Magazine article Marketing

Co-Op Cashes in on Card Account

Magazine article Marketing

Co-Op Cashes in on Card Account

Article excerpt

Co-op cashes in on card account

The Co-operative bank has abandoned cheque books in favour of debit cards with the launch this week of the UK's first plastic-based current account.

Co-op's Pathfinder offers all the usual current account facilities. But, instead of a cheque book customers will be given a Visa Delta debit card.

Co-op bank managing director Terry Thomas claims the move marks "the beginning of the end" for cheque books.

"This is going to be our number one bank account," says Thomas. "It will eventually replace our existing cheque book account."

And his claims are supported by the findings of a new survey by researcher Gallup, which indicate 60% of debit card holders are now using their cards instead of writing cheques.

But it is not just cheques that have lost out to the rise of debit cards. According to the Gallup survey, over half its sample claims to have substituted debit cards for cash purchases, and 10% say they are using their cards instead of using a credit card. …

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