Re: Cashminder Account & Cheque Clearance

[MissLucy]

I'm writing this in the early hours of the morning as I am so wound up with the Co-op bank. I too have a Cashminder Account and have always ran it well. I have 2 Standing orders on the account that go out monthly. I asked for one S.O to go out next month instead of this month, that should be easy So Wednesday Evening checked my internet account and they'd sent out the Standing Order I'd said not to go till May. Plus the other order I have they sent it out twice! Rang up and got a very pleasant adviser who said not to worry as she would recall the main S.O and would also credit me back the other order that had gone out twice.
Anyway, decided to check after midnight and couldn't believe it, they took out of my account IMMEDIATELY 2X £19.50 bank charges a total of £39.00. This then made my account go overdrawn. It took much explaining and after 'I'll put you on hold a moment' she said I'll credit you back the £39.00. But because this made me go into the red I could stilll get another charge. She said she would monitor the account, but I am worried about this bank as they have made mistakes on my account last year.
This putting £39.00 bank charges on immediately is this correct?
Most banks give you notice I'm sure so you could sort it out.
So fed up and worried over this, I am a Carer and receive £46.97 a week this is almost a weeks benefit
Lucy

[Bovvered]

I think banks should give notice but some don't - they do what they like. Write a preliminary letter asking for your money back (it's in the bank template library). and if no joy then follow the process through to reclaim it.

There is a step by step in the FAQ section, which you really MUST read through and familiarise yourself with.

[simonmcl]

Hi Lucy

I read somewhere (http://www.bankactiongroup.co.uk/) that the charges applied to accounts for non payment of direct debits etc may well be illegal under the Unfair (Contracts) Terms Act 1977 and the Unfair Tems in Consumer Contracts Regulations 1999. So it may be worth your while to investigate or get advice and threaten the bank with court action. Get them to show you exactly why it costs so much to 'bounce' something but they very rarely do.

I have a £100 overdraft and was £70 into it, they 'bounced a DD for £20 and charged me £35 for it, this took me over the overdraft limit so they 'bounced' another DD for £5. It took 40 minutes of agruing with them until they could work out the simple maths of it all, if they paid ALL DDs I would still be UNDER the overdraft limit and it was only the charges incorrectly applied which casued the problem, stick with it and you will get the money back, I did.

Good luck to you.

[comanche]

You should ask for written confirmation from the Co-Op that they made a mistate. They will automatically close a Cashminder account after a certain number (10?) of bounced transactions.

[MissLucy]

Would just like to update my previous post, The Co-op returned my £39.00 and I also got £15 compensation! Thanks for replies to my post.
Lucy