How long does Co-op take to send a bank transfer?

Nimbleberryfinn

Do they not use Faster Payments like everyone else? 

I sent a bank transfer to myself (Co-op to Halifax) yesterday at 5pm. It’s now 8am the following day and it still hasn’t arrived! 

Are they still using the 3-5 days system from back in the day? 

wmb194

Nimbleberryfinn said:

Do they not use Faster Payments like everyone else? 

I sent a bank transfer to myself (Co-op to Halifax) yesterday at 5pm. It’s now 8am the following day and it still hasn’t arrived! 

Are they still using the 3-5 days system from back in the day? 

No, it uses faster payments. My last transfer to Lloyds was close to instant but faster payments isn't guaranteed to be instant, it's worst case scenario is end of the next working day. This assumes it hasn't been held for fraud checks.

innocentlove

I rang 159 and select Co-Op bank option. I transferred my matured regular savers into my other account with different bank in the early hours of the morning which didn't arrive until late evening of the day although the money was deducted showing in the transactions list. They just wanted to make sure it was me who was doing the transfer and the other account was not the scammers' etc, once I confirmed over the phone, the money arrived instantly.

Ayr_Rage

Does the payment show as complete with the sending bank?

It could well be being held for AML/fraud checks.

Nimbleberryfinn

Yes the payment does show as complete from Co-op's end. 

I'm gonna call them in a bit to make sure there aren't any issues. It was only for £100 so not a substantial amount by any means.

steven141

I find the co-operative bank to be unique with this. Sometimes it goes through instantly and others it takes a while. Not sure if it's their system that is antiquated or not.

Nimbleberryfinn

UPDATE: In case anyone ever searches for the same query - after a 40 min wait time and being passed over twice to speak to someone and after the most ridiculous security check questions known to man (probably ran through 15 questions). I then got interrogated for 10 mins about who I was sending the payment to, what was it for, how did I get the details for my own account, how long have I held the account for (they asked for the years and months!! I had to log into Clearscore to get the right answer!) asked 3 times to confirm I was happy to release the money, did I want to end the call and call the police, I've never known anything like it! 

Suffice to say the money is now showing in my Halifax account. All this over £100! I will be ditching them as soon as I've met the switch requirements. Madness!

clairec666

Last month Co-op delayed a couple of my payments for fraud checks - I was transferring money out to my own accounts to top up regular savers, and presumably making a few payments of £250 in the space of a few minutes triggered their fraud system. The first payment arrived in a couple of minutes, the next two disappeared from Co-op but didn't arrive for several hours, after I'd contacted customer support. I no longer use my Co-op account to fund my regular savers, as I don't want the same thing happening every month!

confederated

I opened a Co-operative Bank current account and tried to use it as my main day-to-day account. It was exhausting. Almost every payment I made to another of my own accounts elsewhere, or to my credit card was blocked and necessitated a phone call and a long lecture from an employee as outlined by @Nimbleberryfinn above. In the end I gave up and was lucky enough to be able to cancel the switch to the Co-operative which I had set in motion. The account is effectively unusable.

jimjames

Nimbleberryfinn said:

Do they not use Faster Payments like everyone else?  

I have accounts with many banks. Pretty much without fail all my other accounts will transfer instantly and be there in the time I can log into the next app. Co-op is the only one where I need to wait before logging in to check the payment. It's still a faster payment though as it is generally within a few hours

steven141

confederated said:

I opened a Co-operative Bank current account and tried to use it as my main day-to-day account. It was exhausting. Almost every payment I made to another of my own accounts elsewhere, or to my credit card was blocked and necessitated a phone call and a long lecture from an employee as outlined by @Nimbleberryfinn above. In the end I gave up and was lucky enough to be able to cancel the switch to the Co-operative which I had set in motion. The account is effectively unusable.

It's such a shame as they seem to be an ethical bank. Maybe they will eventually be moved over to the system that Coventry Building Society uses.