michaelc
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Post by michaelc on Feb 19, 2018 22:53:02 GMT
I dabbled a little with this platform and wanted to check I could withdraw my (modest) funds without issue.
Why is it that it is so easy to put money into a platform but difficult to withdraw? That particularly applies to Ablerate since they offer debit card deposits.
Apparently (and I'm only told this when I try to cash out) I need to "verify my bank account". Why didn't they ask me to do that when I joined up ? Why do I need to now telephone them and hopefully not be told my call is important to them but please hold the line?
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garfield
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Post by garfield on Feb 19, 2018 23:02:30 GMT
Hi, I had to do the same. It was very straightforward and no holding queues on the phone. It's for security. They processed my withdrawal the same day. Most helpful!
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Post by davids on Feb 20, 2018 9:14:46 GMT
I tried to make a small withdrawal of interest (5p) and was asked to verify. I uploaded the required docs and same day got an email with details about the process and a never to ring for security. I actually rang about 10minutes after the closing time on the email and they picked up and it took 2 minutes, although I did feel abit embarrassed when asked to confirm the withdrawal amount of 5 pence lol. It's also a one time occurrence thing so they'll only do this the once. After that I got another email within an hour saying withdrawal had been approved and was in my account next day.
To be honest it's one of the easier platforms I've dealt with
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blender
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Post by blender on Feb 20, 2018 10:03:28 GMT
Agreed. I think this is routine security on the first withdrawal. The risk to your money is when it is taken out. It's quite a personal service, not a call centre. After that there has been no problem for me, same or next working day. I think there is a bit of staff time on each withdrawal, and so I would not withdraw 5p, or £5.
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Post by davids on Feb 20, 2018 11:39:05 GMT
Exactly,
I only did it to see how easy it was and to see how quickly it appears in my account.
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withnell
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Post by withnell on Feb 27, 2018 15:51:42 GMT
I think because it's manual the whole process can be a bit hit-and-miss, I've had times of waiting 3+ business days for a withdrawal to come through (compared to say MoneyThing where most withdrawals are done within an hour and I've never had to wait more than a day in total)
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benaj
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Post by benaj on Feb 27, 2018 16:44:59 GMT
My first withdrawal didn't go well. I had to ring up twice before receiving money. I did the same thing like davids, withdrawing a small amount before putting any real money in ablrate. |
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Post by davids on Feb 27, 2018 17:56:31 GMT
Going forward I plan to leave any repayments in the account, and when a new loan comes up and say i want to put in £50 i'll just deposit (£50 minus money on account) I'm not too bothered about the money sitting there for awhile as currently it's not a lot!
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nick
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Post by nick on Feb 28, 2018 19:13:06 GMT
It generally a three day process to get funds out. There is a cut-off of around 1-2pm on the first day, otherwise the time is usually:
Day 1 : Submit withdrawal request (must before about 2pm cut-off, otherwise next day will become day 1) - receive email around 2-4pm stating that your withdrawal request is being processed. If you don't receive this email then you most likely missed the cut-off and will receive it next day.
Day 2 : Receive email stating that the withdrawal process is complete and the funds will be credited to your bank within 24 hours
Day 3 : Funds received.
It seems that they use a very manual process and payments are not effected by Faster payment which adds a day to the process. Occasionally, a day is shaved off the process (which indicates they could streamline the process given current limitations in how they interact with their bank. If you haven't received funds by day 3 - call them up. On one occasion, they mistakenly paid the funds to someone else and it wasn't until a week later (I had forgotten I had made an withdrawal) when I asked what was taking so long that the mistake was noticed.
Still, it could be worse - they could be processing withdrawals as cheques.........
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