How actually slow is a faster payment from Coop Bank?! (Solved) held as possible fraud.

HillStreetBlues

Yorkshire_Pud said:

HillStreetBlues said:

Yorkshire_Pud said:

gsmh said:

I've found it generally takes up to 5 minutes either way. A year or do ago faster payments were very slow and could take hours. Their services have improved greatly. It sounds like your payment might have been flagged as potential fraud and will need a phone call to release it. I've had this issue with all the banks I've been with, apart from Metro Bank who seem very lackadaisical about these things.

Yes you were right held as potential fraud. Only made one payment of £1 out previously then £500 on a weekend day today so a call to their relevant dept and after about ten minutes and multiple agreements by me that if it was fraud the money would not be recoverable and then they sent it showing immediately. All fair enough. Could have contacted me sooner but otherwise happy with their thorough approach. Turns out I’m too early anyway as haven’t switched yet and the £1000 credited has to be after that date and before the end of the subsequent month, august. Told I should be ok for payments going forward.

Not according to their T&Cs

1.3 By the 30th day following the switch completing (this can be before the full switch completes):
a) has deposited at least £1,000 into the eligible account (this can be transferred as part of
the switch and/or by one or more deposits);
b) has at least 2 active Direct Debits in place on the eligible account at the point of
payment (this can include any that are transferred as part of the switch);
c) has made a minimum of 10 payments using the debit card on the eligible account (this
includes any digital wallet transactions); and
d) has registered for our online/mobile banking service. 

Thanks, I missed that in my notes (as did the coop CS apparently lol, who confirmed I had to do it again after the switch) and my funding prior to switch was in vain). They do seem to revel in complicating this switch malarkey 😜 

I mucked up with the last Santander switch so had to switch with the new offer so make sure I now go thought the T&Cs.
Having read previous posts and now your one, I'm expecting to have hassle trying to get the money back out.

Yorkshire_Pud

Sent £100 to coop two hours ago. Arrived instantly. Made payment out for £99, in spite of getting clearance and passing security earlier for £500 this payment has still not arrived in the receiving bank account! I think their fraud AI is a problem for normal customers not committing fraud. I mean you could flag up every payment if you wanted to in the name of fraud prevention but the coop system just frustrates ordinary customers. 

Section62

Yorkshire_Pud said:

Sent £100 to coop two hours ago. Arrived instantly. Made payment out for £99, in spite of getting clearance and passing security earlier for £500 this payment has still not arrived in the receiving bank account! I think their fraud AI is a problem for normal customers not committing fraud. I mean you could flag up every payment if you wanted to in the name of fraud prevention but the coop system just frustrates ordinary customers. 

I think they do have some issues with their systems.  My brother recently sent two payments from a Co-op account to a current account he held with a different bank - the external account in exactly the same name as the Co-op account.  The first payment went through OK, the second didn't arrive.  Only when he checked his emails did he find a message saying to phone Co-op because the second payment was held for fraud checks.  I phoned them (he couldn't) and they said (rightly) there was nothing they could do without speaking to him, but the default action if he didn't make contact with them would be for the payment to be cancelled and the money returned to his Co-op account.

Four days later - and without any further contact from him or me - Co-op duly sent the held payment to the external bank.

Either they suspect fraud or they don't.  To hold a payment because they suspect fraud and then release it without the customer making contact with them is difficult to understand.

oldagetraveller1

I blame the chickens.

I have a Co-op account and have found, even on weekdays, it takes longer for Faster Payments, in and out, than some other banks.

WillPS

My basic advice is that if payments getting where you want them to be in a timely, reliable, manner is important to you then don't bother with the Co-operative Bank current accounts, unfortunately.

If you're in the regular savings game then it's worth having a bank account with them, but again I wouldn't recommend actually using it for anything other than getting money out of it (it might well be even that can be avoided too).

Their packaged bank account is worth a look (although I've never used it) and can be serviced with a simple standing order from a reliable bank account and otherwise forgotten about.

Otherwise, it's a case of wait and hope Coventry BS put some serious investment in to their systems and services, as they are very behind.

jimjames

Coop is slower for FP than any other bank that I'm with. I send payments at the start of each month from y non Coop current account to current accounts with various other banks. I then log in to each bank to move the payment into my Reg saver account. Co-op is the only bank where the money isn't there when I log in and need to wait 15 mins or so to make sure it's arrived.

Nasqueron

I did the transfers for their last switch offer, they held the first test 0.01p which was fine but then they held the next 2 payments as well despite going to the same account for all 3 and it being sent back to the account that first sent it to me (which was mine!)

Yorkshire_Pud

Yorkshire_Pud said:

Sent £100 to coop two hours ago. Arrived instantly. Made payment out for £99, in spite of getting clearance and passing security earlier for £500 this payment has still not arrived in the receiving bank account! I think their fraud AI is a problem for normal customers not committing fraud. I mean you could flag up every payment if you wanted to in the name of fraud prevention but the coop system just frustrates ordinary customers. 

Phoned coop yesterday morning, it was the same scenario, held for fraud checks, same raft of questions, released 
the payment. I think it’s farcicle they insist on £1000 deposit into a non interest paying account to qualify for switch bonus etc then flag it up as fraud when you have the nouse to remove the funds to an account that pays interest. 

This morning I chance another £100 deposit and shortly after sent a payment for £30 from coop to my saved payee account and it actually arrived immediately. Tedious they are. Finally got the £1000 in and most of it out again, over three days of messing me about.

Nasqueron

Yorkshire_Pud said:

Yorkshire_Pud said:

Sent £100 to coop two hours ago. Arrived instantly. Made payment out for £99, in spite of getting clearance and passing security earlier for £500 this payment has still not arrived in the receiving bank account! I think their fraud AI is a problem for normal customers not committing fraud. I mean you could flag up every payment if you wanted to in the name of fraud prevention but the coop system just frustrates ordinary customers. 

Phoned coop yesterday morning, it was the same scenario, held for fraud checks, same raft of questions, released 
the payment. I think it’s farcicle they insist on £1000 deposit into a non interest paying account to qualify for switch bonus etc then flag it up as fraud when you have the nouse to remove the funds to an account that pays interest. 

This morning I chance another £100 deposit and shortly after sent a payment for £30 from coop to my saved payee account and it actually arrived immediately. Tedious they are. Finally got the £1000 in and most of it out again, over three days of messing me about.

Was the main reason I moved Co-Op to Virgin at the last switch

Vambo1975

I have made a Faster Payment (account debited) and following day beneficiary confirmed non receipt - captured by the fraud prevention algorithm but no notification to me. More recently I used my debit card with pin to pay for an expensive item - declined. No notification to me. I called the bank an hour later and was put through to fraud team. Long story short I have to suck this up and nobody knows if and when payments will be declined. Oh and the debit card was disabled until I called the fraud team. After many decades its time for me and Co-op Bank to go our separate ways