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The struggling bank — which announced a punishing rescue plan last month in order to plug a £1.5billion hole in its balance sheet — has offered a 'service level guarantee' payment for 20 years. Customers are given £15 if the Co-op fails to meet its strict standards such as making a mistake on a statement or taking too long to open an account. But this popular payment will be binned from September 16. Anyone let down by the bank will have to apply for compensation through its normal complaints process. The Co-op says requests for this pay-out declined by over a third since 2011. It says its service level guarantee is no longer appropriate for modern-day banking. ......Read more here
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Co-op scraps £15 compensation payout for disgruntled customers
Co-op Bank is scrapping a promise to automatically pay £15 compensation to disgruntled customers.
The struggling bank — which announced a punishing rescue plan last month in order to plug a £1.5billion hole in its balance sheet — has offered a 'service level guarantee' payment for 20 years. Customers are given £15 if the Co-op fails to meet its strict standards such as making a mistake on a statement or taking too long to open an account. But this popular payment will be binned from September 16. Anyone let down by the bank will have to apply for compensation through its normal complaints process. The Co-op says requests for this pay-out declined by over a third since 2011. It says its service level guarantee is no longer appropriate for modern-day banking. ......Read more here
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