I have had a Co-op Bank Credit Card now for many years. Back in the old days they were throwing cheque books at me, and giving an unnecessarily high credit limit. I reduced my limit voluntarily to £2,500.
This week I have a payment and security deposit on an Enterprise Hire Van declined. Guess why? Because the Co-op reduced my credit to £500. No postal communication was received. (How is it letters from other banks seem to arrive ok but not the Co-op? It leads me to believe they were never sent in the first place).
I am 64 years old, a property owner, with above national average savings. So as far as I'm concerned my credit worthiness is rock solid. Or is it ageism you are now applying Co-op? I wonder.
I understand the Co-op has quite frankly ended up in the creek. They are going to make thousands redundant. I also personally believe they are restricting access to the extremely low rates they were offering me on this card compared to modern day rates, and this may have happened to many, many others too.
Whatever the case I do most strongly object to submitting a card to a van hire company and having it declined and having to use my daily shopping Lloyds card instead!! My credit limit was £2,500. I didn't even have £500 used out of this, AND to top it all I pay regular amounts throughout the month by Lloyds fast payment into the Co-op to keep my bills down.
UPDATE NOVEMBER 19: and here we are, coming up to a month later and no reply from Co-operative Banking. Need I say any more?
I like this bank because of its ethical investment policies, however from a user experience point of view it's disappointing that their online banking service doesn't look like it has been updated for 10 years. Compared to Natwest it is really quite bad! It's hard to arrange transfers between accounts, and to see what has gone in and out of your account. I hope they take note as it is a shame to lose customers this account.
Have been with other banks in the past (Inc Natwest who are a nightmare!) and have never had any problems with the Co-Op bank. I have a current account with them and an ISA, and whenever i've neeved to speak to CS they have been very polite and helpful. Would be nice if they had more branches about though.
I have been with Barclays, HSBC, Ulster Bank and the Cooperative Bank. You don't earn interest in the cooperative bank (in normal accounts), but the service is incredible, they have always helped me out in tight situations, and over the last 7 years they have certainly gained my complete trust. The other banks have been awful.
Co-op bank is an excellent all round organisation. As well as outstanding ethics (and therefore financial security, unlike the 'casino' mainstream banks) they offer really good competitive products. The only reason 4 stars not 5 is because the online side has not developed much in the last few years, and I would like to view my mortgage account online as well as my others. Still, I have mortgage, banking and two insurances with them so I am happy to recommend.
Having recently switched to a Co-Op bank account, I am very disappointed with the on-line banking side of things. It may well be I was spoiled by my previous provider but I find it very limited and badly thought out. If you prefer to do all your banking on-line, this may well not be the company for you. The information provided is very limited and in a very small font with only the last few transactions shown as opposed to all transactions.