Coop Bank Fraud Madness

Heytheremrblue

Transfering funds from my Coop account to my NS&I Direct Saver using the coop app on my phone the Direct Saver is setup as Payee.

First transaction get a text from the Fraud Team great I think they are doing there job .... Loads of questions.. Fair enough...

10 Further transactions over a few weeks .... A seperate text for each and have to call 'The Fraud Team' to go through the same 15 minute process for each one.

I ask them if that's reasonable but all I get is a nothing we can do about it automated sorry.

Every single transfer is it unreasonable to be annoyed ?

Mark_d

It does sound unreasonable.  Maybe switch to a more modern bank like Starling, Monzo or Chase.  Switching banks is quick an effortless nowadays

AmityNeon

That does sound ridiculous, but you have plenty of other options. NS&I's Direct Saver is only paying 4% and is inconvenient for instant access.

Keep the current account, and if you haven't already, you should open Co-op Bank's Regular Saver. There are no withdrawal restrictions, so take advantage of the 7% interest while you can.

Having current accounts with other providers is also beneficial if you find Co-op's service lacking.

Heytheremrblue

AmityNeon said:

That does sound ridiculous, but you have plenty of other options. NS&I's Direct Saver is only paying 4% and is inconvenient for instant access.

Keep the current account, and if you haven't already, you should open Co-op Bank's Regular Saver. There are no withdrawal restrictions, so take advantage of the 7% interest while you can.

Having current accounts with other providers is also beneficial if you find Co-op's service lacking.

Yeah have one of the 7% accounts for myself and the Mrs I want to use the NS&I Direct Saver as a buffer account to purchase Income Bonds I guess the Coop Fraud Squad will implode when I want to transfer a large amount instead of a hundred quid here and there !

lookbook

Heytheremrblue said:

AmityNeon said:

That does sound ridiculous, but you have plenty of other options. NS&I's Direct Saver is only paying 4% and is inconvenient for instant access.

Keep the current account, and if you haven't already, you should open Co-op Bank's Regular Saver. There are no withdrawal restrictions, so take advantage of the 7% interest while you can.

Having current accounts with other providers is also beneficial if you find Co-op's service lacking.

Yeah have one of the 7% accounts for myself and the Mrs I want to use the NS&I Direct Saver as a buffer account to purchase Income Bonds I guess the Coop Fraud Squad will implode when I want to transfer a large amount instead of a hundred quid here and there !

They won't like that. 

pafpcg

Heytheremrblue said:

Every single transfer is it unreasonable to be annoyed ?

Is it just transfer to NS&I that are being referred?  If so, then set up a current account elsewhere (which doesn't trigger fraud checks) and transfer funds to that account for dispatch to NS&I?

Have you tried to set the transfer to be actioned in the future eg the next working day?  That might reduce the risk of being blocked. But it does mean leaving funds lying idle in the Co-op account.

I've had my Co-op current account for over 15 years and I don't recall having any transfers blocked even for £1k+, but I've never used Co-op for transfers to NS&I.

Heytheremrblue

pafpcg said:

Heytheremrblue said:

Every single transfer is it unreasonable to be annoyed ?

Is it just transfer to NS&I that are being referred?  If so, then set up a current account elsewhere (which doesn't trigger fraud checks) and transfer funds to that account for dispatch to NS&I?

Have you tried to set the transfer to be actioned in the future eg the next working day?  That might reduce the risk of being blocked. But it does mean leaving funds lying idle in the Co-op account.

I've had my Co-op current account for over 15 years and I don't recall having any transfers blocked even for £1k+, but I've never used Co-op for transfers to NS&I.

I'll live with it wont be a problem much longer and as others have suggested on the site it maybe better to pop into the branch and do a chaps over the counter

duncan5555

£1500 payment from Coop to HSBC, made at 10.00am still not paid in to HSBC.(9pm)
Terrible service from Coop, call tomorrow, it's automated security nothing we can do 
This was to an existing payee. Awful awful bank 

subjecttocontract

duncan5555 said:

£1500 payment from Coop to HSBC, made at 10.00am still not paid in to HSBC.(9pm)
Terrible service from Coop, call tomorrow, it's automated security nothing we can do 
This was to an existing payee. Awful awful bank 

It can't be that awful, it offers a 7% regular saver & other benefits.

Heytheremrblue

Had a lauagh yesterday ... Popped into local branch to tell them I would be sending a large deposit via cheque to NS&I could they forsee a problem with that ...

Oh no said the guy behind the counter they might stop the first cheque ( which cost me 7 quid to send special delivery ) just to make sure but you can then send another !!!

If that happens and I'm unlucky enough to miss out on this issue I wont be best pleased !

And no I couldnt pay it all on my debit card because there is a 20k limit and when I spoke to NS&I they told me they only accept a cheque over certain amounts.

Heytheremrblue

subjecttocontract said:

duncan5555 said:

£1500 payment from Coop to HSBC, made at 10.00am still not paid in to HSBC.(9pm)
Terrible service from Coop, call tomorrow, it's automated security nothing we can do 
This was to an existing payee. Awful awful bank 

It can't be that awful, it offers a 7% regular saver & other benefits.

subjecttocontract said:

duncan5555 said:

£1500 payment from Coop to HSBC, made at 10.00am still not paid in to HSBC.(9pm)
Terrible service from Coop, call tomorrow, it's automated security nothing we can do 
This was to an existing payee. Awful awful bank 

It can't be that awful, it offers a 7% regular saver & other benefits.

What has that to do with the level of service we are getting ? I've been with them 30 years and never had a problem .... Until I need to move money around ....