Hi all
Just opened a Coop bank account and transferred £1000 from Monzo. Monies appeared immediately.. then wanted to transfer some back so I did. This was over 16 hours ago and it’s still not been done. I then sent some more money from coop to Lloyds and it completed immediately. Is there an issue between Coop and Monzo with incoming payments? There is currently £800 of my money floating around out there!
Coop are notorious for holding outgoing transfers and not telling you that they’ve been flagged. No alternative but to phone them and sit on hold unfortunately.
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If you’re having a go at the switching bonus, be prepared to spend lots of time listening to their hold music (you have to call them to activate the debit card before you can use it online too).
@AlanDoe might be better in the Coop thread?
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Faster payments, while usually almost instant can take until close of business on the following working day.
So the time to be concerned is this evening.
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What did Coop say when you called them? They sent the money.
The receiving bank usually does not hold incoming funds unless a very unusual amount (00,000s).
They just released the money. Suspected fraud! Odd how the transfer to Lloyds wasn’t an issue though!
Fraud commonly occurs through newer fintechs as it’s easier to open accounts etc.
At least it’s sorted.