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

WillPS

I opened an account a few weeks ago. Sat, November 2nd to be exact. The accounts was opened and viewable online on Thurs, November 7th - but did not turn in to the account I actually asked to open (Everyday Extra) until Sat, November 9th - so a full week. Debit cards (x2 since its a joint account) did not arrive until Thurs, November 14th and PIN numbers arrived the day after. We were both existing customers too (albeit only with token old savings accounts).

There are no postal strikes and the post around me is very reliable. Unlike most of their competition you have to wait upon these pieces of paper in snail mail because they don't provide them on the app (another "niche feature" I guess?).

This is to say nothing (as you have) the process of making these cards usable online, which we've not gone through yet - which is without exaggeration infinitely more complicated and long winded than any other provider in so much as only they have an offline process for this!

You say you've faced longer waits elsewhere, and so have I - but not recently. Most accounts will open immediately or at worst the next working day now, unless there's some fraud hold up. Even HSBC/FD, who up to a couple of years ago took literally months sometimes, are now able to open current accounts immediately.

My wife's linked regular saver also took 2 days to materialise, which I understand from the regular saver thread is on the better end of wait times people have endured. 

I don't have so negative an impression of Co-op Bank that I'm not willing to try them out (evidently), but they are a very hard bank to recommend as they present themselves presently - even to the type of person who just wants the things they offer.

I don't bear any grudges, I look back fondly on how chuffed I was with my Smile account which I opened just after I turned 18, but they are significantly behind the market now, there's no two ways.

Emily_Joy

eskbanker said:

Depends what you mean by 'that bad' - if you read threads about any bank (on here or Trustpilot reviews, etc) then you'll see a mix of positive and negative?  If you've been with all the other high street players and (implicitly) don't want to return then you presumably don't rate them either?

Edit: I should have added that a less subjective assessment of relative merits is available via the bi-annual surveys conducted by Ipsos on behalf of the CMA, which use proper surveying methods rather than being unduly swayed by 'who shouts loudest':


https://www.ipsos.com/en-uk/en-uk/personal-banking-service-quality-great-britain-august-2024

Taking into account the top 4 are the banks without physical branches I wonder if this survey tells us more about people who comleted the survey rather than about the quality of the actual banking services... 

gsmh

Emily_Joy said:

Taking into account the top 4 are the banks without physical branches I wonder if this survey tells us more about people who comleted the survey rather than about the quality of the actual banking services... 

That's a very good point!

Grizebeck

I still have their pathfinder account 
Will see what impact coventry take over of them will have.

incus432

Have been with the Coop - in fact their Smile branding - for over 20 years.  The main problem is their technology - app and website - are hopelessly outdated and there are simple things you just can't do easily. It seems like they're letting it die on the vine.  Getting a reply to a message is very slow and tedious for example. They have also blocked payments without explanation.

We stick with them because of the packaged account (Smile More) which gives us travel insurance, breakdown cover and airport passes much cheaper than could get elsewhere - and is no longer open to new members.  

WillPS

Emily_Joy said:

eskbanker said:

Depends what you mean by 'that bad' - if you read threads about any bank (on here or Trustpilot reviews, etc) then you'll see a mix of positive and negative?  If you've been with all the other high street players and (implicitly) don't want to return then you presumably don't rate them either?

Edit: I should have added that a less subjective assessment of relative merits is available via the bi-annual surveys conducted by Ipsos on behalf of the CMA, which use proper surveying methods rather than being unduly swayed by 'who shouts loudest':


https://www.ipsos.com/en-uk/en-uk/personal-banking-service-quality-great-britain-august-2024

Taking into account the top 4 are the banks without physical branches I wonder if this survey tells us more about people who comleted the survey rather than about the quality of the actual banking services... 

There's also nonsense like Natwest scoring 11 percentage points higher than RBS despite the two offering substantively the same thing with the same customer service, app, branches etc.

It's definitely not much use looking at individual rankings but if you ignore the banks with slightly excessive fandoms around them (First Direct, Monzo, Starling) and look at broad strokes, Co-op Bank are considered among the worst.

gsmh

I wonder why the Co-operative Bank is providing me with such a better product than it provides to @incus432 or @WillPS ? As I have said repeatedly, go back a year or so and I'd agree with everything the two of them have said about the bank. These days it's like a different bank. The app is now modern and slick and the service is just as good as other banks, I just don't get it. There is something very strange going on.

incus432

gsmh said:

I wonder why the Co-operative Bank is providing me with such a better product than it provides to @incus432 or @WillPS ? As I have said repeatedly, go back a year or so and I'd agree with everything the two of them have said about the bank. These days it's like a different bank. The app is now modern and slick and the service is just as good as other banks, I just don't get it. There is something very strange going on.

One example, you cannot send a secure message on the smile app. You have to log into the website. Is that not the case for you?

PS I agree with others that Nationwide is worse - really bad like stepping back 30 years technologically

Emily_Joy

WillPS said:

Emily_Joy said:

eskbanker said:

Depends what you mean by 'that bad' - if you read threads about any bank (on here or Trustpilot reviews, etc) then you'll see a mix of positive and negative?  If you've been with all the other high street players and (implicitly) don't want to return then you presumably don't rate them either?

Edit: I should have added that a less subjective assessment of relative merits is available via the bi-annual surveys conducted by Ipsos on behalf of the CMA, which use proper surveying methods rather than being unduly swayed by 'who shouts loudest':


https://www.ipsos.com/en-uk/en-uk/personal-banking-service-quality-great-britain-august-2024

Taking into account the top 4 are the banks without physical branches I wonder if this survey tells us more about people who comleted the survey rather than about the quality of the actual banking services... 

There's also nonsense like Natwest scoring 11 percentage points higher than RBS despite the two offering substantively the same thing with the same customer service, app, branches etc.

It's definitely not much use looking at individual rankings but if you ignore the banks with slightly excessive fandoms around them (First Direct, Monzo, Starling) and look at broad strokes, Co-op Bank are considered among the worst.

I had a reason to complain about RBS as their customer service in the app and on the phone was sending me in circles for over a month. The problem was promptly resolved once I managed to visit a local NatWest branch.  As a bonus, the latter was offering free mince pies and hot tea   I have to admit however that I haven't tried to resolve a problem with NatWest by visiting an RBS branch yet!
I will report on Co-Op once I manage to figure out what's happening with my £75 switching bonus

gsmh

incus432 said:

One example, you cannot send a secure message on the smile app. You have to log into the website. Is that not the case for you?

As I've said before it's that checklist of features again. I use a desktop computer and the app on my phone is an adjunct. Trying to score points like this isn't particularly useful. Clearly my criteria for a good bank and yours are very different. Maybe your life is all about checkboxes. Mine isn't. I have always purchased and enjoyed driving cars where several checkboxes could not be checked. I've already said my worst experience of a bank has been Monzo, followed by Barclays. Starling feels pretty sterile. All three have nearly every feature available in their respective apps. Life is more interesting than checkboxes.

You guys find the Co-operative Bank lacking, I don't. It is maybe time to just accept we have a different take on life and leave it there.