Co-op Bank responds to my letter of complaint
I sent a wide-ranging complaint letter to The Co-Op after hitting saturation point with the continued problems with their online business banking, a catalogue of mistakes and inefficiencies making international payments, and continuing frustrations with the idiotic personal banking chip reader and antiquated personal banking site.
You know, little things. My complaint was very much supportive of the banks ideals and its original market-leading position on online banking.
Anyway the response has finally come. To paraphrase:
- They say they have improved resourcing in the Foreign Services department (for business)
- They apologised for the mistake with my international payment and gave me £50. OK, but this doesn’t cover the time spent dealing with their antiquated systems.
- On the requirement for obsolete fax machines for international payments: “We currently action foreign transfers from written instructions to ensure there is no misinterpretation of the customer request”. This is laughably inconsistent! The whole problem with my international payment (which was faxed) was exactly this – a misinterpretation. Furthermore they go on to state that if you use their premium “Financial Director” online app, you can make international payments without a fax.
- They say the new business online banking, which is being very positively received they say (compared to existing, any site that worked every day would be well received) will be fully rolled out to all customers by August/Sept (I was griping they said Q2 2010 in response to Radio 4 Money Box).
- The security token for the new business banking is a PIN-driven code generator that “fits on a keyring” (i.e. easily stolen) and does not require a card, unlike the one used for personal banking. It will be used for logging in, and also for “some operations” like creating a new beneficiary.
- They rejected my criticism of the telephone banking as inherently insecure because “this is normal within the industry”. This was in reference to the false sense of security created by the need for pin generators etc. They seem confused here and have misunderstood the point that the full account number, sort code and full 4-digit PIN must be given over the phone to access their automated service. Add another handset to someone’s phone line, use your mobile to record the eavesdropped DTMF tones and you’re away.
- Finally, they assure me that they are investing in an “innovative new banking system” for personal banking. No specific timescales, but “the Bank is committed to this development”.
Let’s not hold our breath. New business banking has been in development for years, only just rolling out. Timescales given out for it last year, still not met revised dates.
6 Comments
Brian Jordan
July 15, 2010I know your readers don’t know all the details and this could be something that has really consumed your time, as it has certainly caused unnecessary frustration but I have to ask, what not simply change banks?
Marc Palmer
July 19, 2010Brian –
For two reasons we continue to hang on. 1) The Co-op bank is the only UK bank that has a well defined and customer-led ethical investment policy (is the inconvenience to me worth having my money invested in arms, tobacco etc?). 2) All our accounts are with them, so its a major hassle to move so may lead to more inconvenience during a protracted switchover period to a bank with which I have no existing knowledge of. (Better the devil you know).
However, it becomes more and more trying. I suspect that if the new online business banking from co-op is another disaster, I shall have no choice.
Tina
July 27, 2010Have you actually seen the token? From what I’ve seen on the website it actually looks fairly good, I would certainly rather have something portable than a brick that has to stay in the office.
CLaire Wyatt
August 4, 2010Oh Marc, how I feel your pain!!!
I, like you, wanted to bank with an organisation with ethics. In face, as I run a sustainable theatre company, we are constitutionally bound to bank with an ethical bank. But dealing with the co-op has been a frustrated hell for me FROM DAY ONE!
I’m currently in a rage as they have effed up my security once again and have frozen our account. Their archaic insistance on posting all forms slows every ineraction down and does not take into account businesses like ours that are often away from the main office on tours. I hate them.
Tekin Suleyman
August 21, 2010I was moved over to the new system last week and have to say I’m far from impressed: usability failures left, right and centre! And as of five minutes ago, I couldn’t access it because of “essential maintenance”. I’ve had enough and shall be looking for a new bank first thing on Monday.
Derek
August 27, 2010Just received my business ‘security token’ through the post and tried to ‘activate it’ on the phone only to fail with not having my debit card to hand and the Co-op having the wrong business phone number listed!
I couldn’t answer any of the other ‘security’ questions as it is a brand new account and all the questions relate to an already active account. All the drone on the phone kept saying was she couldn’t proceed without having the security questions answered.
I’d already given them every account and address details how much more do they need.
I’ve been with this bank for over thirty years in my personal life and have nothing but praise for them until now. There is no way I am going to lug about a card reader and a ‘security token’ everywhere I go just to gain online access. Paypal manage with an e-mail address and a password!
The Co-op Bank Online banking is rapidly becoming FUBAR.