merlin
Minor shareholder in Assetz and many other companies.
Posts: 902 
Likes: 302
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Post by merlin on Oct 8, 2014 13:57:55 GMT
Less than a year ago I thought Assetz were the "Bees Knees" or "Dogs What's Its" and sang their praises long and hard to all and sundry but now I am cooling down fast. Yesterday I transferred a grand from my Nationwide A/C (usually takes less than a hour) to Assetz new client A/C using their latest instruction but 24 hours later it is still not showing in my account. Under the old system it was nearly instantaneous now it is whenever. Phoned up twice to complain but still no sign of my money. This comes on top of a lot of bugs following the systems upgrade, the like of which seems to me to be on a par with FC's historic bug fixing standards. Couple this to less exciting new offerings which now seem to be on average at lower interest rates and higher risks with the odd PG creeping in as security. My end of term report right now would have to say: "Did well in the past but now could do a whole lot better."
Come on Guys and Gals tell me I have got it all wrong or if you think there is some merit in my moans, join the party!
Update a few minutes after posting this the Grand was in my Assetz account.
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,746
Likes: 3,138
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Post by jonno on Oct 8, 2014 14:07:25 GMT
Add to the above the 100% failure rate in re-financing any bridging loans (a proportion would have been acceptable),and I'm afraid I think I agree with you.
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Post by Ton ⓉⓞⓃ on Oct 8, 2014 15:55:27 GMT
Update a few minutes after posting this the Grand was in my Assetz account. Complain in public and it gets sorted. But there is a limit when it stops working.
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
Likes: 302
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Post by merlin on Oct 8, 2014 16:29:55 GMT
Agreed Ton and particularly when it is frivolous or just whinging! However I learnt a long while ago that in business it is best to take all feedback as having a positive intention and then to act on it. Lets just hope!!!
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Post by batchoy on Oct 8, 2014 17:03:02 GMT
Less than a year ago I thought Assetz were the "Bees Knees" or "Dogs What's Its" and sang their praises long and hard to all and sundry but now I am cooling down fast. Yesterday I transferred a grand from my Nationwide A/C (usually takes less than a hour) to Assetz new client A/C using their latest instruction but 24 hours later it is still not showing in my account. Under the old system it was nearly instantaneous now it is whenever. Phoned up twice to complain but still no sign of my money. This comes on top of a lot of bugs following the systems upgrade, the like of which seems to me to be on a par with FC's historic bug fixing standards. Couple this to less exciting new offerings which now seem to be on average at lower interest rates and higher risks with the odd PG creeping in as security. My end of term report right now would have to say: "Did well in the past but now could do a whole lot better."
Come on Guys and Gals tell me I have got it all wrong or if you think there is some merit in my moans, join the party!
Update a few minutes after posting this the Grand was in my Assetz account. Transferring cash to AC via bank transfers has always been a pain and I'm not surprised at the delays as they ( or their bank) have not implemented faster payments. I have never used gocardless preferring to use bank transfers and banked on an average of 3 workings days any quicker I consider it to be a bonus. What really surprised and disappointed was the fact that with the demise of gocardless and the change of account AC didn't/weren't able to implement faster payments. After all using faster payments and a middleman by way off a P2P money exchange service I can send money to my Bondora account in Estonia faster than I can get it into my AC account in the UK.
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mikes1531
Member of DD Central
Posts: 6,452
Likes: 2,320
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Post by mikes1531 on Oct 8, 2014 19:06:53 GMT
Transferring cash to AC via bank transfers has always been a pain and I'm not surprised at the delays as they ( or their bank) have not implemented faster payments. I have never used gocardless preferring to use bank transfers and banked on an average of 3 workings days any quicker I consider it to be a bonus. What really surprised and disappointed was the fact that with the demise of gocardless and the change of account AC didn't/weren't able to implement faster payments. After all using faster payments and a middleman by way off a P2P money exchange service I can send money to my Bondora account in Estonia faster than I can get it into my AC account in the UK. Are you suggesting AC don't accept FasterPayments? If I send a FP to the AC client account, I expect the money arrives promptly. If it isn't credited to my account promptly it won't be because of a failure to use FPs, but more likely because of a slowness is dealing with incoming payments, either because their bank don't supply the data to AC promptly or because AC are slow to deal with the available data. I also don't understand why batchoy doesn't think AC have implemented FPs. I made two withdrawals from my AC account in September, and my bank statement describes both of them as incoming FPs. The first, made at 1733 on a Monday arrived in my account on Thursday. The second, made at 1548 on a Wednesday arrived in my account on Friday. I presume the delay between requesting a withdrawal and receiving it is caused by internal AC procedures to check the request, authorise the payment, and make it -- either because manual intervention is required or because AC have built a delay into the process.
