Co-operative Bank Cashminder Account

[angelica smith]

Has anyone got a co-operative bank cashminder account? Has anyone become overdrawn? Do you get yourself overdrawn all the time because they dont debit your account each time you make a purchase and your available balance doesnt debit your purchases for days leading you to think your balance is your available balance?

 

Does unauthorised overdrafts on basic accounts without an overdraft faciilty and cheque book fall under Consumer Credit Act 1974 and make them unenforeable?

 

Have they threatened to close your account and then kept it open?

 

Are basic accounts allowed customers to go overdrawn all the time and can i challenge this?

 

 

Thanks for reading my thread!

[angelica smith]

Please let me know whether i can get this written off as they are now threatening me!

[angelica smith]

Also does anyone know the act or what section of consumer credit act 1974 it is? Basic accounts should NEVER allow overdrafts and despite phasing out visa electron and issuing visa debit they still are not debiting transactions immediately from available balance why is that?

 

Any advice would be very much appreciated!

 

Thanks

[banker_rhymes_with]

Hello!

 

Welcome to CAG!

 

Firstly, if that's your real name, it may be wise to get it changed ASAP.

 

The Site Team can change it for you, but you need to ask them yourself, I cannot do this for you.

 

Just click the Red Triangle to the bottom of your name in any Post, and send a message to the Site Team. I suggest you tell them what CAG ID you would like to use, such as Bugs Bunny, or Mickey Mouse etc, something that is not linked to you!

 

Once that has been done, then please let us know some more details.

 

The Cashminder Account is one that should not have any Overdraft, so it's one that should not go into the red at all. It's just a basic Account with a Debit Card, so I'm not sure how it has managed to go overdrawn.

 

The Account does have on-line banking, so I would get that up and running ASAP, and then use that to manage the Account. Many banks, the Co-Op included, can be slow to update the Balance, so I'd advise using some form of Home Accounts package to keep track of your spending, and then use the on-line banking to update yourself and keep a track of where you are.

 

IOW, if you know you have £200 in the Account, and know you spend £100 shopping via the Debit Card, then you'll know the true Balance is £200-£100, so £100 left.

 

If you log-in and see £200, you'll know that the bank is slow updating the £100 Debit Card payment, so you'll know the true balance is £100.

 

If you log-in again a day later, you'll see it has dropped down to £100 as you expected.

 

However, even though the bank may say £200 on-line, it will know about the £100 payment, so if you went to an ATM to get Cash, it should only allow you to take out the true balance, i.e. £100, not the £200 you may see on-line.

 

Let us know more, and I'm sure people here can help.

 

Cheers,

BRW

[hammyhound]

I have a co-op cashminder.

 

As BRW has yet again correctly stated at the moment the only way to check your true balance is at a cash machine. At the moment Co-op only show your balance even if you have used your debit card that day.

 

I am puzzled as to how you came to be overdrawn as I find it impossible to go overdrawn.

 

Can you explain how you became overdrawn on your account and maybe people can help.

 

HH

[shoegirl]

A friend of mine has an account like yours and the co-operative never let her go overdrawn. But I would definitely keep a note of the funds etc going in and out and NOT to rely on the online statements as there is something very fishy going on. My friend contacted me last night after she noticed some money missing and tried to resolve this missing money and transactions which were on view and then disappeared on her online statements with the Co-op. I told her I would have a look on this forum to see if anyone else has noticed anything. She uses her account for when she needs to and puts funds into it to cover payments so any transactions are visible.

Needless to say the co-op staff were really polite and tried to be helpful but the online statements they see are the ones you see. Any missing funds, strange debits of unpaid access charges or amounts just going out without any notification etc that appear at a different date to which they should then suddenly disappear are being done from the inside and tracks have eventually been covered so they couldn't help. She has "lost" only a small amount of £57 ( hopefully it should stop now she has brought it to attention) but if this person or team take £50 from 200 customers thats £10,000. Unfortunately the only way to find this person or team is to set up a few traps and all banks are too egotistical to admit that someone from the inside would be capable. I would like to point out that this person/team took to the trouble of even wiping out certain days that she had logged in to check her balance.

