Cahoot Overdrafts

Chromakey

Hi all,
First time MSE poster,

Has anyone else had their overdrafts reduced without notice by Cahoot. I only noticed this evening when I went to check my account, its been reduced fron £500 to £470, which means I will now inccur unaurthorised O/D fees.
Are they required to inform me that they are reducing it? I tried to ring them but keep getting Santandar Card Services after entering all my account details etc.
Does anyone else get the impression that santandar are trying to drive customers away from cahoot?
On another point when I last spoke to customer services about the faster payment service, I was informed that Cahoot had no intention of implementing this service.

Time to jump ship me thinks. farewell to what was an excellent banking service, and back to the 20th century for me.

Sorry for the rant.

Chris2000

They haven't reduced my OD limit, but then I never use it.

Santander are just letting cahoot tick over until they complete all their IT system migrations following the various mergers. Later this year they intend to re-launch it under the 'openbank' brand.

Santander are one of the worst for faster payments, but cahoot still has none at all. They can't ignore that forever though. By law, from 31 Jan 2012 all payments will have to arrive by next working day at the latest. Until then they are allowed 3 working days, but even that is an improvement - before Nov 2009, cahoot payments used to take 4 working days.

Rupert_Bear

I never use my Cahoot account and note overdraft is still at £1300 with an apr of 10.8%

ne1mk1

My overdraft has not changed but you can really tell that cahoot is being phased out - the savings account used to be very competitive but now pays less interest than the current account!!!

I still use it as my main account - is it best to keep it going and wait or change now - thoughts ???

GFA

ne1mk1 wrote: »

My overdraft has not changed but you can really tell that cahoot is being phased out - the savings account used to be very competitive but now pays less interest than the current account!!!

I still use it as my main account - is it best to keep it going and wait or change now - thoughts ???

I have had a cahoot current account now for just over 6 years and I've noticed a real decline in their customer service since the beginning of the year - they used to be excellent in my opinion! Having had a number of problems dealing with customer service for my Abbey accounts, I took the view that life is too short to have to deal constantly with lousy, unhelpful service (and after my experiences with Cahoot earlier this year, I think they are definitely heading the same way, which is a real shame), so I closed all of my accounts with Abbey and I am in the process of switching my banking from Cahoot to First Direct. I have to say, so far so good!

barak

Chromakey wrote: »

.....Are they required to inform me that they are reducing it?

You could have found this in the Terms & Conditions.

7. Overdrafts
7.1 We have agreed to provide you with an
overdraft facility. We will determine your
overdraft limit from time to time and tell you
what it is. If we reduce your overdraft limit,
you will be required to repay any excess over
your new overdraft limit immediately. You can
ask us to change your overdraft limit at any
time by making a request in the secure zone

Scrounger

I've just had an email from them:

Dear Scrounger,

I am writing to let you know that you have an agreed overdraft limit on your cahoot current account and although the balance is within the agreed limit regular credits aren’t being made into it. This is a required condition of the account.

We have therefore reviewed the current overdraft limit on your account and with immediate effect reduced – please log onto your account to view your new overdraft limit.

If you still want to use the overdraft service you need to start making regular payments into the account – min 10% per month of the outstanding balance. The overdraft limit may be removed completely if you don’t do this. Please remember that your overdraft is repayable on demand.

Yours sincerely,
Clare Hopper
Head of Customer Contact

Looks like I'll finally have to repay the £100 (interest free) overdraft which I've had for several years' :shocked: (it used to be £250 interest free - anyone remember that?).

Scrounger

Rupert_Bear

Scrounger wrote: »

I've just had an email from them:


Looks like I'll finally have to repay the £100 (interest free) overdraft which I've had for several years' :shocked: (it used to be £250 interest free - anyone remember that?).

Scrounger

I have had my account for eight years and it has always been for me £100. Perhaps I was not one of the chosen few!

Chris2000

I opened my account in 2001 and I remember the £250 free overdraft.

In October 2005 they sent this in an email:

As of the 30th September we have reduced our free overdraft facility from GBP 250 to GBP 100 for both new and existing customers.

---What does this mean for you

---

Although the cahoot website details have changed, this change will not effect your account until the 8 November 2005, after which you will be charged interest on any overdraft above GBP 100 up to your agreed overdraft limit. Your overdraft limit and interest rate will remain unchanged