Coop Bank Fraud Madness

subjecttocontract

Duncan5555 said it was an awful,awful bank......I was responding to his statement. I've also been with CoOp for a few years, my personal experiences of them wouldn't result in me describing them as awful.

Swipe

Use a debit card instead

Heytheremrblue

Swipe said:

Use a debit card instead

Did you read my post ?

Heytheremrblue

subjecttocontract said:

Duncan5555 said it was an awful,awful bank......I was responding to his statement. I've also been with CoOp for a few years, my personal experiences of them wouldn't result in me describing them as awful.

Yes and mine as well ... Until you try to move money to other banks .... So IME and Duncan's they were great. Until they weren't.

boingy

After being with them for decades we dumped them about 18 months ago over the same issue. They repeatedly blocked low-risk, low-value transfers and then interrogated me/wifey for 15-20 minutes each time, with totally laughable questions that would only catch the stupidest fraudster. One of the questions is "are you feeling more stressed than usual", which is hilarious in hindsight but did not help my mood at the time. It's like someone repeatedly poking you with a stick then asking if you are getting peeved. I'd love to know what their "hit rate" is for these phone calls in terms of stopping frauds. I bet it is very, very low. 

Anyhow, for any fraudsters out there I can tell you that the easiest way to move unlimited money out of a savings account its to move it all into a current account at the same bank then use the CASS switching service to move it to a new current account at a different bank. Apparently that's fine - no fraud checks, no hassle. What a ridiculous world.

All banks do these fraud checks sometimes but Co-op were easily the most over zealous. So good riddance to them. I hope they rot.

subjecttocontract

Surely that applies to all banks. None of them are perfect. If you were to read through threads on this forum you'll find issues with almost every bank. The service you are receiving isn't anywhere near good enough .....why not move your account somewhere else.

1spiral

18months ago I opened an account with First Direct. During the first 6 months I could pretty much guarantee that any new payee would result in a call from the fraud team. In one instance it was for a £1 transfer to my spouse. Once I'd sussed that it was new payees that were the problem, rather than setting up new payees to all my new savings accounts as and when opened, I just left the old account payee in place and made internal transfers at the destination provider. I haven't had one call from the fraud team this year. I did get a bit peeved at the process at the time but had to accept this was part of them trying to protect me from myself (even though I didn't need it). What I would say though is that after my 20 min discussion, never once did they fail to proceed with the transfer. Once I'd given the green light, the transfer was pretty much instant.

LHW99

New rules in October are supposed to allow banks to delay transfers for up to 3 or 4 days if they suspect fraud. maybe the Co-op has just been practising?

flaneurs_lobster

Heytheremrblue said:

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 ....

Means that people are happy to use them as a savings institution but not daft enough to use them for current account banking.