[hect0r]

I have a Cashminder Account (basic bank account) and I am going through problems with Coop - They have written to me saying my account will be closed on the 8th of Feb 2011. Reason being that there where a number of returned items on the account in the past 8 weeks. I have written 3 times and phones 3-4 times to discuss reason. Background I got the cash minder account a year ago when lost job and got into financial difficulty, I have operated the account and kept to a tight budget. In November when I used the online payment system to send my rent to my landlady - the system showed sufficient funds available to make the transfer, with a little headroom, I also transferred a small amount of savings across to give the account a bit more headroom to cover other items that would come out. The payment went through, but then few days later they reversed it and returned it unpaid and the order of things changed on my online statement. They then applied a charge to my account. I rang and asked why this had happened and could not clear it up they would not reverse the charge, I then wrote, still no change. These few charges then had a knock on effect causing 3 other items to miss payments. Again I explained this in a letter and call, still no sympathy. Now after me getting no reply to do with my complaint they have written closing the account. My position is the charges in my circumstances have thrown my very tight budget out and caused the problem, so I think they should be refunded and the account be kept live. As this type of account was designed for people in my position and the Banking codes says that circumstance should take into consideration hardship that may be caused. However I also think they have acted out of hand after my rather curt last letter saying I wanted my money back in no uncertain terms. I have now spoken to the team that deals with this type of thing, and so far got no where. A manager is due to ring me back currently at my request. I have spoken and filled in the form from the Financial Ombudsman's Service (FOS), and they seemed to think it sound rather extreme to close my account after they where aware of my circumstances; any ways they are yet to investigate the papers and copy letters I have sent them, also told Coop the Ref number from FOS and asked them to reconsider. We will see. Hope that FOS get my charges refunded and account reinstated.

[shoegirl]

Hi hect0r,

As an update of my friends situation which is similar to yours, Coop didn't bother to reply to her letters or reimburse as promised on the phone an amount which she reported as a fraudulent transaction ( somebody used her account to purchase something from a Canadian company). She sent a complaint to the Obudsman and they contacted Coop as they didn't think that Coop gave a final decision. About 6 weeks later she got a call from a manager from Coop who told her that they were going to return the charges and stop future charges which were going to come out. They didn't refund the fraudulent transaction ( it was about $20) and they didn't refund the "missing amounts" ( because these were there for about 3 weeks then disappeared off their system).

On the phone my friend asked the manager if the Ombudsman had explained about the "missing amounts" and she said no, they only mentioned about the charges which were on record. But if she had any printed proof, she should send it to Coop and they will investigate it.

Like many others she would check her account and then log off, not printing her info every time she logged on. She also only used this account for certain transactions so every penny was accounted for, if she needed to buy something online for £15 she would check her account, put money in to cover it, then purchase it, so any discrepencies were highlighted.

She was glad to have her recorded charges back and didn't pursue it further because as she said " if they gave me a million pounds, I wouldn't put it in the account because my trust in the security is broken".

I don't know whether the Ombudsman is maybe keeping a record of complaints for "missing amounts" until they have quite a few so that they have a good case to investigate it, or they are pushing it under the carpet ( most probably).

Good luck and I hope you will get what you want

[Velanova]

I have had a Cashminder account for about 2 years. Its not my main account.

 

If you transfer funds out of your account using online banking it usually reduces the account balance immediately. If you use the debit card, it doesn't show up until maybe 3 days later. One other thing its as well to be aware of where the Co-op is concerned - they order the transactions by debiting first and crediting second. I was very annoyed to receive a snotty letter and bank charges one day because I had gone into overdraft even though I knew I had paid in more than enough money to cover what was going out. When I complained I was told its in the rules that any credits have to be in the account 24 hours before they will get credited first before the debits. So in my case, because I'd paid in money first and then paid it out on the same day, I technically overdrew the account.

