Cahoot: "No money out at Post Office". So who then?

mrviner

I have a Cahoot current account. Part of the reason I got it was because I thought you could get money out at Post Offices.

However I now find out that all I can do is put money and cheques IN at Post Offices!

They say:

"only certain banks are members of the scheme which allows customers to withdraw funds over the counter at the Post Office using their Chip & PIN-activated cards.

cahoot is not currently a member of this scheme, therefore our cards cannot be used to withdraw funds at the Post Office counter."

Does anyone know which banks have this arrangement? Is there a list anywhere?

CIS

what you want should be found here

http://www.postoffice.co.uk/portal/po/content2?mediaId=load101004&catId=1400104

hazel5150

just to let you know you can get cash out of the post office with cahoot you just have to use your cheque book .you have to write cash on the cheque and you can only cash what your card limit is mines £100 hope this helps

hazel

mrviner

hazel5150 wrote:

just to let you know you can get cash out of the post office with cahoot you just have to use your cheque book .you have to write cash on the cheque and you can only cash what your card limit is mines £100 hope this helps

hazel

Slightly stone-age solution, but none-the-less an interesting idea.

I'll give it a go next time I run out of money at work.

Its certainly better than paying for my lunch twice: once for the sandwich and once for the local petrol station's cash machine charge.

fgaughan

The reason i got cahoot (opened account this week) to pay money in as i work office hours mon to friday..only thing open where i live on saturday is post office.
but now i have found out that i cant pay cash in to cahoot so thats a waste of time

klondyke

fgaughan wrote:

The reason i got cahoot (opened account this week) to pay money in as i work office hours mon to friday..only thing open where i live on saturday is post office.
but now i have found out that i cant pay cash in to cahoot so thats a waste of time

From cahoot website:

cashing cheques

To cash a cahoot cheque at the Post Office, bring along your cahoot cheque book and debit card, which acts as a cheque guarantee card. Your cheque, made out to 'cash', may be no greater than the amount shown on your debit card. Your current account will normally be debited in three working days. Please note that, for your security, you are only allowed to cash one cheque per day.


depositing cash

You can deposit up to £10,000 in cash per day into your cahoot current account at the Post Office, using a paying-in slip from your paying-in book or your cheque book. If you are going to be depositing cash and cheques, you'll need to complete a separate paying-in slip for each. Cash deposits can take up to five working days to be credited to your account; therefore, we advise that you don't make numerous small or short-term cash deposits. Please note that we do not accept cash deposits in to cahoot credit card, flexible loan or savings accounts. Please see below for further information.


depositing cheques

To deposit cheques into your cahoot current account, present them together with a completed paying-in slip in one of the green cheque deposit envelopes you received when you opened your account. You can always go to contact us to order more envelopes if you run out. If you are going to be depositing cash and cheques, you'll need to complete a separate paying-in slip for each. You must not enclose cash or any other correspondence in the green envelopes. Cheque deposits can take up to five working days to be credited to your account. Please note that we do not accept cheque deposits in to cahoot credit card, flexible loan or savings accounts. Please see below for further information.

[btw although cheques can take up to 5 working days to be credited, interest is paid from the day of receipt at post office. Must admit I usually post cheques, so may lose a day or two in interest, but useful to know for large amounts (if I had any!)]

Hope that helps

fgaughan

depositing cash

You can deposit up to £10,000 in cash per day into your cahoot current account at the Post Office, using a paying-in slip from your paying-in book or your cheque book. If you are going to be depositing cash and cheques, you'll need to complete a separate paying-in slip for each. Cash deposits can take up to five working days to be credited to your account; therefore, we advise that you don't make numerous small or short-term cash deposits. Please note that we do not accept cash deposits in to cahoot credit card, flexible loan or savings accounts. Please see below for further information

its a saving account that i have
due to my bad credit ratings i cant get any ordary account

klondyke

Sorry - don't know what to suggest in that case:-(

Milarky

klondyke wrote:

although cheques can take up to 5 working days to be credited, interest is paid from the day of receipt at post office

So that means you can draw a cheque on your non-cahoot current account -which won't immediately come off that account, of course, and the credit is immediate from the point of interest received on the cahoot current account? [What is the source of the information that interest is paid 'on receipt' of cheque, please?]

Notwithstanding the paying in advantages, you can also withdraw up to £50 [or higher if cheque guarantee is higher] cash per day and this does not immediately come off the cahoot balance, since the post office doesn't work that quickly moving the cheque back to cahoot I imagine.

Now if you have a cahoot savings account this can be used to collect funds from a non-cahoot current account by direct debit. The advantage of the direct debit is that is involves no loss of interest on the transfer - which 'leaves' your bank and 'arrives' at cahoot on the same apparent date.

Finally there is the transfer of funds from the cahoot savings account to the cahoot current account. This is instant.

Putting all this together, it seems that you can [with cahoot cheque book] create a virtual cycle to move money from your current account to cahoot and back again several days later - involving no lost days interest.

Hmm!

Debt_Free_Chick

Can't you simply put your Cahoot card into any cashpoint and get cash? Avoid the little machines that charge a handling fee and just use any bank cashpoint.

Milarky

Debt_Free_Chick wrote:

Can't you simply put your Cahoot card into any cashpoint and get cash? Avoid the little machines that charge a handling fee and just use any bank cashpoint.

With ATMs yes, but not at post offices it seems - there you have to use a chequebook - no card-only withdrawals (as is the case with other banks making the P.O. available to their customers) allowed.