Cahoot help

holley

I have a current account with Cahoot when I pay cash in they are taking days (4/5) to pay it into my account thats if they havent lost the money then they charge me for being OD I am trying to reclaim charges, is this reasonable? I've tried complaining to them but they just ignore my letters!:mad:
also i'd like to change banks but do not have a perfect credit rating and I read on here that someone was refused a bank account because there credit rating wasnt good any ideas what I can do?
Thanks folks I was going to post on one of the other boards about this but some of the comments to people were awful and you lot out there are soooo friendly.:D

Badger_Lady

Because they don't have branches (unless something's changed!), you can't pay cash in instantly without paying a fee. Presumably you currently pay it in by going to a different bank branch..? It then takes 3-5 days to clear to your bank.

Is there any way that you can organise the dates to work better? Do you get paid your wages in cash? Can you change the dates on your Direct Debits / Standing Orders to give clearance time on this?

You can be refused a new bank account based on your credit rating (Alliance and Leicester appear to be pretty tight on it), but you can certainly apply and see what they say. A high street bank would allow you to pay instant cash into your account when you go to their branch.

With regards to the bank charges, how much have they charged you now? Often, you can get a couple waived, but if this is a frequent occurance you'll need to read "Reclaim your Bank Charges" and kick off a claim (but this will take a long time).

KiKi

Cahoot is an internet / telephone based account, so you are obviously paying in cash at a high street bank branch. This does/will take 4 or 5 days to clear, depending on what time you deposit the cash.

The onus is therefore on you to make sure you leave enough time for the cash to clear to stop you going overdrawn.

I don't know about the credit rating and getting another current account, but I HTH.

holley

They charge £30 for going od and £25 for a refused payment! I know I need to be more organised but they take out money for charges without telling me and thats why I go OD

Badger_Lady

Fairly standard, I'm afraid :-( Let's hope the OFT test changes that for us!

But in the meantime, you have to put up with it - the only way to avoid the charges is to know everything that's coming in and out, and arrange an adequate overdraft if necessary.