I really hate banks - money grabbing cheaters.

[watchinginvestigation2011]

I love this account, if it is possible to love a bank, hahahha

 

Better than abbey who kept throwing unwated credit my way!!!!!!

 

I now keep a diary at home and each time i use it I deduct it myself, so never have a totally zero balance. I now set the monthly ammount of dds I have and devide by four to make sure that each week I only spend what is left over, when in fact there is some child tax credits left to cover the dds if you know what i mean. I also have a saver account with them for a buffer, not much in it but enough in case of emergency that if I had made an error I noticed transfers between savings and cahminder is actioned imediately, therefore can get dosh in account quick.

 

After making many many mistakes I am now check my balance daily as the call costs me nowt in my package and I can make sure all dds are going out promptly.

 

We all make mistakes, but this account is basic basic and we have to at some point learn to be more careful and that is not a dig. I managed it and I have a carp memory.

 

Might be a case of pay the fine and learn by it if they wont refund charge raised, refering to OP there not subsequent posts as this account is pretty hot at closing accounts that cause them hastle with us ringing to get charges refunded. I mean no harm in politely as a once off ringing and asking but if they say no, what did we expect, it is basic and nowadays that is better than running up overdrafts we lose track of, xx

 

With this account they dont make much out of us!!!!! So how much can we expect, sorry xx

[watchinginvestigation2011]

For reference for anyone with this account. Just had a note from them today that their unpaid dd charge is dropping from 19.50 to 15.00

[moneystress]

Am trying to do research into a Coop account with the potential of switching to one. After reading this I may reconsider but could someone please tell me how long it takes a standing order to clear in a coop account from another bank and would it be quicker if I had a coop account for the funds to clear from mine to another?

Thanks

[Rossall]

I have a standard Co-Op current account and it's exactly the same. I can go to the supermarket , spend £45 on my Visa debit card yet my available balance with online banking doesn't change for about three days. As a result it's really easy to go overdrawn. With Halifax, the last bank I was with, it used to update instantly. The systems the Co-Op Bank use just seem to be slow and the online banking is well below par.

 

The final straw for me has been losing my debit card and still not having a PIN for my new card after 10 days. combine that with the lack of branches (the Britannia branches they've bought are hopeless being little more than a chip & pin machine on a desk) and I've had enough of them.

 

Natwest here I come.

[cactuskid]

This morning I recieved the dreaded letter saying co-op are giving me 30 days notice of accoutn closure due to being overdrawn a few times in the past couple of months. It seems a bit harsh considering I paid their charges for being overdrawn without quibble. As previously mentioned by other users, I fell victim to the online banking delay for debit card payments to show, something that barclays seem to have an issue with too.

 

The bizarre thing is that after reading the letter I decided to attempt a few debit card payments past my limit. My account was showing a few hundred quid in credit but I know that was taken up by card payments made yesterday, it is showing delayed as usual. But wait! My debit card payments are now being declined! Before the notice I was able to buy things based on the online banking balance, but not now it seems? So Co-op do not have a problem declining debit payments if funds are not in the kitty regardless of what the online banking says. So why allow that to happen previously then close the account down? My guess is they are snobs and only want big money customers so allow this to happen for an excuse to kick the peasants out. Or probably not, who knows.

 

Time to start trading gold and silver I reckons!

 

Chris

[Rossall]

I've hopefully now got a Natwest current account in the new year so I'll try that out to see if it's any better and post my findings on here.

 

If it is I'll be waving bye bye to Co-Op. They are just too sloooooow and the lack of branches doesn't help either.

[Philx]

After getting a warning letter a month and a half ago that they might shut my account (I have only gone over by the odd £20 now and again) I am now expecting a 30 day shut down warning after a cheque took too long to clear because of the infernal holidays. Is it worth pleading my case or just moving to another bank where I might be in a similar situation in a couple of months time ?

