Cahoot savings rate reduction

Swipe

Think of all that money being withrawn in a very short period of time. I've just pulled out £50k. I can imagine just the totals from the people on this thread amount to a considerable sum indeed. I love to know how much exactly has exited cahoot since the 28th April.

Snapelover

Deleted_User wrote:

Same here. I was just wondering if I might get a better response using another heading. I have been waiting 18 calendar days now.

Now that we have seen that there is a back log I'm not going to waste my time contacting them anymore. The cheque will arrive when it arrives.:cool:

Patr100

I will also be moving everything over from Cahoot to BirminghamMS (opening the new account was quick and painless) in due course -

alared

Still no sign of the cheque,it`s getting beyond a joke now.
I will certainly making a formal complaint and if not compensated take it as far as I can.

Can someone explain how or why it will cost Cahoot £350 and would there be any cost to me.

lisyloo

Can someone explain how or why it will cost Cahoot £350 and would there be any cost to me.

Certinaly.
First of all you need to follow Cahoots internal complaints procedure.
It might a good idea if you calculate your losses and ask for that as compensation.

They may agree or disagree or offer you something different.
You may have to write 3 or 4 letters each time to a more senior person.

Eventually if you don't agree you will get a "deadlock" letter.

At this point (and only this point) you can go to the ombudsman.
You then make your complaint directly to the ombudsman.
Cahoot will be contacted and will have to pay a certain sum (which I believe is £350).
The case will them be decided independently.

If what you are asking for is reasonable then I would have thought that it won't get to the ombusman because Cahoot know what it will cost them.

It will cost you your time and a few stamps.
You don't have to pay anything else.

oramgepekoe

I closed one of my Cahoot accounts on 2nd May and today received a letter confirming that it's now closed.

It's the account that could take up to 250K and paid interest monthly (ie. not the original 5.65% account). Monthly interest was paid to the account with a date of 1st May. Given that I emptied and then closed it on 2nd May, shouldn't I be due interest for one day? There was no cheque with the letter nor any details about closing interest nor details of all interest earned this tax year.

oramgepekoe

oramgepekoe wrote:

I closed one of my Cahoot accounts on 2nd May and today received a letter confirming that it's now closed.

It's the account that could take up to 250K and paid interest monthly (ie. not the original 5.65% account). Monthly interest was paid to the account with a date of 1st May. Given that I emptied and then closed it on 2nd May, shouldn't I be due interest for one day? There was no cheque with the letter nor any details about closing interest nor details of all interest earned this tax year.

Just logged onto Cahoot and I see that yesterday £5.71 was added to one of my other savings accounts. The text just says 'TRANSFER FROM SAV' but I guess it's the missing day's interest. Would have been better if the letter had told you the closing interest and what they did with it.

sloth

received my cheque today, dated 15 May

only took them 18 working days from when i applied to shut my account, nearly twice what they quoted!!

for any one still waiting for their cheque, logon to cahoot and see if your account is still showing a balance (presumably nil). if not it should say account closed (as mine does) and therefore your cheque should be on its way.

however we shut my wife's a/c on the same day as mine and that is still showing balance nil so has not been shut yet. obviously the price you pay for a decent rate for the last 15 months!!

Zwicky

oramgepekoe wrote:

Just logged onto Cahoot and I see that yesterday £5.71 was added to one of my other savings accounts. The text just says 'TRANSFER FROM SAV' but I guess it's the missing day's interest. Would have been better if the letter had told you the closing interest and what they did with it.[/quote

I had 2 Cahoot savings accounts- The original introductory account and a recently opened non introductory savings account.

I transferred funds to BM and closed the introductory account on May 5th. I received an email on May 6th from Cahoot acknowledging the account closure and saying it would take about 10 days to close but have heard nothing from them since.

After reading oramgepekoe's post I checked my Cahoot account and found that the outstanding interest was paid into my other savings account on May 16th! Nice of them to tell me but at least I won't have to wait for a cheque and can now transfer the interest to BM! Thanks oramgepekoe.

So if you are waiting for your outstanding interest and still have other Cahoot accounts, log on and see if it has already been paid into another account!

[Deleted User]

Deleted_User wrote:

I have still not received my closing balance either, despite

1) Requesting closure on 26th April.
2) Maintaining my 'normal' cahoot account and requesting an internal transfer rather than a cheque.
3) Numerous follow ups. :mad:

Finally received closing interest 18/5. Only problem is that all trace of the account closed has been deleted so I cannot check that the net amount received is correct. They have not defined the gross and tax deducted. :mad: