Cahoot & Faster Payments

diamond_dave

Recently had an email from Cahoot regarding the faster payments scheme which they have just signed up to. Testing this out, I transferred a small amount to my Santander acc. at 11.45am -expecting it to be transferred immediately, as set out in their email. However, by 3pm it had still not arrived, & I sent off a query to Cahoot. It seems that the payments are sent out in batches 7am, 10.30, 2pm, and 6pm. so it should have been sent out at 2. On contacting Santander, they advised that the transfer could take up to 24 hrs! I have not yet been able to check my acc. so it may well be there. Be aware if you think the transfer is immediate, as you may well come unstuck. Will update asap.

noh

Cahoot is owned by Santander therefore I would expect a transfer between the two of them to be an internal transfer rather than Faster Payments.
If you want to test FP out from Cahoot send the payment to a non Santander account.

diamond_dave

yes, I thought too but it hasn't happened! Went to local Santander and was told that they still act as seperate units although Cahoot owned by Santander! Crazy. I have used FP from Cahoot to pay MBNA cc bill and it was very fast. ie same day.

Rupert_Bear

diamond_dave wrote: »

Recently had an email from Cahoot regarding the faster payments scheme which they have just signed up to. Testing this out, I transferred a small amount to my Santander acc. at 11.45am -expecting it to be transferred immediately, as set out in their email. However, by 3pm it had still not arrived, & I sent off a query to Cahoot. It seems that the payments are sent out in batches 7am, 10.30, 2pm, and 6pm. so it should have been sent out at 2. On contacting Santander, they advised that the transfer could take up to 24 hrs! I have not yet been able to check my acc. so it may well be there. Be aware if you think the transfer is immediate, as you may well come unstuck. Will update asap.

I also have an Cahoot account and used their faster payments. From my experience if you send before say 4pm it arrives to external account the same day but after 4pm not until the following day.

However I say the following day but if I check the receiving bank it is normally there by 08.3am that day.

diamond_dave

Panic over! checked yesterday pm and the money WAS transferred that day. Good news but if you are going to use this service check that the person/bank account receiving the payment you need to check whether they are part of the scheme by putting their sort code through the FP website.

PhoenixDF

diamond_dave wrote: »

Went to local Santander and was told that they still act as seperate units although Cahoot owned by Santander! Crazy.

Cahoot was originally owned by Abbey National and operated as a separate unit back then, so can only assume Santander ate up Abbey National and for someone reason left cahoot by itself.

PhoenixDF

diamond_dave wrote: »

Recently had an email from Cahoot regarding the faster payments scheme which they have just signed up to. Testing this out, I transferred a small amount to my Santander acc. at 11.45am -expecting it to be transferred immediately, as set out in their email. However, by 3pm it had still not arrived, & I sent off a query to Cahoot. It seems that the payments are sent out in batches 7am, 10.30, 2pm, and 6pm. so it should have been sent out at 2. On contacting Santander, they advised that the transfer could take up to 24 hrs! I have not yet been able to check my acc. so it may well be there. Be aware if you think the transfer is immediate, as you may well come unstuck. Will update asap.

All banks tend to send their payments via batches but when I used to work for the woolwich we were always told never to give out the batch times because the company can change them at any point, so I wouldn't use those times as gospel as when I called last week they said any payments after 5pm wouldn't credit destination account until following day.

I tested their theory by doing a transfer at 5:20pm on the day and behold it didn't arrive until the next day.