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About Co Op Bank
The Co-Op, or Co-operative Bank, is a bank in the United Kingdom which provides several financial services to consumers and businesses. The Co-Op Bank offers both Internet Banking and traditional High Street Banking, as well as loans and mortgages, credit cards, regular current and savings account. The Co-Operative Bank state that they began operating as an offshoot of a different company in 1872.
The Co-Operative Bank states that it is different to other banks on the basis of a stringent and traditional ethical policy which puts customers first. This is one of the more appealing points to many consumers who choose to bank with the Co-Op Bank.
Co Op Bank FAQ
Do I need to inform the Co Op Bank before I travel abroad?
The Co Op Bank states that on their website you may wish to let them know that you intend to travel if your destination is outside of the European Union or Turkey. If you are travelling within this region then it is likely that you do not need to let the Co Op Bank know of your travel plans.
Can I exchange pounds for foreign currency at the Co Op Bank, or can I get Travellers’ Cheques from the Co Op Bank?
Yes, provided that you have a current account or another Co Operative Bank Account then you are eligible to purchase currency from different nations in exchange for British Pounds, and you are also able to get Travelers Cheques for free with no extra charge. To do this you may wish to go into your nearest Co Operative Bank branch. It is worth noting however, that following January 2018 this may not be possible anymore as Co Operative Bank are ceasing to operate some of these services. For more information you may wish to contact the Co Operative Bank directly.
If I’m travelling overseas can I use my debit card to take money out of an ATM?
Provided that the bank’s ATM that you are using supports your payment card, you may be able to withdraw up to two hundred and fifty pounds at local withdrawal machines. However, these can incur a number of charges which vary depending on the amount and frequency of transactions. You may wish to investigate whether it’s more efficient to pay by payment card directly for items rather than withdraw cash, as this could avoid additional fees and surcharges.
What is the Everyday Rewards Programme at the Co Op Bank?
Everyday Rewards is a programme offered for free at the Co Operative Bank, as long as you have a current account which is eligible for the programme. You must meet a certain number of criteria to be eligible for this reward programme. Firstly, you must pay in a minimum of eight hundred pounds per month, and stay within the credit or overdraft limit of your account. You must also log onto your internet banking or mobile app once during the month, accept paperless bank statements, and also pay a minimum of four direct debits per month. Provided that you meet these criteria, then you may earn up to four pounds each month in account rewards. In addition, if you use your debit card to pay for certain items and meet the criteria above as well, then you may earn an additional five pence for each transaction, with a maximum limit of one pound fifty each month.
What is an overdraft and why should I use one?
An overdraft is a facility that is used for borrowing money in the short-term. Generally, it means that if your bank balance gets to zero, you can continue to use your overdraft to withdraw money or pay for things by payment card until you reach your overdraft limit. Your overdraft limit is set by both yourself and the bank in conjunction. It’s worth noting that overdrafts attract charges and they are only set to be used for short-term borrowing rather than as a long term financial option. The Co Op Bank provide overdraft services, and to arrange one you may need to contact them directly.
An ATM just swallowed my card, what should I do?
If this is the case then unfortunately you may not be able to get your card back due to regulations which prohibit getting a card back once it has been swallowed by an ATM. If this has happened to you then the first thing that you may wish to do is get in contact with your bank as quickly as possible to arrange the delivery of a new payment card and cancellation of your old card.
How can I arrange to receive online statements?
Traditionally banking customers with the Co Op Bank, and most other banks, will receive a printed paper statement monthly or at other time intervals. However, with the advent of internet banking it is now possible to receive your statements solely in digital format. To do this, firstly you will need to log into your online banking platform and then you will need to access the ‘statements’ tab and select the option for paperless statements.
What is the limit on withdrawing money per day for ATMs?
If you’re planning on withdrawing a lot of money from an ATM then it is necessary to find out the withdrawal limit per day. The withdrawal limit represents the maximum amount of money that you are able to take out of an ATM per day. The standard limit is two hundred and fifty pounds per day.
I’ve just seen a transaction that I don’t recognise on my statement, what should I do?
If you’ve noticed a transaction which is unfamiliar or looks suspicious to you, then it is important that you contact Co Op Bank’s customer service as quickly as possible. This means that you will be able to find a solution and investigate the transaction.
I have a student account with Co Op Bank, can I get an overdraft?
Yes, if you have a student account with the Cooperative Bank it is possible for you to obtain an overdraft facility for short term borrowing. That said, the amount that you are eligible to get depends on your year of study. In your first year of study you may be eligible for up to one thousand four hundred pounds, while in your second year this increases to one thousand seven hundred pounds,a and in the third year (traditionally the final year of study) then you will be able to have an overdraft of up to two thousand pounds.
Is it free to have a current account with Co Op Bank?
Yes, it is free of charge to have several kinds of account with the Co Op Bank. Student accounts also do not attract any subscription fee. That said, Co Op Bank does operate some premium services which cost more and have a subscription fee per month in return for additional benefits which are provided with these accounts.
I want to change my current account to Co Op Bank but I’m worried it will affect my credit rating – will it?
The Co Op Bank state on their website that while you will have to undergo credit reference checks in order to switch accounts, there will be no overall effect on your credit rating.
How long does it take to switch current accounts?
Normally it should be possible to complete the current account switching process within seven working days. That said, if your current bank is not party to the automated switching procedures now commonly used then you may need to switch account manually, which can take longer.