Co-op account query?

Hi,

I never noticed this. On 18th November, I withdraw £240 and that morning I had an available/actual balance of £596.81, but on close on the 17th the balance was £87.00. On my paper statement, it details the withdrawal before the two credits paid in that took the balance to £596, but doesn't show the account Overdraw (paper statements show OD according to the small print at the bottom of the statement when it is overdrawn).

On the electronic statement, it does show the account as £153.00 DR after the £240 was withdrawn. In reality my account was not overdrawn as the cleared funds were there, it's just that it looks a DR balance because the DR show before CR on statements.

Unless it shows OD on your printed statement, you will be ok. (Certainly, Co-op have not come to me and complained, and they do operate a 3 strike rule on overdrawn balances on the Cashminder).

Hope that helps.

hi all.....this was one of the topics I queried when last I phoned Customer services, Co-op....

Statements often appear like that..[DR, followed by CR]....what shows at the end of the day [the last item] is what counts...not whether an account goes DR during a working day.....


I queried that system when asking about how DD's are paid out.....

I cant understand how one bank can do almost instant transactions, but others it can take days for things to appear, Natwest is fab, always know exactly where you stand, only been running co op a few weeks, but it is sooo slow to update?

I would guess it's because co-op aren't a clearing bank, and that most of the bigger places where you would use your debit cards use clearing banks for their accounts - but that it just a guess.

I use Microsoft Money (2005), to keep track of things and it works a treat. You put in your recurring transactions, direct debits, wages, benefits etc. We schedule weekly amounts for groceries etc, and put them as recurring transactions (just like budgeting). We have the yearly home insurance renewal in there, the car tax, etc. There is also a budgeting function too (which I don't use). I enter the transactions as they take place (input receipts basically), then mark them as cleared when they appear on the co-op screen.

I've currently got transactions entered until the end of May, so I can see what the account balance should be if we stick to budget.

It's pretty good. And a shame microsoft stopped developing it. You can still buy it at Amazon, but there are other similar products available from other companies.