Cahoot savings rate reduction

glosman555

I closed my account on the 24th April and I have just recieved a cheque for the accrude interest also I have sent an email to cahoot to recover the interest I have lost while waiting for the cheque.

alared

glosman555 wrote:

I have sent an email to cahoot to recover the interest I have lost while waiting for the cheque.

Don`t think they`ll take much notice of it.
The way to go is through their complaints policy proceedure and write to their:
Head of Service Relationship
Cahoot
Friars House
Manor House Drive
Coventry
CV1 2ZA

outlining your claim.

They know most people can`t be bothered and this is how they get away with it.
Once I get my cheque my letter`s in the post and if they don`t cough up,it`ll go all the way to the ombudsman,which I`m told will cost Cahoot £350 win or lose.
So get writing,if you can be bothered!!!!!!!!

glosman555

Just received a cheque from cahoot for the lost interest on my savings account due to the length of time it took to send the accrude interest: seems a polite email is all it takes.

mary

Opened a new account with them to put in a £1, thinking that it would be a quicker way of getting my money + interest out.. Ha Ha. I had withdrawn the £84K out to Ing, then closed the Bonus Savings Account May 20th, just waiting for the interest to come my way. Yet another call to them 2 days ago to ask where my £700 interest was, as they could see how much it was on their screen. The girl did speed things up and sent an internal email to tell them it was overdue and yesterday the money appeared in my new account. However, last night I got one of those "Are you happy with our resonse type questionnaires" to fill in online - so duly told them their rates were good while they lasted, but I was disgusted at the length of time it takes to get hands on my own money and would like compensation for the loss of interest in the interim, bearing in mind they are an internet bank, this is the 21st century and even smaller operations like Principality BS can do a turn around in 2 days when you close an account, to return your money + all your interest. I shall wait and see.

Swipe

Swipe wrote:

My balance transfer to Birmingham Midshires has just completed this morning so I've just closed my cahoot account. No doubt I'll be opening up another one late summer after the BOE has raised interest rates and cahoot have a new introductory rate savings account. I guess waiting two weeks for the cheque is better than waiting until Septmeber for my interest to be paid.

Just received a cheque with my accrued interest for this year. It's taken 3 weeks in total from the time of closure (closed on 11th may). I'll be running to pay it into the bank tomorrow morning, wait days for it to clear, then wait another 3 days for it to transfer to Bham midshires. So a round total of around 5 weeks to get back to earning interest. Pretty abysmal really.

alared

Complain
Read my post 183 and do it.

Snapelover

alared wrote:

Complain
Read my post 183 and do it.

I closed my account on 27th April and I am STILL waiting.:mad: Have just tried to log in to my Cahoot account to see what is going on and it doesn't even recognise me - is that a good sign? I thought I would have still been able to sign in until I received confirmation of closure in writing.

I am going to do what alared has said in post 183 - in fact I'm going to do it now.

(It's all typed, just waiting for the cheque and it'll be straight off in the post.):T

Tass_2

My balances were transferred so zero balance on 4th may. interest chq finally arrived 1st June by recorded delivery, after seveal e mails one of which stated that "not all banks are the same" when I pointed out no other bank I have invested with has ever employed this closure procedure. Well I would have to agree with that statement though not in a good way!
I was at work when the letter arrived so not in to sign for it so had to wait 2 days for it to be returned to sorting office to collect from there. paid in day received, due to clear 8th May so lose 33 days interest, add up all relatively minor amounts by their customer numbers and these delaying tactics are making them a LOT of literally free money.
I have checked terms amd conditions and only comment about closing the account is that you can close anytime you like.
If an account is actually closed the interest should immediately be paid because it is not the property of financial institution, but belongs to the holder of teh account. If the account is not closed then interest should be accruing until the date it does close. There is no justifyable excuse for this state of "limbo" that cahoot appears to have invented.Its not as though they put this money aside where they aren't making anything on it!!
IMO this tactic means the interest rate advertised isn't actually the real interest rate paid. if its all above board why no transparency? Why don't they make investors aware of this closure procedure when they apply for the account? Possibly because they know people wouldn't invest!
I shall not be investing with cahoot again.

alared

Here is the reply I received last Friday after my fourth secure message of complaint:


Dear ********,

Thank you for contacting cahoot in Coventry.

Firstly may I offer my sincere apologies for the inconvenience caused by this incident. I would like to assure you that your experiences to date are not indicative of the service that cahoot strives to offer our customers.

I can confirm that I have forwarded your details to the relevant department requesting further investigation into this and immediate closure of your account.

Once this has been actioned, we will send you notification confirming this.

I appreciate your patience and understanding in this matter and thank you for giving us an opportunity to rectify the situation.

Kind Regards,

Supernova

Anyone seen their adverts?

"a great savings rate that never goes off"

Hmm