[Pink_Panther]

I've just experienced the exact same thing.

 

This bank really is unbelievable. I swapped from Barclays and have not only found their online banking extremely poor and basic, but it's true that debits don't show up for 4 or 5 days after making them. Their online banking looks about as old as the man on the front page of their website, which probably sums up the type of clientele they really want.

 

Whatever anyone says, this can make it difficult to know whats in there and with the best will in the world, I don't have the time nor the inclination to write down every transaction - the idea of online banking is to help you manage it better!

 

Anyway I fell foul of the same trap, a month ago I made a debit on my account with my card, then transferred some funds to my Barclays account not realising the debit hadn't come out leaving me overdrawn. Anyway I cleared that up straight away, then a couple of days ago tried transferring some money and as they've now moved to Faster Payments it declined it straight away, so I tried a lower amount, declined again. It really would help if they would update their systems faster! It's also pretty unnecessary to feel the need to write to you to tell you they couldn't make the transfer, of course they couldn't, they told you that online when you tried to do it - maybe stop sending thousands of letters out and you'd save a bit of money!

 

So today I get the letter, they no longer with to retain my banking business and are closing the account. Very snobby letter, written no doubt by someone enjoying a cucumber sandwich. Seems very harsh over 1 overdrawn incident which was cleared back straight away and 2 failed transfers, which didn't leave me overdrawn so don't really see what the problem is as they declined.

 

Well, whatever, I've still got my Barclays account so I'll just switch back to that.Shame because the Coop have one nice thing about them which is their customer service, I always found that excellent on the phone. Shame that the fact they are terribly slow doing anything online and you've more chance of finding rocking horse poo than a Coop branch.

[hammyhound]

As I said before I have a cashminder account and yes their online banking is poo. They say they are going to start updating their systems this year to show the "proper" available balance as debits do not automatically show. I still can't understand how people are getting overdrawn. Can someone explain. If you use Faster Payment Service the payment will decline if the money is not there, if you use your debit card and there is no money it will be declined. I realised their online banking system was poo in the first month thought I had more money than I should so hopefully that issue will be addressed this year. I cant fault them because they were the only ones who gave me a bank account when others would not.

[cactuskid]

You hit the nail on the head there with the cucumber sandwich They are just snobs ! Once I recall going into the branch to speak to the personal banker. No queuing is necessary which is nice and they made international T/T transactions easy which I did lots of. An old couple around 70 years old wished to see the personal banker too, they were quite walthy looking with polo neck jumpers, golf trousers etc, looked like people from a Saga advert claiming their free carriage clock. I was asked to move aside for a moment and have a coffee while the PB dealt with the old wealthy looking couple !! Now here is the strange thing, I was not poor at this time and had quite a considerable amount of money in the account following an inheritance. The issue seemed to be class which was represented in my case by the fact I was attending to the needs of a 3 year old toddler on my own i.e. single dad.

 

Such a shame because I really did like banking there.

[lexis200]

The Co-op are possibly the worst bank I've ever dealt with (and I've managed to get through most of them:)). Dreadful customer service, no help whatsover when you're in trouble, just awful.

 

A year or so ago I opened a Barclays cash account as it was the only bank I could find that I didn't have links to already. Whilst they are also rubbish at updating the online account (forcing you to check the cashpoint if you're after a genuine balance), and whilst the customer service is middling, they have been good with overdrafts.

 

As a cash account obviously there is not meant to be any overdraft, but due partially to the already mentioned pants updating on their system and partially due to money not transferring in the time I thought it would, I have gone over the limit (by under £10, but still over the limit) on 3 occasions in the last year. Each time I waited for the charges letter to drop through the door, but it's never happened even though I was overdrawn for at least a week on one occasion as a payment I thought had gone in had been paid to the wrong account.

 

In any case I'd recommend it 100% over using the co-op. In fact TBH, I'd recommend stuffing your money in your mattress/curtains/pants over using the co-op.

