locutus
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Post by locutus on Apr 20, 2020 6:53:42 GMT
I have an AC account with a QAA and a 30DAA. Both have balances of < £0.01 (due to the way AC calculates its interest to twenty decimal places or whatever). I have tried to close this account but customer services tells me I must first withdraw my balance so that zero funds remain. Obviously this is impossible and the UI doesn't permit it as the minimum account withdrawal is £0.01. Customer services won't relent despite going round in circles on what is clearly a catch-22 of their own creation. So my question is - has anyone ever successfully closed an AC account and if so, what are the magic words I need to use to do this.
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lara
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Post by lara on Apr 20, 2020 7:04:01 GMT
I have an AC account with a QAA and a 30DAA. Both have balances of < £0.01 Congratulations! 
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withnell
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Post by withnell on Apr 20, 2020 7:07:19 GMT
If you have a <0.01 balance, if you request a withdrawal for 1p it will withdraw the fractional balance - I've done this in the past to tidy up accounts (eg to take 30day to true zero) but never closed, but hopefully this gets you a step closer!
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locutus
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Post by locutus on Apr 20, 2020 7:10:00 GMT
If you have a <0.01 balance, if you request a withdrawal for 1p it will withdraw the fractional balance - I've done this in the past to tidy up accounts (eg to take 30day to true zero) but never closed, but hopefully this gets you a step closer! When trying this, the UI spits out the following paradoxical error:
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Apr 20, 2020 7:15:11 GMT
Following. With interest
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rscal
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Post by rscal on Apr 20, 2020 8:06:42 GMT
It's a subplot from Mike Judd's Office Space. The bored coders at AC have found a way to use fractional pennies on a new crapto currency they have been playing with in their 'spare time', called Unobtainuim™ I suspect it works by continuously splitting pennies across customer accounts.
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jlend
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Post by jlend on Apr 20, 2020 8:41:16 GMT
I have an AC account with a QAA and a 30DAA. Both have balances of < £0.01 (due to the way AC calculates its interest to twenty decimal places or whatever). I have tried to close this account but customer services tells me I must first withdraw my balance so that zero funds remain. Obviously this is impossible and the UI doesn't permit it as the minimum account withdrawal is £0.01. Customer services won't relent despite going round in circles on what is clearly a catch-22 of their own creation. So my question is - has anyone ever successfully closed an AC account and if so, what are the magic words I need to use to do this. You could put in an official complaint. Of course it would take some time to go through the process, however i would be surprised if AC wanted this issue to go to the FOS. You could put in your complaint a nominal compensation amount, say 150 pounds. Quite often the FOS rule a compensation amount is due to cover peoples time and hassle. However i would be really surprised if it went this far. I would be surprised if no one has ever managed to leave AC
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SteveT
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Post by SteveT on Apr 20, 2020 8:45:23 GMT
If you have a <0.01 balance, if you request a withdrawal for 1p it will withdraw the fractional balance - I've done this in the past to tidy up accounts (eg to take 30day to true zero) but never closed, but hopefully this gets you a step closer! When trying this, the UI spits out the following paradoxical error:
This may be akin to the "selling the final 0.000000000001p of a loan" glitch, where buying another 1p of it and then requesting sale of 2p usually clears the entire balance. I've just managed to request withdrawal of £50.00 from the 90DAA despite my balance available to withdraw being just £49.95xxxxxxxxxxx. The system accepted my withdrawal request with a warning message that the final £0.04 would only be withdrawn once funds were available. The resulting queued withdrawal indicates the sum requested to be withdrawn as the exact same £49.95xxxxxxxxxxx. Perhaps try adding 1p to those accounts and then requesting withdrawal of £1 ?
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ceejay
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Post by ceejay on Apr 20, 2020 10:17:37 GMT
When trying this, the UI spits out the following paradoxical error:
This may be akin to the "selling the final 0.000000000001p of a loan" glitch, where buying another 1p of it and then requesting sale of 2p usually clears the entire balance. I've just managed to request withdrawal of £50.00 from the 90DAA despite my balance available to withdraw being just £49.95xxxxxxxxxxx. The system accepted my withdrawal request with a warning message that the final £0.04 would only be withdrawn once funds were available. The resulting queued withdrawal indicates the sum requested to be withdrawn as the exact same £49.95xxxxxxxxxxx. Perhaps try adding 1p to those accounts and then requesting withdrawal of £1 ? We may be at risk of confusing (1) withdrawing from QAA/30DAA/90DAA to Cash Account - which is an internal AC matter and may well be fixable by this sort of trickery and (2) withdrawing the last few femtopence from the Cash Account to an external account so you can close, which is what OP is asking about and may well work differently.