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Post by batchoy on Oct 8, 2014 19:18:40 GMT
Transferring cash to AC via bank transfers has always been a pain and I'm not surprised at the delays as they ( or their bank) have not implemented faster payments. I have never used gocardless preferring to use bank transfers and banked on an average of 3 workings days any quicker I consider it to be a bonus. What really surprised and disappointed was the fact that with the demise of gocardless and the change of account AC didn't/weren't able to implement faster payments. After all using faster payments and a middleman by way off a P2P money exchange service I can send money to my Bondora account in Estonia faster than I can get it into my AC account in the UK. Are you suggesting AC don't accept FasterPayments? If I send a FP to the AC client account, I expect the money arrives promptly. If it isn't credited to my account promptly it won't be because of a failure to use FPs, but more likely because of a slowness is dealing with incoming payments, either because their bank don't supply the data to AC promptly or because AC are slow to deal with the available data. I also don't understand why batchoy doesn't think AC have implemented FPs. I made two withdrawals from my AC account in September, and my bank statement describes both of them as incoming FPs. The first, made at 1733 on a Monday arrived in my account on Thursday. The second, made at 1548 on a Wednesday arrived in my account on Friday. I presume the delay between requesting a withdrawal and receiving it is caused by internal AC procedures to check the request, authorise the payment, and make it -- either because manual intervention is required or because AC have built a delay into the process. The reason why I believe AC don't have faster payments implemented is because of what was stated here: www.p2pindependentforum.com/post/21974 and as far as I am aware there has been no statement to the contrary.
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mikes1531
Member of DD Central
Posts: 6,452
Likes: 2,320
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Post by mikes1531 on Oct 8, 2014 19:46:53 GMT
Are you suggesting AC don't accept FasterPayments? If I send a FP to the AC client account, I expect the money arrives promptly. If it isn't credited to my account promptly it won't be because of a failure to use FPs, but more likely because of a slowness is dealing with incoming payments, either because their bank don't supply the data to AC promptly or because AC are slow to deal with the available data. I also don't understand why batchoy doesn't think AC have implemented FPs. I made two withdrawals from my AC account in September, and my bank statement describes both of them as incoming FPs. The first, made at 1733 on a Monday arrived in my account on Thursday. The second, made at 1548 on a Wednesday arrived in my account on Friday. I presume the delay between requesting a withdrawal and receiving it is caused by internal AC procedures to check the request, authorise the payment, and make it -- either because manual intervention is required or because AC have built a delay into the process. The reason why I believe AC don't have faster payments implemented is because of what was stated here: www.p2pindependentforum.com/post/21974 and as far as I am aware there has been no statement to the contrary. Thanks for the link. The first of my two withdrawals that my bank said were inward FPs arrived in my account the same day that message was written. So now I'm completely confused!  Is there a chance that chris's reference to "access" was intended to mean access to the data identifying incoming FPs in real time rather than AC having to wait until the following working day to know who had sent them money? If so, that would be consistent with the current lag between sending a FP to AC and the money becoming available in the sending lender's account. Zopa were in a similar position a while ago, but eventually they got their bank (RBoS) to supply them with the data they needed in order to be able to credit incoming payments to lenders' accounts promptly.
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Post by chris on Oct 8, 2014 19:55:59 GMT
We have a normal business bank account, FP transfers are credited to that account as normal, but the bank doesn't make them available to us via downloadable electronic statement until the next working day.