[chrieponymous]

I'm new here but there are three important things you need to know about myself:

 

1. I work for a Bank (Cooperative)

2. I don't really agree with everything Banks do

3. I dislike people who are morons and lack ability to run their own lives successfully

 

Ok, that out of the way I need to lay down some facts. The Cashminder account is available to anyone, and I do mean anyone. I realise the Government passed legislation that meant everyone should be entitled to a Bank account but there are very few Banks that will actually do this. The Cooperative will take anyone without judgement.

A little role play now to help explain this...

So you have become Bankrupt, could happen to anyone. Your bank has closed your account and have offered no alternative, you try all the High Street Banks but their Shareholders don't want to know. Citizens Advice suggest the Cooperative Cashminder Account, you apply and great news you're accepted! You can start paying your direct debits and standing orders again. You have a card which has chip and pin (not a juvenile cashcard) and can be used in shops and on the internet. You have internet access and 24 hour telephone banking with real English speaking people! This would be a dream at Barclays, Lloyds, Natwest.... need I go on?!

 

So so far so good... The next thing you know you have only 10 pounds left in you account, it's a few days till you get paid again and you need food. You buy ten pounds worth of food from a large retail company who don't bother to authorise the payment due to the low amount. I'm not sure why they do this, perhaps maybe to keep the queue times down!?! Anyhow the Bank doesn't know you have spent this money, but you do so that's ok. A day later you visit a cash machine and you see ten pounds credit, great you think I still have ten pounds to spend so you withdraw the money. A day after that the shop you went to to buy food decides it would like it's money now, which happens at any shop regardless to it requesting authorisation or not, and oh dear you have no money left! What to do?!?! You have had the goods so the shop has to be paid, you don't have the money so I guess the Bank will have to pay for you. Ah but that means now you are overdrawn that's got to be the Banks fault!!!!

 

A few more things I need to say, The Cashminder account is free and to be honest the Cooperative Bank makes no money from these accounts even if you have them for twenty years. The account costs about £75 to open and every time you lose the card its another £20 to reissue it , not to mention the cost of statements, internet banking, in branch service and telephone banking.

 

The Bank is not there to hold your hand and guide you through life, it is YOUR responsibility to remember what you have spent and when you have spent it. The Bank will help you as much as possible as long as you ask them. Keep your receipts, don't get Sky if you're on benefits (I can't afford Sky and I work full time) and don't expect everything to be handed on a plate to you.

 

All I ask is this, please take note and I don't expect you to buy anything from a Bank that you don't want. But it is your choice, you will make my job much easier if this was understood and to be honest it is the people who can't take control of their money who cause the most problems.

[45002]

The Bank is not there to hold your hand and guide you through life, it is YOUR responsibility to remember what you have spent and when you have spent it.

Hello

 

chrieponymous

 

Well said there,I had co-op cash mind account for 2 years now easy to run and log in on line.

 

I have a note book at hand and everyday I keep a note of the balance,payment in and out to makes sure I don't go overdrawn.

 

I'm very great full to the Co-op I can use main high-street banks cash point and post office to with draw money and cash back at super markets and buying on on line all for Free.

 

Some of the comments on forums about going over drawn are there own bloody fault for not keeping an eye on there balance in the 1st place.

 

Comments on forums I have read about on the Co-op bank are frankly just a load of crap.

 

Thank you Co-op for giving me a cash minder account

 

45002

Edited August 13, 2012 by 45002

[gullible]

I'm new here but there are three important things you need to know about myself:

 

1. I work for a Bank (Cooperative)

2. I don't really agree with everything Banks do

3. I dislike people who are morons and lack ability to run their own lives successfully

 

Ok, that out of the way I need to lay down some facts. The Cashminder account is available to anyone, and I do mean anyone. I realise the Government passed legislation that meant everyone should be entitled to a Bank account but there are very few Banks that will actually do this. The Cooperative will take anyone without judgement.

A little role play now to help explain this...