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Post by dan1 on Apr 20, 2020 10:45:44 GMT
I have an AC account with a QAA and a 30DAA. Both have balances of < £0.01 (due to the way AC calculates its interest to twenty decimal places or whatever). I have tried to close this account but customer services tells me I must first withdraw my balance so that zero funds remain. Obviously this is impossible and the UI doesn't permit it as the minimum account withdrawal is £0.01. Customer services won't relent despite going round in circles on what is clearly a catch-22 of their own creation. So my question is - has anyone ever successfully closed an AC account and if so, what are the magic words I need to use to do this. You could put in an official complaint. Of course it would take some time to go through the process, however i would be surprised if AC wanted this issue to go to the FOS. You could put in your complaint a nominal compensation amount, say 150 pounds. Quite often the FOS rule a compensation amount is due to cover peoples time and hassle. However i would be really surprised if it went this far. I would be surprised if no one has ever managed to leave AC Is this because institutions/platforms are charged a fee for each complaint referred to them?
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picnicman
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Post by picnicman on Apr 20, 2020 11:17:54 GMT
I have an AC account with a QAA and a 30DAA. Both have balances of < £0.01 (due to the way AC calculates its interest to twenty decimal places or whatever). I have tried to close this account but customer services tells me I must first withdraw my balance so that zero funds remain. Obviously this is impossible and the UI doesn't permit it as the minimum account withdrawal is £0.01. Customer services won't relent despite going round in circles on what is clearly a catch-22 of their own creation. So my question is - has anyone ever successfully closed an AC account and if so, what are the magic words I need to use to do this. Hi locutus - before all the current events kicked off, I removed my funds from AC for other purposes. I was left with <£0.01p in my cash account as you described above. I asked via chat how to close the account - they advised to withdraw the 1p as it needed to be nil and then they would delete my account per my request. I withdrew the 1p which went to my bank account the same day and the day after they deleted my account. I hope I have understood your question correctly and hope this helps? Try it, nothing to lose!! Cheers P
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jlend
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Post by jlend on Apr 20, 2020 11:24:22 GMT
You could put in an official complaint. Of course it would take some time to go through the process, however i would be surprised if AC wanted this issue to go to the FOS. You could put in your complaint a nominal compensation amount, say 150 pounds. Quite often the FOS rule a compensation amount is due to cover peoples time and hassle. However i would be really surprised if it went this far. I would be surprised if no one has ever managed to leave AC Is this because institutions/platforms are charged a fee for each complaint referred to them? There are FOS fees. But I really doubt this would ever get to the FOS simply because it is such a simple thing for AC to sort out. It really should be a FAQ on the website on how to remove the last fraction of a penny and formally close an account, although I have never looked to see if it is there. Info on FOS fees just FYI www.financial-ombudsman.org.uk/businesses/resolving-complaint/case-fees
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locutus
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Post by locutus on Apr 20, 2020 11:33:19 GMT
Thanks picnicman but I have already tried that without success. Perhaps the system has changed in the interim. They have raised a ticket for me but I manage a number of accounts and it is the same for all of them. |
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alanh
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Post by alanh on Apr 20, 2020 11:59:20 GMT
I have an AC account with a QAA and a 30DAA. Both have balances of < £0.01 Congratulations! haha - yes you are a very lucky man Locutus !!
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jlend
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Post by jlend on Apr 20, 2020 12:33:06 GMT
AC Terms and Conditions
16. Termination of Membership
A Lending Member may terminate its Lending Membership with immediate effect by sending written notice of termination to an Assetz Capital Company.
An Assetz Capital Company may terminate a Lending Membership at any time and for any reason with immediate effect by sending written notice of termination to the Lending Member.
In both cases above complete termination will only be possible if the Member does not have any current Loans outstanding and has withdrawn all funds from their client account. Neither party is required to give any reasons for termination.
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