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Bank charges: Co-Operative transactions interrupted

The Co-Operative bank has been hit with more problems as customers found that the bank was failing to complete transactions.

According to the Telegraph, roughly one per cent of customers with basic accounts found that they could not use cash or point of sale services.

The Co-Operative has a base of 1.5 million customers and 15 per cent of these use basic accounts.

Errors such as these will do little to help the Co-Operative bank's already waning reputation.

Since the bank's credit rating was downgraded to junk status by Moody's, the bank has had to look for ways to plug a shortfall that could be caused by bad loans.

Among the measures it has taken to protect itself from more losses is to stop agreeing new loans with businesses.

The future of the bank now rests in the hands of new chief executive officer Niall Booker, taking over from Barry Tootell whose resignation came shortly after the bank's credit rating was downgraded.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801593477-ADNFCR

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