So you have become Bankrupt, could happen to anyone. Your bank has closed your account and have offered no alternative, you try all the High Street Banks but their Shareholders don't want to know. Citizens Advice suggest the Cooperative Cashminder Account, you apply and great news you're accepted! You can start paying your direct debits and standing orders again. You have a card which has chip and pin (not a juvenile cashcard) and can be used in shops and on the internet. You have internet access and 24 hour telephone banking with real English speaking people! This would be a dream at Barclays, Lloyds, Natwest.... need I go on?!

 

So so far so good... The next thing you know you have only 10 pounds left in you account, it's a few days till you get paid again and you need food. You buy ten pounds worth of food from a large retail company who don't bother to authorise the payment due to the low amount. I'm not sure why they do this, perhaps maybe to keep the queue times down!?! Anyhow the Bank doesn't know you have spent this money, but you do so that's ok. A day later you visit a cash machine and you see ten pounds credit, great you think I still have ten pounds to spend so you withdraw the money. A day after that the shop you went to to buy food decides it would like it's money now, which happens at any shop regardless to it requesting authorisation or not, and oh dear you have no money left! What to do?!?! You have had the goods so the shop has to be paid, you don't have the money so I guess the Bank will have to pay for you. Ah but that means now you are overdrawn that's got to be the Banks fault!!!!

 

A few more things I need to say, The Cashminder account is free and to be honest the Cooperative Bank makes no money from these accounts even if you have them for twenty years. The account costs about £75 to open and every time you lose the card its another £20 to reissue it , not to mention the cost of statements, internet banking, in branch service and telephone banking.

 

The Bank is not there to hold your hand and guide you through life, it is YOUR responsibility to remember what you have spent and when you have spent it. The Bank will help you as much as possible as long as you ask them. Keep your receipts, don't get Sky if you're on benefits (I can't afford Sky and I work full time) and don't expect everything to be handed on a plate to you.

 

All I ask is this, please take note and I don't expect you to buy anything from a Bank that you don't want. But it is your choice, you will make my job much easier if this was understood and to be honest it is the people who can't take control of their money who cause the most problems.

 

It's reassuring to know they're open to anyone. Presumably, that means anyone except me then? I was turned down 3 months ago with no reason given. I have appalling credit, but I'm not bankrupt or in a CVA, so I can only assume I must have done something in a former life?

[Chris56000]

Hi!

 

I've had a CashMinder Account for two years which I'd needed when I was made Redundant in May 2010 and the Halifax refused to continue my account I had with them!

 

Unfortunately due to the slow updating other people have reported by the Co-op on this thread, I've now had my account forcibly closed by them and despite numerous phone calls and personal visits to the branch where the account was held, they are refusing to lift the closure!

 

Can anyone advise me as to who else will give me a replacement Basic Account? Benefits, LHA, etc., now ore only paid online now. Unfortunately I have an uncompleted IVA which I'm in no position to resume the £200/month repayments as I am finding it impossible to get a good electronics job - the last one I had lasted only a week!!! (see my thread in "Employment Section" of this forum)

 

Am I now really up the creek without a paddle?

[Velanova]

Hi!

 

I've had a CashMinder Account for two years which I'd needed when I was made Redundant in May 2010 and the Halifax refused to continue my account I had with them!

 

Unfortunately due to the slow updating other people have reported by the Co-op on this thread, I've now had my account forcibly closed by them and despite numerous phone calls and personal visits to the branch where the account was held, they are refusing to lift the closure!

 

Can anyone advise me as to who else will give me a replacement Basic Account? Benefits, LHA, etc., now ore only paid online now. Unfortunately I have an uncompleted IVA which I'm in no position to resume the £200/month repayments as I am finding it impossible to get a good electronics job - the last one I had lasted only a week!!! (see my thread in "Employment Section" of this forum)

 

Am I now really up the creek without a paddle?

 

 

 

I believe Barclays Cash Card account is a good alternative to Co-op - you could give them a try?