‘Co-op Financial institution won’t accept cash to pay off credit history card bill’

Paul Murphy was amazed to uncover the financial institution would not acknowledge cash as payment toward his credit card monthly bill &#13 &#13 &#13 &#thirteen &#13   Photo: Rii Schroer &#thirteen &#13

I have been a Co-op Financial institution consumer for far more than 50 several years and usually spend my Co-op credit history card bill more than the counter by cheque.

When I discovered that I experienced withdrawn £200 as an alternative of £20 from the ATM I determined to place the surplus cash in the direction of payment of my credit card. The counterfoil of the account experienced provision for a choice of payments and pointed out funds and cheque.

Envision my surprise when the payment was refused. I wrote to complain and enclose a duplicate of the most current correspondence. Can you make the Co-operative Bank more cooperative?

PM, London

The letter was one of two tackled to you wrongly with Murray as your surname when it is Murphy. The letter read: “I can affirm that we are not able to acknowledge cash payments to a credit history card account. This is because the funds payment are not able to be presented a same day benefit and we would be in breach of laws.

“The monthly bill counterfoil you acquire is a common form and is used for many distinct reasons including the selection to spend by cash, however we are unable to take these payments for a credit rating card account.”

I approached Co-op Bank and it came back saying, “The Co-operative Lender stopped accepting funds as payment for credit score cards in 2009. This adopted the introduction of laws which required funds payments to credit playing cards produced by means of branches be credited right away.”

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The ruling will come below the Payment Companies Laws (PSR). Unlike other banking companies the Co-op are not able to credit score money to its credit playing cards on the same working day. It now admits, “Given the reduced amount of demand from customers for buyers to spend by this method and the variety of options obtainable, it was made the decision in 2009 not to settle for funds payments.”

Co-op Financial institution goes on, “Customers can carry on to accessibility a range of other payment strategies such as by means of telephone and net banking, mobile banking and in branch making use of a cheque.”

Co-op Lender has apologised for addressing you in producing by the mistaken title. You level out that experienced the bank been much more easy when you produced your initial inquiry it would not have occur to this.

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