Co-op Bank: Can They Really Be That Bad?

WillPS

gsmh said:

When did you last experience such a thing with The Co-operative Bank? Your assertion that "it is only the Co-op Bank who operate in this manner" (sic) is patently untrue. At the risk of going round in circles I suggest you try Triodos. There was a thread on here discussing the issue and Starling was highlighted as one such bank which holds payments too regularly:

https://forums.moneysavingexpert.com/discussion/6447674/is-there-a-bank-which-doesnt-hold-outgoing-payments-for-review/p1

Starling didn't show that the payment had gone through though, the OP of that thread clearly states that Starling showed that it had not.

Can't speak for Triodos but they are so small as to not really be competition and also so awful that it'd be a laughably low bar to point to as 'better than'.

Alexland

gsmh said:

My phone calls were answered in minutes. Absolutely not a problem. Once the account is setup you're not going to need to speak to anyone at the bank.

Sounds like you are lucky - it's when things go wrong they struggle to resolve. The way they track and progress issues seems to be sending emails between departments that don't reply so it just gets dropped.

My call hold times were similar to Pettrix around 30mins which is pigging annoying when the only reason you are calling is that the last person you spoke to the previous week didn't bother to call you back or do anything. Even more annoying that the agent before the last one that let you down was the same too.

With the secure messages they don't seem to read the message properly and kept sending me back generic blocks of prewritten text that don't engage with the issue and totally miss the point.

From my individual experience with most of the UK banks they have been the worst so far. Others may have had different results but I have seen enough of them to know I could never trust them as a main account for fear of something important going wrong and facing the same wall of hopelessness.

Coventry BS should just absorb and demise Coop Bank.

My switch away from Coop completed today yippee!

Section62

gsmh said:

When did you last experience such a thing with The Co-operative Bank? Your assertion that "it is only the Co-op Bank who operate in this manner" (sic) is patently untrue.

I, or rather my brother, had that problem last summer.  He did an online transfer from a Co-op account to an external current account (which was the original source of funds, some time previously).

Three days later the money still hadn't arrived but he got a text saying the payment had been held for fraud checks and to call within 24 hours or the payment would be cancelled.  I called them (he couldn't) knowing they wouldn't talk to me, but just to tell them he wouldn't be calling them, although the payment was genuine. The customer adviser thanked me for the information and said not to worry, the transaction would just be cancelled if he didn't call. This was Ok because by then the transfer was no longer needed or wanted.

Two days later the payment was made to the external account (not cancelled).

In what world does a bank hold a payment without promptly telling the customer what is going on, and then release the payment despite not having the verification they were asking for?

My already low opinion of Co-op bank hit rock bottom at that point.  I would take a lot of persuading that things have significantly changed since then.

ChirpyChicken

I still have three legacy pathfinder account account. A sort of slimmed down current account but works exactly the same as one just no over draft
Never had any issues with co op. Yes a bit fashioned. Went into to pay a cheque into it. First time been in a bank branch for years

Nasqueron

gsmh said:

My phone calls were answered in minutes. Absolutely not a problem. Once the account is setup you're not going to need to speak to anyone at the bank.

I switched service to them for the bonus, first test transfer of 1p was held, ok, did the security checks etc, all should be good to go. Next two transfers in / out had the same problem, had to ring up and sit on hold to get through the security checks meaning losing a day of interest each time

gsmh

Nasqueron said:

I switched service to them for the bonus, first test transfer of 1p was held, ok, did the security checks etc, all should be good to go. Next two transfers in / out had the same problem, had to ring up and sit on hold to get through the security checks meaning losing a day of interest each time

I'm beginning to wonder if the stalwart MSE Forum members are flagged as being higher risk given their financial proclivities. The things some of the prolific posters say happens to them just don't happen to me. Food for thought.

dcs34

gsmh said:

Nasqueron said:

I switched service to them for the bonus, first test transfer of 1p was held, ok, did the security checks etc, all should be good to go. Next two transfers in / out had the same problem, had to ring up and sit on hold to get through the security checks meaning losing a day of interest each time

I'm beginning to wonder if the stalwart MSE Forum members are flagged as being higher risk given their financial proclivities. The things some of the prolific posters say happens to them just don't happen to me. Food for thought.

I think that works both ways. For example, my bank started an investigation into me on the basis their system thought I was using my personal current account to run a business; turns out making 30+ regular saver deposits on the 1st of each month looks a lot like someone running payroll or paying invoices.

But then on the other hand I'm always nervous when I say to friends and family "oh it's really easy to open and setup" out of concern that I have an easier time with ID / verification / making opening deposits because I do it way more than the average customer, so conversely perhaps their 'algorithms' have become used to being more permissive for me...

gsmh

dcs34 said:

 turns out making 30+ regular saver deposits on the 1st of each month looks a lot like someone running payroll or paying invoices.

My point exactly.

WillPS

gsmh said:

Nasqueron said:

I switched service to them for the bonus, first test transfer of 1p was held, ok, did the security checks etc, all should be good to go. Next two transfers in / out had the same problem, had to ring up and sit on hold to get through the security checks meaning losing a day of interest each time

I'm beginning to wonder if the stalwart MSE Forum members are flagged as being higher risk given their financial proclivities. The things some of the prolific posters say happens to them just don't happen to me. Food for thought.

Quite the judgment, but I'd politely refer the honourable member to the fact that two of the previous four anecdotes do not relate to forumites but rather their loved ones.

I'd also suggest that sophistication/frequency of fraud holds is only one part of issue with Co-op Bank's approach - the worse part is the lack of transparency when these things happen and also the time it takes to get them solved.

As others have said, everyone will have a differing experience and it's possible that you have just been lucky (this time around, at least).

WillPS

gsmh said:

When did you last experience such a thing with The Co-operative Bank?

This evening. Transfer of £300 to an account in own name. Transferred to several times before.

Normal advice - will arrive "instantly", payment sent etc. Money immediately left Co-op account. An hour later, nothing has arrived at Nationwide. Other payments from other banks are arriving instantly.

Presumably it's been held for fraud but I have literally no way of knowing - CS is only open 8am - 6pm (which is pretty terrible in and of itself) so can't even ask them. The money is to all intents and purposes just gone until then.