The Co-operative Bank chat

Financial Chat
45

No idea what’s going on in this post! There’s a feature for Visa/MC whereby if you have your card replaced the new details get passed on to merchants that have CPAs. That’s distinctly separate from the requirement for a bank to cancel a CPA if a customer asks them to.

As an update to this, FOS contacted Co-op who wanted them to pass on their apologies to me for “an oversight” and to ask for new bank details. Hopefully I’ll see the money tomorrow or Monday, but won’t hold my breath.

How is “we’ve put money in your closed account” then not actually doing it an oversight? I call BS and that they were acting in bad faith. I can’t ever recommend them to anyone. Worst bank ever.

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47

I was more so empathising they’re shite. He was asking them point blank to cancel it.

48
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49

I fully approve of more and financially solid mutuals in the market place, be good for the sector and the wider banking world.

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50

The co-op haven’t been a mutual for years.

That said, it would be good to see the Coventry get properly back into banking. I gather that their Coventry First account was excellent.

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51

I think that’s the point - re-mutualising them via Coventry. Though not one for me, I’ll be watching this with interest.

Isn’t this better in the co-op chat? @AlanDoe

52

@AlanDoe @SouthseaOne

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53

Got to be going cheap if Coventry is after them surely

54

The Coventry Co-operative.

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55

I think that they’ll do want to ditch the co-operative name given the bad press for some time. Hopefully they didn’t delete the Coventry First application, though not sure if it ever had an app.

56

It could buy an app from StarlingEngine.

57

That would be brilliant but I’m not sure Starling would want to license their tech to what would be a very significant competitor.

58

Why not? The more successful Coventry is, the more successful Engine is, and with Anne gone, there’s a tech person running the show rather than a banker.

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59

https://www.reuters.com/markets/deals/co-operative-bank-exclusive-talks-with-coventry-building-society-2023-12-21/

60

I, for one, would welcome the disappearance of the Co-operative Bank forever. Buy it, merge it into Coventry BS.

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61

It is always a bit of a surprise that they are here still in 2023 such that they could disappear. I would have thought the weight of historic scandal, dubious reviews and financial struggles would have seen them off already

Something I keep in mind when someone weighs in on Monzo or Starling prospects

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62

I suspect, and I mean this with respect to them, they survive due to a loyal customer base. So, eventually, this will decrease over time and so will they.

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63

Fixedthatforyou.

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64

I’ve not been super closely following the Metro Bank developments, but Co-op Bank might outlast them, Liza Minelli styley!!

65

I’ve got a shiny new Co-op account for their latest switch bribe. It’s pretty basic, my test transfer of a quid took ten minutes (shocking, I know) and I can’t add it to my Connected Account list in Monzo.

On the plus side, registering for online was nice and easy, although it took 3 days from applying to get account details.