Business Accounts in Co-op Bank Charged Twice, Sparking Anger from Customers

Co-operative Bank customers have expressed frustration after a technical issue resulted in payments being debited twice from some small business accounts. Social media was flooded with complaints, with some customers speculating whether the bank had been hacked and one individual stating that they were £5,000 short due to the glitch. The Co-op Bank acknowledged the problem and reassured customers that they were working to rectify the situation, offering support to those affected.

The Co-op Bank has a sizable customer base, with approximately 3.1 million retail customers and 96,000 small business customers. The lender clarified that the issue stemmed from “duplicate, historical transactions” showing up in the balances of some business account holders. Customers voiced their concern over the missing funds, reporting that the duplicate charges had caused them to go into overdraft. Some individuals vented their frustration on social media, urging the bank to inform them of how the matter would be resolved.

Many customers also highlighted the extensive wait times they faced in trying to reach the bank for assistance. With 50 branches across the UK and 3,400 employees, the Co-op Bank has faced challenges in addressing the technical glitch promptly due to the high volume of complaints. The bank’s history dates back more than a decade when it separated from the wider Co-op Group amidst financial turmoil. Recently, the bank announced plans for a buyout by Coventry Building Society for £780 million, signaling a return to a mutual structure.