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Information for customers - October 2020

The Brexit transition period for the UK leaving the EU ends on December 31 2020. Here we detail the latest information for customers and answers to frequently asked questions about the end of the Brexit transition period.

Information for customers residing in the UK

Information for customers residing in the EU

Information for all customers

Further information

Information for customers residing in the UK

Will the end of the Brexit transition period have any impact upon my ability to continue to bank with you as an individual customer or business customer?

  • As a UK based bank, there will be no change to how you can bank with us when the Brexit transition period ends on December 31 2020.
  • It is business as usual and we have taken action to ensure continuity for customers with the products they have and the service they get from us whether or not a deal is reached between the UK and EU at the end of the Brexit transition period.

Will I see any changes to any of my personal or business product rates as the Brexit transition period ends on December 31 2020?

  • We have no plans to make any changes to our products at the point the Brexit transition period ends on December 31 2020.
  • We will continue to monitor any impact on the wider financial markets that may occur following the end of the Brexit transition period and we will update customers if any changes are needed as things progress.

Will I see any change to the interest rate I currently pay/receive on my personal / business product(s)?

  • The Bank has no plans to change any of its products at the point that the Brexit transition period ends on December 31 2020.
  • The end of the Brexit transition period may lead to volatility within the financial markets which in turn may impact interest rates across the sector. We will update customers accordingly if any changes need to be made as a result of any wider market impact.

Information for customers residing in the EU

I am a customer that is based outside of the UK what will the end of the transition period mean to me?

  • We have communicated directly with our customers with an account address in the Netherlands following the advice from the De Nederlandsche Bank (Dutch National Bank). As we are not legally able to provide cross-border banking services to Dutch retail customers from December 31 2020, we are closing the accounts for those customers.
  • There are no immediate changes to how customers of other EU and EEA countries operate their account when the Brexit transition period ends. However we are closely monitoring the situation and will need to review any announcements that may be made by regulatory authorities of other EU and EEA nations. We’re committed to providing you with as much notice as possible should any changes be required.
  • There is also some advice available on the Gov.co.uk website.

Information for all customers

Is my personal money safe with the Bank following the end of the Brexit transition period?

  • Yes, as is the case with the wider industry, customer money continues to be protected under the Financial Services Compensation Scheme, up to a total of £85,000. This limit is applied to the total of any deposits you have with The Co-operative Bank, smile and Britannia.
  • We are continually monitoring for any announcements from EU or EEA countries and will review any announcements made to understand what that might mean and any impact it might have on the financial markets and confidence within the industry.

Is my business' money safe with the Bank after the Brexit transition period ends?

  • Yes, within the current criteria of the Financial Services Compensation Scheme, up to a total of £85,000 is protected for most businesses.
  • We are continually monitoring for any announcements from EU or EEA countries and will review any announcements made to understand what that might mean and any impact it might have on the financial markets and confidence within the industry.

What is the Bank doing to prepare for the end of the Brexit transition period?

  • The Bank is working with its regulators and other industry bodies in preparation for the end of the Brexit transition period.
  • We have been working with the wider industry throughout the process of Brexit and have put things in place to ensure that there is continuity for customers with the products they have and the service they get from us.

Will you contact me to move my money or change any of my security details at the end of the transition period?

  • We will not contact you to move your money to another account or ask you to change your security information because of the end of the transition period. We would only contact customers to make you aware if there is an impact on our ability to continue to offer banking services due to an announcement from an EU or EEA country that requires us to stop offering services to customers who reside there.
  • Customers should be vigilant and aware that some opportunistic fraudsters may try to take advantage of any uncertainties customers might have and attempt to contact customers with Brexit focused scams. In particular, if you are due to send a payment to somebody and receive an email or call to say that the beneficiary sort code and account number has changed. Always validate the request by contacting the company directly using established contact details before sending any money.
  • Customers should ensure they keep up to date with the fraud information on our website and read any fraud education and awareness information we send to them.
  • Suspected scam emails can be sent to: ihaveseenascam@co-operativebank.co.uk If you have any concerns about any contact you have received please contact us.
  • Be wary of calls out of the blue as criminals can manipulate the caller display on your phone. Never give out any financial or card details without verifying the caller first. Call them back on a trusted number from their website or from the number on the back of your bank card.
  • Never tell anyone the verification codes that we send to you in a text or email. These are for you and only you to use when banking online.
  • For industry fraud advice visit Take Five.

Will overseas services such as money transfers be impacted by the end of the transition period and cost more or take longer or just not be possible?

  • We will continue to service customers with overseas transfers in line with the current offer we have and there is no change in the time this service takes or cost of it expected. If any such change were to happen we would communicate this accordingly.

Where can I find further information?

Personal banking customers:

Business banking customers: