Cahoot savings rate reduction

Snapelover

Wish my cheque would hurry up and arrive so that I could forget this whole Cahoot thing (until the time that they offer a better interest rate anyway :rolleyes:)

sloughflint

Blimey, that took some reading.
Is it just me getting a bit bored with the banter? ( I agree with a lot of what derrick says....the only thing is I would have carried through the complaints procedure through out of principle.)
My humble problem is I never got my identification paperwork back. Luckily for me, never deposited any money and am just waiting for the £20 from quidco. Thanks to this thread, I probably won't ever deposit any funds unless rates become very appealing indeed.

EagerLearner

Aaaaaaanyway everyone - new legislation is coming in that will mean that bank transfers have to happen much quicker. I don't know when, but it is on the cards - so banks won't have one up on the transfer process anymore. Who-hoooo!

EagerLearner

derrick

sloughflint wrote:

Blimey, that took some reading.
Is it just me getting a bit bored with the banter? ( I agree with a lot of what derrick says....the only thing is I would have carried through the complaints procedure through out of principle.)

Thanks for that,and I have decided to start the complaints procedure, just sent off the e-mail to Cahoot

derrick

EagerLearner wrote:

Aaaaaaanyway everyone - new legislation is coming in that will mean that bank transfers have to happen much quicker. I don't know when, but it is on the cards - so banks won't have one up on the transfer process anymore. Who-hoooo!

EagerLearner

2007.probably December...

lisyloo

Thanks for that,and I have decided to start the complaints procedure, just sent off the e-mail to Cahoot

Good luck with it and I hope you contribute to getting them to change their procedure.

EagerLearner

Good job Derrick - fingers crossed & let us know how you get on - I was in a similar situation recently umming-and-ahhhing about complaining about a Seeboard bill of £850 so complained to Energywatch and after lots of comms got bill reduced to £300 - sometimes is really is worth writing the e-mail ;o)

EagerLearner

sloughflint

I'm glad you're going for it.
I too debated whether it is worth the hassle fighting with a company ( in my case Talk Talk) and have decided it is
see thread:
http://forums.moneysavingexpert.com/showthread.html?t=165802
I could easily just pay £6.86 and keep my credit rating intact but the principle of a large company behaving shambolically has made me take this further. I can tell now that it will take up quite a bit of my time but hey ho.
Good luck and don't give up!

derrick

I have just received an e-mail from Cahoot, the contents of which are below,I did ask them to provide the T&Cs that allowed them to withhold the interest but they haven't, only their interpretation of how they do it.

I do not see that I can take this further because they are refunding what I lost due to the interest cheque not receiving interest for me for the 15 days it was in transit, I know the Banking Ombudsman would not entertain it. as the original complaint has been rectified by them giving me the lost interest.

I put various points in my e-mail to them, then emphised the questions I wanted answering, the Qs were:-

1) Where are the T&Cs that allow you to withhold money?

2) Why send a cheque via snail mail for an INTERNET account?

3) Why take the Chaps payment from the capital and not the interest you held on to?

And their response is:-



Dear Mr

Thank you for contacting cahoot in Coventry.

I can confirm that once we receive your request to close an account we advise you that it can take 10 working days, this is to ensure that if there are any further transactions to the account that they debit or apply normally. Accounts are closed within a timely fashion in compliance with the banking code and this is how our closure requests are processed.

It is not possible to access the interest on an account until it is closed which is why we have to send a cheque and why the CHAPS payment was made from the capital and not the interest.

As a goodwill gesture I have arranged for a cheque for the amount that you specified to be sent to you.

Kind Regards,

Lyndsey Brighouse
Who would you rather be in cahoots with?

I cannot see why they can't access the interest on an account when just about every other organisation does, but hey,thats Cahoot.

lisyloo

Yep, you either have to accpet it in return for great rates, or go to organisations that offer good service but lower rates.

To be honest I have not yet found a faultless organisation although some are better than others.

C&G and Britannia have been good in my opinion.
Alliance and Leicester and Halifax seen to have constant complaints.

Personally I go for the best deals and accepts a small amount of hassle. If it becomes too big you always have the complaints route and the ombudsman to back you up.