Cahoot Direct Debit Deposits are no more

sly_dog_jonah

Just got off the blower to Cahoot, who I have a current and savings account with. Both accounts allow money to be deposited into the account via pre-arranged direct debit (ie no days loss of interest, in contrast to a BACS transfer pushed from the other bank). Over Christmas there was a secure message to advise that this would be limited to £5,000 deposits at a time:

Deposits into Current and Savings accounts: With effect from the 2nd January, the maximum amount that you will be able to transfer into your cahoot current or savings account via your pre-arranged direct debit facility will be £5,000.00. This limit applies only to this service and does not affect any other deposit method.

Ok bit annoying but guess it doesn't affect most customers. However, my deposit of a grand which I arranged to occur on the 29th December didn't go through. Puzzled, I thought maybe it was just a bit late due to limited working days over the christmas period, but it didn't go through today either. Got on the blower and after 10mins on hold I got through to a CS guy. He apologised but explained that:

'The Direct Debit Deposit method has been withdrawn for current and savings accounts, due to business reasons.' The only way to get money into the savings account now is to do an internal transfer or a BACS transfer initiated from the source account. Likewise money cannot be 'pulled' into the current account from an external bank via pre-arranged Direct Debit.

He explained that they had been fielding lots of similar queries on the phones, and that they had tried to elevate it so that someone would put something on the website to inform customers.

Great communication cahoot! Top notch! My first ever bad experience after nearly 3 years with them, but they have really dropped a clanger:

1) Withdrawing this mechanism for depositing money without loss of interest.
2) Failing to remove the facility to do this from the website, even when it won't work.
3) Failing to communicate the change in status to customers unless they ring up and ask.

(This applies to both Current and Savings accounts, but rather than cross-post I thought best put it in on this board, as the loss of interest in transit will affect people most in the long-term)

Stonk

Cahoot seem to be determined to stop business. They aren't doing loans or cards any more, and now they are removing the remaining features of their cash accounts that might make them worth having!

sly_dog_jonah

I contacted them via the website to get confirmation and ask what on earth they are playing at, and got this response:-

In response to your query the business has made a decision to remove the facility transfer funds into the account via the direct debit instruction.

To pay into your cahoot current account you can:

- Pay cash and cheques in at most Post Offices. Cheques can also be posted direct to our clearing house. If you need any deposit envelopes please let us know.

- Transfer from another bank account by BACS (4 working days), CHAPS (same working day) or standing order (regular payment). You'll need to give them your account number and sort code (090640). Contact your external bank for more information on this.

For the savings account:

- Transfer from another bank account by BACS (4 working days), CHAPS (same working day) or standing order (regular payment). You'll need to give them your account number and sort code (090643). Contact your external bank for more information on this.

I would like to apologise for any inconvenience this has caused you.

Hmmm, might be time to say bye bye to cahoot like they want.

vulcan59

Not sure what is going on here but I have a Cahoot savings account with a prearranged direct debit to my Lloyds TSB current account. I used it just last week to transfer some money to Cahoot and it worked perfectly as it always has.

Stonk

Conversely, I have just opened a Cahoot savings account (within the last three weeks), and - although I was sent and I returned a DD form - the details have not been carried onto the deposit page of the website, and it won't let me make a deposit by DD.

Prudent

vulcan59 wrote:

Not sure what is going on here but I have a Cahoot savings account with a prearranged direct debit to my Lloyds TSB current account. I used it just last week to transfer some money to Cahoot and it worked perfectly as it always has.

This is the method I use. They haven't bothered to inform me it isn't working. It is still on the website.

MarkyMarkD

The original post said that it was still on the website, so you aren't providing new information there, Prudent. Have you actually deposited money via this method, this month?

sly_dog_jonah

If I try to Deposit money into the Cahoot current account Via Direct Debit using:

Account Manager >>
Transfer funds into your current account >>
Make one-off funds transfer from another UK bank

...the source account details have been removed.

If I try to do a Direct Debit deposit into savings using

Deposits >>
make a deposit via your pre-arranged direct debit from non cahoot accounts

...the source account details have been removed.

Maybe they are dragging their heels in deleting everyone's Direct Debit deposit details?

[Deleted User]

I feel a test transaction coming on!

I usually use the 'push' method. I did check yesterday, and via the 'Account Manager' route my linked account DD details were still there. So guess I now need to test whether an actual transaction request will be executed or not.

I'll let you know.

[Deleted User]

sly_dog_jonah wrote:

If I try to do a Direct Debit deposit into savings using

Deposits >>
make a deposit via your pre-arranged direct debit from non cahoot accounts

...the source account details have been removed.

Further to my earlier posts...

Where is the 'Deposit' option?

I have now processed a DD transaction via 'Account Manager', so it just remains to see if and when the funds arrive.

Supernova

I think they've had their day.

Not the best interest rate for savings. I have had numerous problems with my Debit card not being authorised because of their technical problems. Cost me an extra £40 on my holiday because I had to book by Credit Card instead.