Cahoot savings rate reduction

lisyloo

I agree with Snapelover.
You have to take into account the hassle with switching (with ANY deal, be it mortgage, gas or whatever).

If you are going to make several hundred but lose a few pence/pounds by switching then you are still quids in.

In every deal you do, you need to allow for the "cost of switching".

If you feel really aggreived about sharp practice then there are formal procedures you can follow to progress a complaint.
For most of us, it's just practical to accept the loss of a few pennies.

If you want to rule out all companies that use any sharp practice then you will probably lose out overal because you won't get the best deals.

Cahoot provided a good rate for a long time (much longer than I expected to be honest).

I don't work for them or any other bank or financial institution but it's a question of getting some balance/perspective on what it ultimately best for you.

If you ignore organisations like Cahoot you will be cutting off your nose to spite your face.

I thought their service was crap too. They only received one of my parents R85 forms despite 2 being in the same envelope.
However I was prepared to put up with a certain amount of hassle for an extra few hundred quid a year.

You take your choice.

derrick

For the benefit of lisyloo and Zwicky

O K you win,Cahoot are the best thing since sliced bread, I will close all my accounts with other institutions and open the best Cahoot account available,(please advise which one that would be), I shall then stick rigidly to all their T&Cs, however immoral, and never look elsewhere for better accounts as they will not exist.

O K now wake up and smell the coffee.

Remember Martins statement on the home page “MoneySaving is about cutting bills not cutting back. It's about being a sassy consumer. Companies try to screw us for profits. MoneySaving shows you how to screw them back”

Lisyloo, yes most of what I said is my opinion,just as what you said is yours, the “false accusations” I am making would be libel ( the written word) however I have always said probably and therefore never committed libel,, and of course it is never libel or slander if it is true?

The following is from an e-mail received from Cahoot today:-
"cahoot's processes to close accounts are different to other institutions as you have advised, as we require up to 14 days to close the account to ensure the interest which is calculated on your balance is sent to you the same day your account is closed.”

So as you can see they are admitting they are “different” to other institutions, and surely the account is closed when the money from it is removed,as in my case by CHAPS!

No I am not in a muddle, the account was instant access with no penalties, the point whether the withholding of interest was disclosed or I missed it, along with a lot of others, is irrelevant, see post #116 are you going to have a go at that poster? I doubt if you read all T&Cs for everything you subscribe to, there are not a lot of people who do.

derrick

EagerLearner wrote:

Instant access accounts would be a different kettle of fish and you can't have your cake and eat it... can I fit another one in? Yes - A stitch in time saves nine!

And for the record - what is 'money grubbing'? Is it grubby money grabbing?

EagerLearner

It is/was an instant access account, they are just keeping hold of the interest after closure of account for 14 days, the account holders money.

Money grubbing, see HERE for a definition.

lisyloo

So what are you going to do about the situation derrick?

(a) Accept that you have made quite a lot but lost £3.55 (or whatever it was) and happily go on your way to the next deal learning from the experience so that you can build this in to your calculations next time.

(b) Pursue it formally for the good of mankind to try and force change in the financial industry.

(c) Moan on here forever and a day to no-ones benefit in particular.

I vote for option (a).

It isn't a perfect world derrick !!
You either have to live with it and work best within in (a) or try to change it (b). Simply moaning continuously (c) does not benefit yourself or anyone else.
In most cases (a) is the most approprate course of action because most of us don't have the time, money or energy to change the world all the time.

I doubt if you read all T&Cs for everything you subscribe to, there are not a lot of people who do.

I do not read every single T&C agreed.
But as a savvy money saver I do read the important bits, do extensive research and factor in a "hassle" or "switching" factor, because I don't live in a perfect world. In the world I live in people make mistakes and things go wrong. I believe I am a realist or pragmatist.

As I have said before you are free to pursue it formally, I just don't see who you think you are helping by taking your current course of action i.e. NOT pursuing it formally but spending a lot of time moaning about it on here.

derrick

I have told you previously that I am not going to pursue the matter as I have better things to do, obviously if it was for a substantial sum I would pursue it, I also believe I am a realist, but in "my opinion" they are totally in the wrong by withholding clients money. As you can see from the e-mail quote,they are different,when an account is closed that should be it, CLOSED, not left open with the interest for 14 days, no other institution to my knowledge does that.

I am not moaning on, just answering your pops at me, as far as I am concerned the matter is closed, however if you could point me in the direction of their T&C regarding the withholding of interest, i would be interested, (no pun intended)

lisyloo

Sorry, I am not going to read through the Ts&Cs for your interest as I have more constructive things to do.

My opinion is that their service is poor but probably not outrageous enough for anyone to win a legal case or an ombusdman case i.e. it's just something you have to put up with if you want their great rate for 18 months.

I don't agree that they have "withheld" interest whilch implies a deliberate act of delay. They have simply gone through an administrative procedure of calculating and sending it out to you, which has taken a bit longer than you would ideally like.

It is quite normal in these kind of organisations to give priority to incoming customers and the "sales" side of the business rather than the give good service to people leaving. This is not ideal, but I think it's pretty obvious why a business would want to place it's priorities on incoming customers.

My opinion is that their overall service is poor, but I have resigned myself to accepting this for great deals (until it reaches unacceptable proportions when I complain). I have so far won 6 complaints (and haven't lost any).

alared

I think the whole point is not really the amount of money involved by having to wait 15--25 days or whatever.
It`s the very fact that Cahoot do this and can get away with it.
I for one will never ever bank with them again,no matter what great deal they are offering.
I`m still waiting for my cheque (14 working days today)and when I receive it I will be writing a letter of complaint to Cahoot.
I do not really expect to get any joy from them as I suspect somewhere within their T&C they have covered themselves.
I`m a great believer in voting with your feet.

derrick

alared wrote:

I think the whole point is not really the amount of money involved by having to wait 15--25 days or whatever.
It`s the very fact that Cahoot do this and can get away with it.
I for one will never ever bank with them again,no matter what great deal they are offering.
I`m still waiting for my cheque (14 working days today)and when I receive it I will be writing a letter of complaint to Cahoot.
I do not really expect to get any joy from them as I suspect somewhere within their T&C they have covered themselves.
I`m a great believer in voting with your feet.

Thanks for the agreement,even if not intended,the cheque I received came by recorded delivery!

lisyloo

It`s the very fact that Cahoot do this and can get away with it.

That's partly because none of you can be bothered to pursue it properly.
If you all took them to the ombudsman at £350 per time, then you would force them to change their policy.
i.e. you are letting them get away with it.

hechizero

If time is money, there is lots of it going to waste discussing why banks have no honour

It pays to have interest calculated daily and paid monthly, if you are a bank hopper, even if that means a slightly lower rate.

Cahoot is an internet bank with less staff and organisation than their high street partner. Their service is a little poor, but for me personally, the rate was good and the service was acceptable overall.

Like someone said earlier in the post, it is a game we play. We enjoy the satifaction of getting a better rate. The closures, the drama, the tit for tat, it's all in the game! Enjoy peeps.