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Post by Deleted on Oct 4, 2019 6:15:59 GMT
Has anybody had any money matched under the new system?
Yesterday morning I invested money on both the access (13 hours ago) and the max (23 hours ago) products and have yet to see a single penny match to a loan.
I have invested at standard rates for the products.
Normally, if I invest at going rate in 5 year market it is matched within a couple of hours maximum.
Is anybody getting orders matched with the new products?
Update: I have cancelled the investment in max and can confirm that all monies were returned, as expected, to the holding account with a charge being applied.
Sorry : I mean cancelled the money on the queue before any orders were matched
Update: Sat. 5th 7:00 - The money on the Access queue has not been matched after 2 days. According to the market data there is a queue of merely £230 across all three products - currently being offered at 2.8%. What is going on here - Did we see an initial investment “drag” because the rolling queue was subscribed with a large amount of money below 3% and until this clears nothing is going to happen on the new products? Seems a strange way to introduce a new venture??
Update: Money matched to order Sunday 6th 4:00 pm
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Post by Deleted on Oct 4, 2019 6:41:16 GMT
Surely no charge should have been applied as the money wasn't lent?
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sl75
Posts: 2,092 
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Post by sl75 on Oct 4, 2019 6:47:50 GMT
There's a really long queue right now at the "going rate" on new products, which isn't uncommon at the start of month (borrowers and lenders more likely to choose start of the month for repayments and regular investments respectively).
However, unless you made a typo, this is the most important and shocking part:
Update: I have cancelled the investment in max and can confirm that all monies were returned, as expected, to the holding account with a charge being applied. They're making a charge for cancelling an order that's not even matched???
That's a big change to the model that I'd not picked up on!
Did they charge the full 90 days at "going rate" just for cancelling an unmatched offer?
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Oct 4, 2019 7:23:49 GMT
Has anybody had any money matched under the new system? Yesterday morning I invested money on both the access (13 hours ago) and the max (23 hours ago) products and have yet to see a single penny match to a loan. I have invested at standard rates for the products. Normally, if I invest at going rate in 5 year market it is matched within a couple of hours maximum. Is anybody getting orders matched with the new products? Update: I have cancelled the investment in max and can confirm that all monies were returned, as expected, to the holding account with a charge being applied. When I looked yesterday there was £2.6M offered at the 'going rate', so you would have to go under the 'going rate' to stand a chance of matching any time soon. It was discussed at the time they were introducing the new accounts whether it would be possible to withdraw unmatched funds without a fee. I think the answer was we would find out when it happened, as it was not at all clear.
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macq
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Post by macq on Oct 4, 2019 7:38:58 GMT
if there really is a fee to take money from holding and thereby anger people just trying to take money out plus the issues raised in other threads over the rate of fee's due to the timing and forcing people in to the new products etc it seems a good way to shoot the business in the foot.
A compulsory fee to withdraw without a waiting period goes totally against what most people understand from things like their BS fixed rate bonds or notice accounts.If RS need to charge to make a profit then a simple upfront platform fee like HL & Fidelity etc use would be much clearer for the average person to understand
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Oct 4, 2019 7:46:42 GMT
And the 'going rate' not being the rate you can actually lend at doesn't help.
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Stonk
Stonking
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Post by Stonk on Oct 4, 2019 7:47:44 GMT
Update: I have cancelled the investment in max and can confirm that all monies were returned, as expected, to the holding account with a charge being applied.
It must be a typo ... right?
@paulk, please come back and confirm, you've left us on a massive cliffhanger!
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Post by Ace on Oct 4, 2019 8:00:51 GMT
Update: I have cancelled the investment in max and can confirm that all monies were returned, as expected, to the holding account with a charge being applied.
It must be a typo ... right?
@paullk, please come back and confirm, you've left us on a massive cliffhanger!
He did say he cancelled an investment, not a "waiting investment". So, hopefully, there's a few crossed wires here.
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Stonk
Stonking
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Post by Stonk on Oct 4, 2019 8:05:48 GMT
I decided to take one for the team and risk 12p to find out.
- Create £10 order at Going Rate on Max - Cancel - £10 return to Holding. No fee charged.
(Same on Plus)
Phew!
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robski
Member of DD Central
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Post by robski on Oct 4, 2019 8:12:48 GMT
I decided to take one for the team and risk 12p to find out.
- Create £10 order at Going Rate on Max - Cancel - £10 return to Holding. No fee charged.
(Same on Plus)
Phew!
Phew indeed!
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sl75
Posts: 2,092
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Post by sl75 on Oct 4, 2019 11:45:32 GMT
I decided to take one for the team and risk 12p to find out.
- Create £10 order at Going Rate on Max - Cancel - £10 return to Holding. No fee charged. Roughly what I was planning to try if this was still unresolved on Monday (repayments from yesterday and today were less than £10 total)
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