Question to Cahoot Account holders ???

Kazza242

Have any of you had any problems using the future dated withdrawals facility?

I set up two future dated withdrawals a fortnight ago.  On Monday 1st November a 4 figure sum was to be transferred from my Cahoot IR Savings account to my Derbyshire regular saver accounts.  The money has been deducted from my Cahoot account, but it has not reached my Derbyshire BS accounts!

I have confirmed with Cahoot that the account details I specified were correct, but they can't explain what has happened.  They asked me to call them back on November 12th when they'll be able to do a BACS trace, but in the meantime I'm without my money and it isn't earning me anything.

Has anyone experienced anything like this before?  Does anyone know how long a BACS trace will take?
Is there anything else I can do to trace my money?

Thanks.

sly_dog_jonah

I've got the same problem, I transferred a similar sized figure out as a forward-dated transfer on the 31st Oct. It actually left Cahoot on Monday 1st Nov (which makes sense because the 31st was a Sunday) but still hasn't arrived at my LloydsTSB current account 4 days later (Thursday).

Give it a day or so more, it could either be Cahoot telling fibs about when the BACS starts, or alternatively it could be the recieving bank's systems dragging their heels. You may find the funds are dated as arriving in the recipient account a day or so previous to the time when you can actually view the transaction on an online statement.

Kazza242

Thank you for replying whosyadaddy.

I phoned Cahoot again this evening. They advised me to check my Derbyshire account balances tomorrow (Friday). They said that future dated withdrawals may take an extra day before they reach the destination account. Hopefully that is all it is.

I'll do as they've advised and contact Derbyshire again. I'll post an update tomorrow.

sly_dog_jonah

My BACS transfer arrived in my LloydsTSB today, and the transaction was dated today too. So cahoot future dated withdrawls take a full 4 days to arrive at their destination :-X

cloud_dog

Guys, I'm not sure what the issue is here.

The future date payment facillity allows you to identify a future date on which you want to make a payment. This does not meant the date it arrives but the date the payment is initiated.

Like every transaction it takes a number of days to go through the clearing system in order to arrive at the payment destignation. In my experience this is usually four working days (on occasions 3 - but don't bank on it ;D) so, if you need a payment to be paid by the 5th of the month you set you future payment date to be the 1st.

cloud_dog

Kazza242

Thanks for the info.

I phoned the Derbyshire BS this morning and they confirm that they've received my deposits this morning.  Phew!

On another note.  I heard on the radio this morning that Cahoot have had some problems with the security of their website.  Apparently a journalist found he was able to access accounts by just entering the username!  That's why the Cahoot site has been undergoing emergency maintenance for the last 48 hours.  Cahoot say that no accounts have had funds withdrawn during the security breach.

Modified to add reply to cloud_dog.  I did set my future dated withdrawal to leave on the 1st November.  If I had logged in and manually initiated the withdrawals on Monday, then they would have arrived yesterday (Thursday).  They have every other time, but this time I used the future dated withdrawal facility.  I think I'll go back to manually initiating withdrawals from now on as it's quicker.

Dan29

Cahoot have had some problems with the security of their website.  Apparently a journalist found he was able to access accounts by just entering the username!  That's why the Cahoot site has been undergoing emergency maintenance for the last 48 hours.  Cahoot say that no accounts have had funds withdrawn during the security breach.

Full story from BBCi

MJSW

I make future dated withdrawals from my Cahoot current accounts frequently, and they always arrive at the other bank 2 days later (except for Chelsea Building Society which takes 3).

I've never made a future dated transfer from the savings account, so I don't know if these are treated differently from the current account.

Milarky

Just to add my experience here. I made a 'manual ' withdrawal on Tuesday morning [9th] and it has arrived at my bank's a/c [A&L] this morning [12th]. So that's 3 days.

On 'working days' cahoot say '4 working days' but as I understand it when a bank says 'X working days' they count the date of receipt and date of withdrawal as one day each and thus a 'next day' payment would be counted as '2 working days'. Thus BACS payments should always take at least '3 WD' [e.g. Monday to Wednesday] according to this description, but cleary this cahoot account adds one day to the process.