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

gsmh

Why do you stay with them if they treat you so badly?

WillPS

Oh I'm well on my way out (again), don't you worry

WillPS

WillPS said:

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.

To round out this anecdote - a text was sent at 8.30, asking for confirmation. Then a call came at 8.45, also seeking confirmation. Neither stated that the payment would or would not now be sent, but the funds were not returned. A check of Nationwide at 0900, 0915, 0930 and 0945 (ish) showed no amounts received, then at 10am the payment was finally received at Nationwide.

So all in all pretty terrible but by no means the worst story relating to Co-op Bank's approach. Certainly proof that this is still happening to "real customers".

Nasqueron

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.

If I open a bank and want to use it or if I only want to get some free cash, either way I want to do a test payment of 1p in and out to confirm it, that should not flag anything, nor would Co-Op have any knowledge of what I have done with other banks other than seeing the odd credit check

HillStreetBlues

Nasqueron said:

If I open a bank and want to use it or if I only want to get some free cash, either way I want to do a test payment of 1p in and out to confirm it, that should not flag anything, nor would Co-Op have any knowledge of what I have done with other banks other than seeing the odd credit check

You must have missed the "Do you use MSE?" question when applying for an account.

confederated

I opened a Co-operative Bank current account two weeks ago. I instigated a switch, but I have had nothing but trouble. The first time I tried transferring £3.50 to my credit card account elsewhere the transaction was flagged as potential fraud. The only reason I knew there was a problem was when the money didn't arrive in my credit card account. I was taken through all the possible fraud scenarios. When they eventually released the funds I asked to raise a complaint. I was asked how I would like it resolved and I said 'compensation'. How much? was the next question. £50 was my response. The money was in my account later in the day.

Unfortunately two more transfers to my own accounts with other banks were flagged as potential fraud over the next few days, and each time I had to call them and was holding around for 20-30 minutes each time. If this was my main current account I would be nervous every time I made a transfer. One one occasion the call dropped as soon as it was answered, so I had to go through the whole process again.

I called them on day 1 of the switch to cancel the process. They said it was too late. Today, day 4, I called to ask why nothing appeared to be happening (I'd normally expect to see some payees appearing and a list of my direct debits) and they said they had been able to cancel the switch so it wasn't going ahead. I feel I've had a very narrow escape to be honest. They don't tell you anything though. After saying the switch couldn't be cancelled, they did cancel it - but I was none the wiser. They didn't even tell me the switch had initially been accepted, or when the actual switch day would be. I was completely in the dark about what was going on.

I wonder if the Coventry will sort them out, or are they as bad?

subjecttocontract

I have a coop account and never ever had a problem. All I do is pay in a fixed amount every month to service a few standing orders and my coop regular saver. They post me a statement every month. I just get on with the rest of my life. They don't bother me, I don't need to bother them. When the 7% reg saver eventually disappears, which it will, chances are I'll transfer my accounts out of the coop.

confederated

How often have you transferred funds to an account with another bank? What about sending funds to your credit card? If you haven't done those things you won't have a problem. My post was about funds transfers, not about using the account for basic things like debit card payments, standing orders or direct debits or servicing a regular saver. Of course those things won't cause a problem. It's their very sensitive fraud algorithms that are the problem.

subjecttocontract

confederated said:

How often have you transferred funds to an account with another bank? What about sending funds to your credit card? If you haven't done those things you won't have a problem. My post was about funds transfers, not about using the account for basic things like debit card payments, standing orders or direct debits or servicing a regular saver. Of course those things won't cause a problem. It's their very sensitive fraud algorithms that are the problem.

Well I just had a coop reg saver mature. The proceeds were paid into a 'smart saver' and I transferred the total + interest to an account with another bank. Couldn't have been easier.... quick, problem free, no hassle. Long live the 7% reg saver because I agree the coop don't have much else to commend them. I would certainly never consider using co-op as an everyday current account, they just aren't good enough, in my opinion.

WillPS

I took @gsmh 's advice and killed off the packaged 'Everyday Extra' account we held with them.

Actually using the package account features was an absolutely miserable experience as these things go - but at least they made it relatively simple to kill off. I never managed to get the Assurant portal to work properly even after I had found my way in (not simple given they don't send you the IDs you need!).

Wife still has a month of arbitrary hoop jumping to get her last £25, then after that it'll be just regular savers until Coventry start sorting it out.