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Post by westonkevRS on Jan 15, 2014 20:20:53 GMT
Within some of the other threads some lenders have quite rightly pointed out RteSetter does not provide instant BACs payment. This is a weakness compared to our other P2P friends and also doesn't help lenders take instant advantage of rate spikes.
Currently you can fund your lending account instantly 24/7 with a debit card transaction. This is free for the first three, and a small charge (£1.50 I think) thereafter. This isn't is making a profit but to contribute to our costs.
BACs payments are funded to the account next working day, unfortunately not instantly. This isn't related to "faster payments" or a choice we have actively made; but our partner Banks ability to provide "Direct Data" links. We are ready, our bank is not. Our friendly competitors use a Bank that does allow "Direct Data" and therefore instant BACs transfer (with an ironic exclusion of same Bank's Bank current accounts). We are working with our Bank to get "Direct Data" in place and hope to have this with on Q1 2014, although this is not controlled by us....
I hope I've clarified the position and share our aspirations to improve. Please don't request me to name Banks as that would be inappropriate. And would rather readers didn't either.
Kevin.
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Post by mrclondon on Jan 15, 2014 20:35:31 GMT
Has any consideration been given to waiving the £1.50 debit card fee for large transactions to encourage the rapid flow of large slugs of money onto the platform when the rate spikes occur, and hence stabilise the rates more quickly ?
I did pay my £1.50 contribution this afternoon to fund the monthly market, but in the end 25% of my funds went into a loan due to be repaid in 2.5 weeks time (so not the full month) . That plus the £1.50 fee, and the three day deadtime to transfer the funds back out (without paying you yet another fee for a quicker transfer) make the exercise barely worthwhile despite the large size of the transfer.
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bugs4me
Member of DD Central
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Post by bugs4me on Jan 15, 2014 22:37:39 GMT
Within some of the other threads some lenders have quite rightly pointed out RteSetter does not provide instant BACs payment. This is a weakness compared to our other P2P friends and also doesn't help lenders take instant advantage of rate spikes. Currently you can fund your lending account instantly 24/7 with a debit card transaction. This is free for the first three, and a small charge (£1.50 I think) thereafter. This isn't is making a profit but to contribute to our costs. BACs payments are funded to the account next working day, unfortunately not instantly. This isn't related to "faster payments" or a choice we have actively made; but our partner Banks ability to provide "Direct Data" links. We are ready, our bank is not. Our friendly competitors use a Bank that does allow "Direct Data" and therefore instant BACs transfer (with an ironic exclusion of same Bank's Bank current accounts). We are working with our Bank to get "Direct Data" in place and hope to have this with on Q1 2014, although this is not controlled by us.... I hope I've clarified the position and share our aspirations to improve. Please don't request me to name Banks as that would be inappropriate. And would rather readers didn't either. Kevin. That will certainly be a huge step forward Kevin but we all know what the banks are like. So good luck in bringing this in. Seeing a FP go through on a Friday afternoon with the claim it will be with you within 2 hours (Lloyds) but not being credited at RS until Tuesday is not how it should be in 2014. But then again, banks are ere banks!!!
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Post by wibble on Jan 15, 2014 22:41:12 GMT
Currently you can fund your lending account instantly 24/7 with a debit card transaction. This is free for the first three, and a small charge (£1.50 I think) thereafter. This isn't is making a profit but to contribute to our costs. BACs payments are funded to the account next working day, unfortunately not instantly. This isn't related to "faster payments" or a choice we have actively made; but our partner Banks ability to provide "Direct Data" links. We are ready, our bank is not. Our friendly competitors use a Bank that does allow "Direct Data" and therefore instant BACs transfer (with an ironic exclusion of same Bank's Bank current accounts). We are working with our Bank to get "Direct Data" in place and hope to have this with on Q1 2014, although this is not controlled by us.... Thanks for explaining the situation - I very much appreciate the clarity you're providing. Re: £1.50 Debit card transaction fee - we used to have a merchant account (Streamline, iirc) - cost the business 20p per debit card transaction (no commission %). Just saying!
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bugs4me
Member of DD Central
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Post by bugs4me on Jan 15, 2014 22:49:26 GMT
Currently you can fund your lending account instantly 24/7 with a debit card transaction. This is free for the first three, and a small charge (£1.50 I think) thereafter. This isn't is making a profit but to contribute to our costs. BACs payments are funded to the account next working day, unfortunately not instantly. This isn't related to "faster payments" or a choice we have actively made; but our partner Banks ability to provide "Direct Data" links. We are ready, our bank is not. Our friendly competitors use a Bank that does allow "Direct Data" and therefore instant BACs transfer (with an ironic exclusion of same Bank's Bank current accounts). We are working with our Bank to get "Direct Data" in place and hope to have this with on Q1 2014, although this is not controlled by us.... Thanks for explaining the situation - I very much appreciate the clarity you're providing. Re: £1.50 Debit card transaction fee - we used to have a merchant account (Streamline, iirc) - cost the business 20p per debit card transaction (no commission %). Just saying! We also 'cut a deal' in my old company a few years back for the Streamline service but that was in the days when you could negotiate with a human. Expect those days are all over now - all decisions made by a computer somewhere.
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agent69
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Post by agent69 on Jan 18, 2014 10:15:13 GMT
Have just dipped my toe in the ratesetter waters. I was surprised that you have to pay after the first 3 debit card transactions.
For all it's faults, the FC system of free debit transactions does make getting money into your account easy. Just a shame there's nothing worth spending it on when it gets there!
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Post by jackpease on Jan 30, 2014 8:09:16 GMT
On Saturday i saw the flag on the 'rate spike' and transferred a chunk over by bacs - it took till weds lunchtime by which time the rates had changed
I transfer money from this account all the time and usually at worst its hours but often it can be minutes before it shows up.
Why is Ratesetter taking so long - as it's not my bank dragging its feet is it Ratesetter's bank - or is Ratesetter have some sort of policy whereby it chooses to sit on cash for a long time before showing it available?
Instant transfer for £1.50 is not an option both on principle and because it can wipe out any profit
Jack
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