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Is the Co Op Bank really ethical and fair to customers?
Comments
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opinions4u wrote: »Weekends, however, remain an excuse.
The strange thing is that if i was transferring money outside co op then it would arrive instantly (ish). It is their own internal procedures which are at fault, and they have admitted this to me.
Apparently the bill payment is processed over night, not instantly. If you pay it after a certain time on one evening, then the payment is not processed until next night (i.e. over 24 hours later). From there the payment is held in a suspense account. They also have no means of knowing when you have actioned a payment so they can put a flag on the relevant account to tell them the payment is on its way.
I have tried the argument that as soon as I authorise the payment from my current account into my credit card account then the money is effectively being held on trust for the benefit of the credit card account. They suffer no financial loss as a result of their failure to transfer the money, but they are very happy to charge interest on the "late payment".0 -
The only reason co-op were branded as ethical was on their investments where they would only go for green companies etc.
Plue they say they are run by everyone who is a member.
But not sure if that is the case now.Never ASSUME anything its makes a>>> A55 of U & ME <<<0 -
What, exactly, does the credit and statement say about when to pay?PetePetePete wrote: »On second thoughts, can you explain to me why you think I should accept the co op charging me when they cannot be bothered telling me properly when I should pay my credit card statement? What your post is effectively saying is that we must take responsibility and make accomodations for when organisations cant be bothered trading in a fair and transparent way. I totally disagree with you.
I've never had a credit card that didn't make it very clear. Usually on the back of the statement.0 -
PetePetePete wrote: »On second thoughts, can you explain to me why you think I should accept the co op charging me when they cannot be bothered telling me properly when I should pay my credit card statement? What your post is effectively saying is that we must take responsibility and make accomodations for when organisations cant be bothered trading in a fair and transparent way. I totally disagree with you.
Actually I think it's common sense to pay in plenty of time to avoid charges. After all they do give several weeks to pay a credit card bill so there's no real reason it needs to be paid at the very last minute. I think you're getting worked up about a situation that's easily avoided.0 -
opinions4u wrote: »What, exactly, does the credit and statement say about when to pay?
I've never had a credit card that didn't make it very clear. Usually on the back of the statement.
I exclusively use the on line statements. They tell you what the payment date is and that is clear. However the website only tells you that you need to transfer the money 2 days before the payment date after you have set up the payment.0 -
opinions4u wrote: »Weekends, however, remain an excuse.
No a faster payment is credited to the credit card account straight away. and should show in avaiable balance.
But may not show as a transaction till a couple of days afterwards.
That is how many work.Never ASSUME anything its makes a>>> A55 of U & ME <<<0 -
That leaves me confused based on your earlier post.PetePetePete wrote: »I exclusively use the on line statements. They tell you what the payment date is and that is clear. However the website only tells you that you need to transfer the money 2 days before the payment date after you have set up the payment.4. Most recently the Co Op bank says it is not possible to opt out of receiving paper statements. The reason being is that they are obliged to send paper statements by the FSA0 -
Actually I think it's common sense to pay in plenty of time to avoid charges. After all they do give several weeks to pay a credit card bill so there's no real reason it needs to be paid at the very last minute. I think you're getting worked up about a situation that's easily avoided.
I disagree with you. Provided I pay my bills on time it is up to me when I pay them. What I do think it is common sense is that they need to give me the information in a clear way to enable me to pay them on time.
You did not answer my question so I assume you cannot think of a good reason why the charges are justifiable.0 -
PetePetePete wrote: »I disagree with you. Provided I pay my bills on time it is up to me when I pay them. What I do think it is common sense is that they need to give me the information in a clear way to enable me to pay them on time.
You did not answer my question so I assume you cannot think of a good reason why the charges are justifiable.
I don't really have an opinion on whether the charges are justifiable. I'm just saying they are easily avoided.0 -
opinions4u wrote: »That leaves me confused based on your earlier post.
I suspect many people now rely on internet statements rather than paper statements. Paper statements are usually opened and then filed. However this problem happened soon after I joined co op and I assumed that the internet statement set out the same info as the paper statement as to payment etc. However, it does not.
So, you may say that it is my fault for not reading the paper statement, but then why should I when there is a statement on line and which purports to contain the same information? If the internet statement does not contain the same information, then why? Why isnt there a notice on the internet saying this statement cannot replace the paper statement and there is important information on the paper statement which is not in this statement etc...
I now know about the two day rule, but back then I didnt...0
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