Our bank had told us for many months that they didn't have any faster mechanism but a couple of weeks back they decided they could offer a solution after all. We're pressing ahead with that although the bank say it'll take them at least 6 weeks to set it up and it's going to cost us a couple of grand a month for access. It's coming but we're only able to move as fast as the UK's banking system which as a rule with only a couple of exceptions doesn't want to work with P2P lenders.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,955
Likes: 11,182
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Post by ilmoro on Oct 8, 2014 20:10:36 GMT
We have a normal business bank account, FP transfers are credited to that account as normal, but the bank doesn't make them available to us via downloadable electronic statement until the next working day. Our bank had told us for many months that they didn't have any faster mechanism but a couple of weeks back they decided they could offer a solution after all. We're pressing ahead with that although the bank say it'll take them at least 6 weeks to set it up and it's going to cost us a couple of grand a month for access. It's coming but we're only able to move as fast as the UK's banking system which as a rule with only a couple of exceptions doesn't want to work with P2P lenders. In the Gocardless thread you suggested that a debit card solution was imminent (but again at the banks interpretation of imminent not the dictionary's) is that still on the cards or discarded completely in favour of the above?
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Post by chris on Oct 8, 2014 20:11:32 GMT
We have a normal business bank account, FP transfers are credited to that account as normal, but the bank doesn't make them available to us via downloadable electronic statement until the next working day. Our bank had told us for many months that they didn't have any faster mechanism but a couple of weeks back they decided they could offer a solution after all. We're pressing ahead with that although the bank say it'll take them at least 6 weeks to set it up and it's going to cost us a couple of grand a month for access. It's coming but we're only able to move as fast as the UK's banking system which as a rule with only a couple of exceptions doesn't want to work with P2P lenders. In the Gocardless thread you suggested that a debit card solution was imminent (but again at the banks interpretation of imminent not the dictionary's) is that still on the cards or discarded completely in favour of the above? It's still with the bank. We've submitted all the paperwork, coded the integration, waiting for them to approve us.
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Post by Ton ⓉⓞⓃ on Oct 8, 2014 20:25:14 GMT
We have a normal business bank account, FP transfers are credited to that account as normal, but the bank doesn't make them available to us via downloadable electronic statement until the next working day. Our bank had told us for many months that they didn't have any faster mechanism but a couple of weeks back they decided they could offer a solution after all. We're pressing ahead with that although the bank say it'll take them at least 6 weeks to set it up and it's going to cost us a couple of grand a month for access. It's coming but we're only able to move as fast as the UK's banking system which as a rule with only a couple of exceptions doesn't want to work with P2P lenders. I used to bank with the same people as AC IIRC, but moved my a/c when suddenly they started not to know who Zopa were. That was Jan or Feb.
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Post by chris on Oct 8, 2014 20:27:37 GMT
We have a normal business bank account, FP transfers are credited to that account as normal, but the bank doesn't make them available to us via downloadable electronic statement until the next working day. Our bank had told us for many months that they didn't have any faster mechanism but a couple of weeks back they decided they could offer a solution after all. We're pressing ahead with that although the bank say it'll take them at least 6 weeks to set it up and it's going to cost us a couple of grand a month for access. It's coming but we're only able to move as fast as the UK's banking system which as a rule with only a couple of exceptions doesn't want to work with P2P lenders. I used to bank with the same people as AC IIRC, but moved my a/c when suddenly they started not to know who Zopa were. That was Jan or Feb. Moving bank is just as painful, particularly because of the legal complications of having the trust (as I understand it standing on the periphery). We have an option to move to another bank who offer a similar solution at slightly lower cost and were progressing with that but it seems my fingernails grow faster than the banks can move.
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Post by Ton ⓉⓞⓃ on Oct 8, 2014 20:35:25 GMT
I used to bank with the same people as AC IIRC, but moved my a/c when suddenly they started not to know who Zopa were. That was Jan or Feb. Moving bank is just as painful, particularly because of the legal complications of having the trust (as I understand it standing on the periphery). We have an option to move to another bank who offer a similar solution at slightly lower cost and were progressing with that but it seems my fingernails grow faster than the banks can move. OR you could've said, "Banks move at the same speed as loans being drawn down."
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Post by chris on Oct 8, 2014 20:36:35 GMT
Moving bank is just as painful, particularly because of the legal complications of having the trust (as I understand it standing on the periphery). We have an option to move to another bank who offer a similar solution at slightly lower cost and were progressing with that but it seems my fingernails grow faster than the banks can move. OR you could've said, "Banks move at the same speed as loans being drawn down." Ouch! I'll be sure to have that quote professionally printed and hung on andrewholgate's wall.
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