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Posted: Thu Oct 01, 2009 12:43 am
by needmoremoney
Disappointed by this Bank.
Having secured the Cashminder account, they say the rejection for the savings account was based on Bankruptcy! I say I am in an IVA. The Bank say its does't have a policy to say Yes or No to a savings account if you have an IVA.
I then asked if they treat a Bankrupt person the same as IVA, they say they are not sure so can I call tomorrow???
Ridiculous or what? I will get to the bottom of it.
Posted: Thu Oct 01, 2009 9:53 am
by sjbyron
Their both levels of insolvency and some banks systems cant recognise the difference. The coop are strange in general, I asked if I could open a business account and they told me due to being newly discharged from Bankruptcy I would have to py an intimediary service £200 to do it for me.
I personally dont like them
Posted: Thu Oct 01, 2009 9:59 am
by kallis3
Bankruptcy and IVA is treated the same by the Co-op when it comes to a savings account.
Some people appeal against the refusal, and I know that Skippy now has a savings account with them after doing so.
The vast majority of the posters on here rate the Co-op very highly. If I ever have any problems with Nationwide, that's the bank I shall go to.
Posted: Thu Oct 01, 2009 12:22 pm
by back on track
why do they not allow a savings account?
surely its not credit or has any form of overdraft attached.
you are simply saving any spare cash you have managed to save and try and make it work for you.
can someone explain what the problem is
Posted: Thu Oct 01, 2009 12:28 pm
by kallis3
No idea - it is obviously their policy.
However, if you do challenge it, it appears that they do back down.
Posted: Thu Oct 01, 2009 6:09 pm
by rainbowofhope
We've just opened a savings account with the Co-Op, but are still in the pre-IVA approval stage. Will it be ok to save money in that account, I am slightly worried that once (hopefully!) our IVA is approved they will close the account on us?
Posted: Thu Oct 01, 2009 6:13 pm
by pog1234
When we opened our cashminder account we also opened up a smart saver account. It will be interesting as to whether they close this as our IVA was approved 2 days ago........
Posted: Thu Oct 01, 2009 6:14 pm
by rainbowofhope
You'll have to let me know poq! I'll hang fire transferring any money over for now!!
Posted: Thu Oct 01, 2009 11:18 pm
by kallis3
You may find that if the account is already open, that they will keep it open. I don't think they will be informed of the IVA as they're not a creditor.
Posted: Thu Oct 01, 2009 11:26 pm
by Cath
I opened an account with National Savings and they didn't have a BR or IVA questionon the application form. I can do all my transactions at the Post Office or withdrawals at any ATM.
Posted: Fri Oct 02, 2009 9:19 am
by kallis3
Good one Cath, never thought of those.
Posted: Fri Oct 02, 2009 9:34 am
by AC1975
Is the cashminder account separate to a savings account?
Posted: Fri Oct 02, 2009 10:28 am
by kallis3
Yes, totally seperate.
Posted: Fri Oct 02, 2009 10:56 am
by Julie
Cath - can you deposit cheques into National Savings account?
Posted: Fri Oct 02, 2009 11:40 am
by kallis3
Had a quick look at the website, and it looks as though you can deposit cheques.