Co-op shutting the door on bankrupts

[terry d]

i suppose its all down to money,as they dont make much from me each month,although if i won £140,000000 on the lottery im sure they would welcome a undischarged bankrupt with open arms,to me its about money and just how much they can make from a customer against the cost of the service they are providing,its a shame that they have seem to have joined the greedy bankers now

[size5]

Not sure I would agree with that personally, but I take the point. My own personal opinion is that Co-Op are, by a country mile, the best bank out there for people struggling with debt, and have been for a very long time. As a relatively small player though, you cannot blame them for pulling the plug on access to these accounts when the real giants of the UK banking industry, Barclays excepted, are sitting on their hands doing precisely nothing, to the detriment and exclusion of those that need these facilities. Much more shame on them than there is on the Co-Op.

Regards.

[Foggy]

I think there is more the fact that other banks aren't taking their share of insolvents, rather than the co-op not making money from our accounts.

Although we don't have loans with them so they get no interest, they do invest the monies deposited on a nightly basis and get a fair chunk of interest in investing the accumulated little sums deposited with them. Every little helps, so they say.

[Skippy]

I agree with Size5 and Foggy, it's not just about the Co op not making money.

When I went BR there were 3 banks that routinely accepted undischarged bankrupts, Co op, Barclays and Nationwide. Nationwide stopped offering their basic account for the same reasons as the Co op are now. Perhaps the other banks need to step up and offer accounts before Barclays pull out as well.

[Niobe]

Can't see it happening Skippy - I can see it being paid for accounts only shortly.

[terry d]

surley the coop should be looking to the future as i will stay with the coop bank and in the future hopefully get an overdraft/credit card/loan from them,i see them as a friendly bank that took me on so my loyalites lie with them at present and in the future,so stopping people who are undischarged bankrupts getting an account with them seems to me that they are throwing away future business

[Niobe]

I think this may be the first step towards getting rid of basic accounts full stop. They earn the bank nothing so are not cost effective.

[UpToMyNeckInIt]

For those of you based in/around London, have you considered Metro Bank? (Google them). They are a relatively new and small independent bank and claim to dispense with 'stupid bank rules'. I understand from a recent post that a forum member has successfully opened a full business account with them, despite being in an IVA.

I wonder if they will be as obliging with their personal basic/current accounts with all forms of insolvency?

[Shining]

What a shame as it's an account we often recommend to our posters (bankrupt). x