money from my current account to my own account with Santander. However, this led to a text from a different number saying it was the co-op and they had fraud concerns about a transfer I was making of £750 and to answer yes if I wanted to make the payment. I did say yes, and then rang them.

I then had to go through the whole scam/fraud query with the fraud department. Another OPT sent to me and lots and lots of other questions.

Finally I was asked what would happen if the account I wanted the money to go to was incorrect - I said it was correct and that the account where the money was to go to was the account which the money came from to feed the regular saver

wrong answer!

I was asked again - so I then said that if it was incorrect then I would lose the money and it could not be retrieved.

They liked that answer and said they would process the payment.

That was Wednesday and the money arrived later that day.

Today I phoned to ask where my interest was - after about 15mins on hold, the advisor came back to me and said that as it was a manual process, the back office said that it would be in my account by Friday! So 10 days!

Of course, then I need to get it transferred to my Santander account! But that will probably be another saga.

 

I have now raised a complaint.

The interest is still not in my account - after explaining everything again, the advisor went to check and came back and said could I not see the £750 that was transferred to my current account and was then transferred out to my account. I had already told him about the £750 and re-iterated that it was the interest I was waiting for. 

He put me on hold again and then came back and said I'd only just opened my regular saver account and no interest was due. I said that was a different account.  

He put me on hold again so he could speak to a supervisor, then he came back and said it was with the back office - which I had told him at the beginning of the call, also that I was told last Monday that the latest it would be in my account by Friday, but could be Tuesday, Wednesday or Thursday.

I said I wanted to raise a complaint due to it now being 12 days since the account was closed and still no interest. Also that I had now been on the call for over 30 minutes and that I'd had to keep repeating what the problem was. 

Once again I was put on hold while he discussed this with his supervisor and I now have to wait 3 days for a response to my complaint...not sure how long to get my interest!

Update

I have already had a call back - given £20 compensation for incorrect information - however, I've been told that due to terms and conditions I'll not get my interest until the end of the original term - ie February 2025!

I've sent a secure message querying this - after looking at the terms and conditions it doesn't mention early closure, but when I rang on 17/4 to ask if I could close the account it was done there and then.

I'm not happy to wait until 2025! The account is no longer showing online and possible the takeover by Coventry will have happened by then.

Final update - the interest was added to different account which is not due to close until April 2025! I messaged again and they have now put the interest into my current account, and I've transferred it out. I think being taken over by the Coventry Building Society is the best thing for the Co-op.