Sad demise of the Co-op Bank

P.S. Though if you think your bank is giving you poor service that's an entirely different matter...

It's important that customers don't panic/misunderstand and leave the bank. That would be the worst thing they could do.

Sound advice from vampirequeen. A run on the bank (everyone moving their accounts) is guaranteed to cause the bank to fail.

You are protected by the Financial Services Compensation Scheme for deposits in current and deposit accounts of up to £75,000. So really no need to start moving accounts. Though wise to move anything in excess of £75,000 to another bank.

Hopehope Your new bank just takes over the Direct Debits from the old one and sorts it all out for you. You need do nothing except sign up with them. You can even sign up online without going into the bank building (though it is reassuring to speak to a real person and ask them questions)

Forgot to add that my first contact with First Direct was by phone and you can run the account that way or online.

I changed from the Co-op Bank after the Flowers fiasco and went to First Direct. I did it all online and they did everything - transferred all the DDs etc and it was absolutely trouble free. Not only that but they paid £100 welcome into my current account. I have found them to be excellent in every way and can recommend them 100% for excellent customer service.

Hopehope I can only repeat what I said: you do nothing except going into your chosen bank with proof of who you are ( the usual stuff) You don't do anything else.
The last change was from the co-op to Santander, the one before that was from HSBC to the co-op. The last one was completed in 7 days.

Have you Petra? The thing that worries me is getting all the direct debits sorted and out on time. I do agree also VPQueen. We have stuck with the Co Op so far and am very loathe to leave as I really like them. I just want a contingency plan

Hopehope Don't be worried about changing banks, its all painless and easy.
You just make an appointment with the bank you want to change to with all your info and then do nothing, they do it all.
I've changed banks twice in the past 3 years.

You don't need to do anything. The bank will continue to be a bank. Its credit rating has been downgraded but that won't affect your savings or current account.

It's important that customers don't panic/misunderstand and leave the bank. That would be the worst thing they could do.

Am I missing something? I know the Co Op Bank has been in trouble a lot over the past few years, but demise?? I am worried now, we have banked with them for years, all direct debits, that kind of thing set up with them. I too have found them to be really good in every way,and whenever I need to ring up the staff are always pleasant and helpful.

Do I need to change all this or is there a bit of scare mongering making the situation seem worse? I am worried now, we do have a little account at Barclays, but the thought of swapping everything over, and direct debits not going out on time fills me with dread.

The first job I had, straight from school, was with the Co op bank. They were a very supportive employer, with the same ethical ethos that they offered to their customers. That was in the 1960s and I've banked with them ever since. They've never let me down and their customer services are brilliant to deal with. I'm so sad that an organisation that was originally set up in 1844, has been crippled by the greed and mismanagement of just a few incompetent men (Flowers being the worst). No idea who I'll move to because the Co op bank will be a hard act to follow.

I can't help but wonder why Flowers was appointed and how the Bank was so mis-managed that it eventually had to be sold. The man who sanctioned his appointment had apparently spent most of his career at RBS and then became an adviser to the FSA. Doesn't sound like a great track record to me but, despite some negative murmurings, he joined the Board of TSB in November.

I think it's a great shame that the Co-op is in such a mess. I expect the less ethically driven banks are delighted.

It is sad. I have been with them for all my working life. A few years ago I also opened a Nationwide account. I'm thinking I should perhaps move my money now?

That's a shame. I was just thinking of moving back to them.
I am with Nationwide. No problems, but the Coop fits my ethics better. A friend of mine works for the Coop bank. I'll have to ask her what's happening, to the bank and her job.