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  • FIRST POST
    • MSE Guy
    • By MSE Guy 20th Jun 12, 5:50 PM
    • 1,628Posts
    • 1,255Thanks
    MSE Guy
    MSE News: Co-op & Smile latest to raise overdraft rates
    • #1
    • 20th Jun 12, 5:50 PM
    MSE News: Co-op & Smile latest to raise overdraft rates 20th Jun 12 at 5:50 PM
    "The pair will raise the cost of going into the red on virtually all accounts from 6 August ..."

Page 1
    • oldagetraveller
    • By oldagetraveller 21st Jun 12, 11:25 AM
    • 3,478 Posts
    • 1,958 Thanks
    oldagetraveller
    • #2
    • 21st Jun 12, 11:25 AM
    • #2
    • 21st Jun 12, 11:25 AM
    It's a good job I never go "into the red" with my smile current account then!

    • EmehEm2005
    • By EmehEm2005 22nd Jun 12, 12:06 AM
    • 104 Posts
    • 56 Thanks
    EmehEm2005
    • #3
    • 22nd Jun 12, 12:06 AM
    • #3
    • 22nd Jun 12, 12:06 AM
    Not only are smile and Co-op raising their overdraft rates they are also changing their personal bank account enquiries telephone number from 08457 212 212 to 08448 44 88 44 meaning that I'll be paying 5p a minute plus set-up charges. What gets me is that I pay 5 extra a month to my phone provider to enable me to ring smile on an 0845 number for "free" - but not 0844!


    Don't make old people mad. We don't like being old in the first place, so it doesn't take much to p*** us off.
    • davidgmmafan
    • By davidgmmafan 22nd Jun 12, 12:06 AM
    • 1,450 Posts
    • 523 Thanks
    davidgmmafan
    • #4
    • 22nd Jun 12, 12:06 AM
    • #4
    • 22nd Jun 12, 12:06 AM
    Clearly the billions they make from bank charges aren't enough then...

    I'm a little confused by the Halifax stance. People with over a two grand overdraft pay more, but I thought the purpose of thier 'simpler' charges was to shaft sorry I mean persuade people to move away from overdrafts (a decent aim IMO). How many people have an income such that a two thousand pound overdraft is a temporary thing? Not many.

    So it seems to me the increases have nothing whatsoever with giving people overdrafts responsibly and everything to do with keeping them in the red for as long as possible. Its incredible really that banks have a system which allows people to operate in the red for long periods, and still has a charging system which can put people over the edge. There must be some way the cards are stacked so that they never lose, I just don't know what it is.
    Mixed Martial Arts is the greatest sport known to mankind and anyone who says it is 'a bar room brawl' has never trained in it and has no idea what they are talking about.
    • timt
    • By timt 4th Jul 12, 1:49 PM
    • 11 Posts
    • 4 Thanks
    timt
    • #5
    • 4th Jul 12, 1:49 PM
    Beware of the coop/smile
    • #5
    • 4th Jul 12, 1:49 PM
    A few years ago I had had enough of the mainstream banks, and liked the co-op's ethical stance, and the free business banking for FSB members, so I thought I'd give them a go.
    I moved my personal account to Smile, and my small business account to the Coop.
    Unfortunately although ethical I have had no end of problems, e.g.:
    - failing to set up/amend SOs and DDs as instructed
    - sending messages via Smile's online service that were not replied to (and you cannot see a copy of messages sent - copy and paste a copy for your reference before hitting send)
    - their online business banking system initially kept failing - apparently the design meant that it was guaranteed to fail with more than 130 users on at a time. It is finally robust, but very limited with what you can do
    - the coop can only take instructions for transfers in Euros or other currencies by fax or by post, or I can drive an hour to my nearest branch
    - repeated delays in making foreign transfers - I found I had to phone up the next day to make sure it had happened
    - their anti-fraud people stop transactions without trying to get in touch with you first of all
    - as with most banks, they are too ready to charge you for the slightest transgression but refuse to accept liability for any mistakes they make. Eventually you have to get angry with the 1st line staff to get put through to a manager to get them to admit a mistake and give you some compensation for it

    They are also excessively averse to providing any loan or overdraft facility - you have to have an impeccable record of regular money coming in otherwise they will turn you down no matter what. I once needed a 2000 overdraft to tide me over until a customer (government) payment of 100 000 came in and I was still turned down by them.

    I would say that their level of service has also declined since the merger with Britannia.

    So give them a go but be aware that they have their shortcomings.
    • Frozen_up_north
    • By Frozen_up_north 9th Jul 12, 5:03 PM
    • 2,104 Posts
    • 1,122 Thanks
    Frozen_up_north
    • #6
    • 9th Jul 12, 5:03 PM
    • #6
    • 9th Jul 12, 5:03 PM
    The non geographic number for the Co-op bank (and Smile) is 0161 4771927, you get an auto attendant, press # to speak to a real person

    The current account interest from Smile used to be pretty good, which is why I changed to them. However, now their rates are hopeless.
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