Cahoot

slinger2

Brewer21 said:

Do new account holders (sunny day saver) fund the account before they receive log in details?

They emailed me the account details when I opened it (16th). Personally I didn't fund it until after I had logged in (24th).

Brewer21

Yes I've sent £5 into it, my bank confirmed matching details so all ok. Just wondered if anyone sent something like the £3k before log in details received, what can go wrong I've thought? It's  you just can't check on it for maybe a week and losing a week's interest because the clock starts as soon as opened, a 1 year offer. We have 3 so a possible £9k to put in, Yep variable too so it can go down in that time.

BooJewels

Brewer21 said:

Yes I've sent £5 into it, my bank confirmed matching details so all ok. Just wondered if anyone sent something like the £3k before log in details received, what can go wrong I've thought? It's  you just can't check on it for maybe a week and losing a week's interest because the clock starts as soon as opened, a 1 year offer. We have 3 so a possible £9k to put in, Yep variable too so it can go down in that time.

That's the one thing (in bold) you don't need to worry about.  The rate can't go down in the time you wait for your log-in details - the beauty of the Cahoot accounts, as mentioned earlier, is that they give around 60 days notice of any rate drops.

Brewer21

BooJewels said:

Brewer21 said:

Yes I've sent £5 into it, my bank confirmed matching details so all ok. Just wondered if anyone sent something like the £3k before log in details received, what can go wrong I've thought? It's  you just can't check on it for maybe a week and losing a week's interest because the clock starts as soon as opened, a 1 year offer. We have 3 so a possible £9k to put in, Yep variable too so it can go down in that time.

That's the one thing (in bold) you don't need to worry about.  The rate can't go down in the time you wait for your log-in details - the beauty of the Cahoot accounts, as mentioned earlier, is that they give around 60 days notice of any rate drops.

Yep I meant within the 12 months👍

dosh37

I have just opened a new Cahoot Sunny Day Saver account and am unclear about setting up a new faster payment from my Lloyds current account.

The destination sort code given appears to be Santander.

What 'Payee Name' do I use? This is not mentioned in any of the documentation.

Do I simply use my own first and last name? Does it have to exactly match the name given during the application process (including a full middle name or first letter of a middle name)?

I guess I should not use the so called 'User name' allocated by Cahoot when the account is opened.

gravel_2

dosh37 said:

I have just opened a new Cahoot Sunny Day Saver account and am unclear about setting up a new faster payment from my Lloyds current account.

The destination sort code given appears to be Santander.

What 'Payee Name' do I use? This is not mentioned in any of the documentation.

Do I simply use my own first and last name? Does it have to exactly match the name given during the application process (including a full middle name or first letter of a middle name)?

I guess I should not use the so called 'User name' allocated by Cahoot when the account is opened.

Try your name and see if confirmation of payee throws up any issues.

dosh37

gravel_2 said:

dosh37 said:

I have just opened a new Cahoot Sunny Day Saver account and am unclear about setting up a new faster payment from my Lloyds current account.

The destination sort code given appears to be Santander.

What 'Payee Name' do I use? This is not mentioned in any of the documentation.

Do I simply use my own first and last name? Does it have to exactly match the name given during the application process (including a full middle name or first letter of a middle name)?

I guess I should not use the so called 'User name' allocated by Cahoot when the account is opened.

Try your name and see if confirmation of payee throws up any issues.

I'd rather hear from someone who has actually already done it rather than 'try it and see'.

I would phone them up but I have already spent 15 minutes this morning in a call queue to ask if receiving my temp security number in an envelope that was not sealed and had a 1cm rip near the center of the flap constitutes a security risk.

gravel_2

dosh37 said:

gravel_2 said:

dosh37 said:

I have just opened a new Cahoot Sunny Day Saver account and am unclear about setting up a new faster payment from my Lloyds current account.

The destination sort code given appears to be Santander.

What 'Payee Name' do I use? This is not mentioned in any of the documentation.

Do I simply use my own first and last name? Does it have to exactly match the name given during the application process (including a full middle name or first letter of a middle name)?

I guess I should not use the so called 'User name' allocated by Cahoot when the account is opened.

Try your name and see if confirmation of payee throws up any issues.

I'd rather hear from someone who has actually already done it rather than 'try it and see'.

I would phone them up but I have already spent 15 minutes this morning in a call queue to ask if receiveing my temp security number in an envelope that was not sealed and had a 1cm rip near the center of the flap constitutes a security risk.

Not sure what you are asking really. Is this your first time sending money anywhere? If you go through the process on your banking app or banking website of using the sort code, account number and your name, your bank will do a confirmation of payee check and if the information does not match it will essentially block you from sending money to that account.

dosh37

gravel_2 said:

dosh37 said:

gravel_2 said:

dosh37 said:

I have just opened a new Cahoot Sunny Day Saver account and am unclear about setting up a new faster payment from my Lloyds current account.

The destination sort code given appears to be Santander.

What 'Payee Name' do I use? This is not mentioned in any of the documentation.

Do I simply use my own first and last name? Does it have to exactly match the name given during the application process (including a full middle name or first letter of a middle name)?

I guess I should not use the so called 'User name' allocated by Cahoot when the account is opened.

Try your name and see if confirmation of payee throws up any issues.

I'd rather hear from someone who has actually already done it rather than 'try it and see'.

I would phone them up but I have already spent 15 minutes this morning in a call queue to ask if receiveing my temp security number in an envelope that was not sealed and had a 1cm rip near the center of the flap constitutes a security risk.

Not sure what you are asking really. Is this your first time sending money anywhere? If you go through the process on your banking app or banking website of using the sort code, account number and your name, your bank will do a confirmation of payee check and if the information does not match it will essentially block you from sending money to that account.

Being blocked is what I am afraid of and why I would rather get it right. I have previous experience with Lloyds blocking payments after setting up a new payee. It can take around 30 minutes on the phone to their fraud dept to get it sorted if it goes wrong.

gravel_2

dosh37 said:

gravel_2 said:

dosh37 said:

gravel_2 said:

dosh37 said:

I have just opened a new Cahoot Sunny Day Saver account and am unclear about setting up a new faster payment from my Lloyds current account.

The destination sort code given appears to be Santander.

What 'Payee Name' do I use? This is not mentioned in any of the documentation.

Do I simply use my own first and last name? Does it have to exactly match the name given during the application process (including a full middle name or first letter of a middle name)?

I guess I should not use the so called 'User name' allocated by Cahoot when the account is opened.

Try your name and see if confirmation of payee throws up any issues.

I'd rather hear from someone who has actually already done it rather than 'try it and see'.

I would phone them up but I have already spent 15 minutes this morning in a call queue to ask if receiveing my temp security number in an envelope that was not sealed and had a 1cm rip near the center of the flap constitutes a security risk.

Not sure what you are asking really. Is this your first time sending money anywhere? If you go through the process on your banking app or banking website of using the sort code, account number and your name, your bank will do a confirmation of payee check and if the information does not match it will essentially block you from sending money to that account.

Being blocked is what I am afraid of and why I would rather get it right. I have previous experience with Lloyds blocking payments after setting up a new payee. It can take around 30 minutes on the phone to their fraud dept to get it sorted if it goes wrong.

Perhaps bad language from me. If a COP conflict is noted the app will simply tell you than and you won't be able to proceed. I'm not suggeting it would block your account (I certainly hope it wouldn't).

You originally asked what you should put as the payee - you are the payee. Unless instructed otherwise it should be your name.