Cahoot warns of Christmas banking hangover

Cahoot warns of Christmas banking hangover

UK Internet bank Cahoot has warned customers to steer clear of the demon drink while banking online, after suggesting a causal link between a large number of festive money mishaps and customers "banking while under the influence" over the Christmas break.

Cahoot says its research found that customers may have been a little too full of the festive spirit when accessing accounts over the holiday period as over 300 customers forgot their passwords over Christmas and had to have their account ID reset.

Cahoot says banking whilst under the influence could also be the cause of forgotten transactions at strange times of the day and mystery cash withdrawals.

John Goddard, managing director of cahoot, says: "Whilst it is a good thing that online banking allows you 24 hours access to your money, these figures show that burning the candle at both ends doesn’t mix with banking. If in doubt, leave the PC turned off and wait until the next morning before dealing with finances. Christmas hangovers are bad enough without having to deal with money mix-ups."

The study found that around 15,000 customers logged on to online banking on Christmas Eve and 18,000 on New Years Eve. Around 80,000 customers checked on their accounts, paid a bill or transferred money between midnight and 6am over Christmas.

But while some people logged on over Christmas to check their finances, cahoot says almost 600,000 customers couldn't face the music and didn't sign in at all between 22 December and 3 January.

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