Privilege Account Subscription Charge

[aheaps]

I have a little query about this subscription charge of £8.50 I pay every month. I know I get a £100 overdraft (interest fee and no charge for using), and a few other, hardly ever going to be used benefits, such as travel insurance and discounted hotel prices. But last week I received a survey from the Co-Op asking me what I liked best about the account (no space for what I didn't like) and it stated that the overdraft was fee free. Now although I am not charged for using it, surely the fact I am paying to have it in the first place means it is NOT fee free.

Andy.

it is a subscription account, like a membership fee so yes it is fee free so to speak. Remember with any membership, you can leave the club and that means converting the account to one where you do not pay £8.50 and lose the benefits but save the money. A lot of banks anyway do not charge on the first £100 of an agreed overdraft anyway.

[Paintball]

I disagree with you Nattie, everytime you dip into your Privilege Account £100 overdraft in a given month (even just by one penny) you will be charged £25.00 per that month together with overdraft interest at whatever the rate is.

THIS IS NOT FEE FREE and the Cooperative Bank are guilty of misrepresentation at the very least. I'm pretty cross about this survery for a number of reasons and think people should write to the Co-Op Bank and say so and also complain to the OFT and Financial Ombudsman.

What do others think?

Cheers and happy claiming

P

[aheaps]

Paintball I disagree with you Nattie, everytime you dip into your Privilege Account £100 overdraft in a given month (even just by one penny) you will be charged £25.00 per that month together with overdraft interest at whatever the rate is.

Sorry paintball, but I don't think that's right. I haven't been out of my overdraft since I got it and I don't get charged. I only incur a charge if I go over my £100 limit.

Andy.

I just wanted to clarify this and it is important to read the post correctly, the word "agreed overdraft" that means that say you have a £100 ovedraft and you use it and stay within it the bank may not even charge you overdraft interest, the £25 is for using the £100 that is unagreed. Just a clarification.

[Paintball]

I have a list of charges going back 6 years when I used my £100 AGREED overdraft limit with my Privilege Account, also paying Daily Excess Charge to boot and this was when I stayed within the AGREED £100 limit.

In some months I did not use the AGREED overdraft and in others I did use it.

Looking back over a number of months within that 6 year period, Co-Op appear to have forgotten to charge me at all which to my mind, negates the whole business of charges as it clearly demonstrates inconsistencies.

This is not a fee free service, the evidence of my statements and charges shows this quite clearly and if others have been charges differently then, gosh, Co-Op are not applying their charges in a fair and equitable manner.

Best to all

P

[Paintball]

Nattie

You should identify yourself as working for a bank when you post; this has been requested on a number of occasions on this site and is the only open and honest way to respond to threads and posts such as this ...

P

[kippy2]

but everyone knows who nattie works for. read the bank workers thread.

[kippy2]

Originally Posted by Paintball

Nattie

You should identify yourself as working for a bank when you post; this has been requested on a number of occasions on this site and is the only open and honest way to respond to threads and posts such as this ...

P

why? who has requested on a number of occasions? and anyway doesnt the username sort of tell you which bank they work for.

[Paintball]

What a dire response Kimmy ... I have grave doubts about you

[kippy2]

Originally Posted by Paintball

Nattie

You should identify yourself as working for a bank when you post; this has been requested on a number of occasions on this site and is the only open and honest way to respond to threads and posts such as this ...

P

dire response too!

[Paintball]

Dear Kimmy

You state that 'everyone knows ...' which is an assumption. Some people may not!

My point is that Co-Op make both unfair and unlawful profit from SOME if its customers and when discussions arise on a Co-Op thread to which a Co-Op bank worker responds with subjective opinions, it is useful if that person also clarifies that they work for the organisation being discussed. This creates a fair and balanced discussion and allows readers of the post (some of whom may not yet have read the Bank Workers thread) to make informed judgements about those opinions. This is surely the point of a discussion forum!

Happy claiming everyone ...

Love P



We are all on the site because we are re-claiming unfair charges, and I for

[Paintball]

Doh! Not the Co-Op ... NastyWest!
P

[Bizarre.Moogle]

Hi Paintball,
Not sure why your getting charged for using the Privilege overdrat. This is the way it should work.
If you only have the default £100 overdraft that comes with the Privilege subscription, then if you use it and do not go over the £100 then you will not incur any charges. If you have an increased overdraft, say £200, then the first £100 doesn't charge debit interest, but between the £100 to £200 debit interest would be chargable at a rate of 1.02% per month.

Only if you go over the agreed limit does it then start to charge the overlimit charge of £25 and if then further overlimits that month then at £15 per day to a maximum of 5 times.

Note: If you have a Privilege Premier account then its the first £260 thats debit interest free, then anything over that and within agreed limit is at 0.79% per month.

[Paintball]

Hi BM

Thanks for taking the trouble to reply.

I was able to identify inconsistencies once I had all my bank statements dating back six years. I understand how the charges should be applied but, as I stated above, on two separate occasions I was NOT charged at all over a period of months even though I had exceeded the agreed £100 o/d limit and on other occasions (more randomly dispersed throughout my banking history with Co-Op) I was charged even through I was within the £100 limit.

Hmm I'm working hard at keeping out of my o/d, I prefer it that way!!

Cheers

P

[Paintball]

Andy

How did you decide to respond to the questionnaire?