I do not write online reviews but my experience with Co-op business banking has forced me into action. I have very happily had a personal account with the Co-op for many years. I like the idea of a bank that invests ethically, so it seemed the natural place to go when I needed a business account too. I was aware of bad reviews for their business offering but my experience of personal banking really had been good, so I chose to ignore the reviews. Big mistake. 3 months elapsed time to open the account. Appalling wait times on the phone lines. A complaints procedure that routinely takes no action other than to mark the complaint as resolved. My first payment from my new account resulted in my access to my account being suspended and all of my funds disappearing into an audit control account belonging to the Co-op bank. Not satisfied with taking all of my money (current account and business savings), the Co-op then withdrew another, large, 5 figure sum, sending my current account deep into the red. Hilariously, they then charged me £20 for the unauthorised overdraft created by their failings. This bank is not fit for purpose and can not be trusted with your money. Based on my experience, I am surprised the regulator allows them to continue trading. Open an account with them at your own risk.
Reviewed on: 9th April 2024
