Reply to: Cater Allen Questions

[NickFitz]

I'm not sure I see much point in a deferred debit card in today's ultra low interest rate environment. Sure, there can be a three week delay in debiting your account for purchases so that you can earn interest on that money in the intervening time.

Oh wait, interest is only payable if you have more than £100k in your account... and even if you have £500k, it is all of 0.4%.

Maybe it will all be worthwhile in a few years when interest rates are back to sensible levels...

CA used to pay interest on all balances; the deferred card is probably a leftover from those halcyon days. Also, they undoubtedly have customers who run real businesses rather than contractor-style one-person-bands, and who have balances above £100,000.

[edison]

That's due to it being a "deferred debit" card. It's all explained in the booklet they sent you about it. You did read that, didn't you?

Also, on the online banking system you can see the deferred payments and the date they'll actually be taken from the account.

I'm not sure I see much point in a deferred debit card in today's ultra low interest rate environment. Sure, there can be a three week delay in debiting your account for purchases so that you can earn interest on that money in the intervening time.

Oh wait, interest is only payable if you have more than £100k in your account... and even if you have £500k, it is all of 0.4%.

Maybe it will all be worthwhile in a few years when interest rates are back to sensible levels...

[NickFitz]

The bizarre thing it does, but is of no concern, is that debit card payments are still pending from over 4 weeks ago. It's no difficulty really, just need to be aware for bank reconciliations.

That's due to it being a "deferred debit" card. It's all explained in the booklet they sent you about it. You did read that, didn't you?

Also, on the online banking system you can see the deferred payments and the date they'll actually be taken from the account.

[MPwannadecentincome]

I was suggesting an alternative to when it doesn't work.

It was quicker to just use another card, thanks

[Sausage Surprise]

What's the point of the debit card then?

I was suggesting an alternative to when it doesn't work.

[MPwannadecentincome]

Why not just do a bank transfer?

What's the point of the debit card then?

[Sausage Surprise]

I called EE up and tried to pay £26.00 to them, Cater Allen debit card was refused.

I called CA to find out why apparently the new cards are having problems with some providers and EE is one of them - no known date for resolution known at this time.

I should have asked where else I can't use the card...

Why not just do a bank transfer?

[MPwannadecentincome]

Debit Card refused £26.00

I called EE up and tried to pay £26.00 to them, Cater Allen debit card was refused.

I called CA to find out why apparently the new cards are having problems with some providers and EE is one of them - no known date for resolution known at this time.

I should have asked where else I can't use the card...

[Lance]

why can't it fill in the title for me?

Hi All,
I'm moving from sole trader to LTD, need a new business account. I use barclays.

1/The cater allen offer on this site, is this done purely online or is a meeting needed with an actual person?

2/ How is the online banking area?

3/ Is there a visa debit included?

4/ Is there faster payments?

5/ What is the maximum limit on a single transaction? Daily limit?

I have a new CaterAllen account setup in the last 2 months.
Answers -
1/ No meeting required
2/ Fine
3/ Yes
4/ Not yet. I get a message when logging on saying it's coming soon.
5/ I am not aware of one. How big would a transaction need to be for a business bank to not like it??? I guess we're talking money-laundering type volumes.

All is fine with the account.
The bizarre thing it does, but is of no concern, is that debit card payments are still pending from over 4 weeks ago. It's no difficulty really, just need to be aware for bank reconciliations.

Do I recommend them? No, cos I don't recommend anything that I've not used a lot and don't fully understand.
Do they do what they say on the tin? Yes.

Lance....

[saptastic]

I use CA and they are fine because all I need them to do is look after my lovely company money and sort a payment once in a while.
As a matter of principle I won't pay a bank to do this, they should be paying me for the privilege of using my cash !!
A bit of interest would be a nice and fair way, just passed the threshold but the rate is woeful...

+1. I agree for simplistic business banking and a friendly UK call centre - CA hit the mark.
Not sure why the new Debit cards though - there wasnt an explanation so I did wonder why this was sent.

[lukemg]

I use CA and they are fine because all I need them to do is look after my lovely company money and sort a payment once in a while.
As a matter of principle I won't pay a bank to do this, they should be paying me for the privilege of using my cash !!
A bit of interest would be a nice and fair way, just passed the threshold but the rate is woeful...

[Sausage Surprise]

We already know they don't do faster payments very well...

IMVHO the reasons for using CA are fading rapidly. Best (or least problematic) of the big boys is HSBC

This is being updated this weekend apparently.

Edit: Oh I see it's already been mentioned

[DaveB]

I used CA when I first started contracting and never had an issue with them. Got the account via my then accountant so no minimum deposit or fee's and all done quickly and painlessly. Never had a problem with the service, although online banking as a little clunky in the early days. Phone support was second to none. Fast efficient and knowledgable.

Then they got bought out by Santander.

Wouldn't go near them now.

[MPwannadecentincome]

upgrading faster payments?

So apart from the lack of rapid money transfer, limitations on single transactions, limitations on account balances, complications setting up the account, inconsistent deals on offer depending on who's asking and needing to phone them up to get stuff done, it comes highly recommended then...

Ermm...

Seems like they are upgrading their faster payments this was displayed when I logged on today not sure if faster means "even faster" or not ....

FASTER PAYMENTS INWARDS - SATURDAY 9TH NOVEMBER 2013

Due to an upgrade to the Faster Payments process, by our correspondent Bank, from 05:00 to 14:00 on Saturday the 9th November 2013, no inward payments will be received into Cater Allen accounts during this period. Any outstanding payments will be credited to your account later in the day. If you have any questions, please contact our Call Centre on 0800 092 3300.

They are also updating the Debit cards - a new set of cards has been issued, not sure what difference that will make though its annoying to have a new PIN.

[northernladuk]

Grr! Client has two companies, it consulting and plan b, both banking with CA. He sets up a third company, plan C I guess - we apply to CA, they don't like the business sector, bounce the account, he complains, they close his other two accounts.

Today's shenanigans - Unimpressed!

Suppose the lesson is be cautious with your sector, as they are picky.

Did similar last year when client moved her home to France whist keeping company in uk - their first response was close accounts (there was, of course, a way around that using a family members address).

Wow, there is cautious and there is ludicrous. You could think they maybe risk averse to some sectors but closing his other accounts down for complaining seems utterly ridiculous. Why the hell would they do that? Don't then need a reason to do that or isn't there something contractual to stop them closing them as they fancy (obviously not but you know what I mean).

That kind of carry on should be made general knowledge so people can avoid them like the plague I would have thought.