davex
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Post by davex on Apr 8, 2016 16:15:01 GMT
Last week I requested a withdrawal, it took some 30 hours to appear in my current account.
yesterday at 9am I requested another, guess what? The transaction was made at 4pm today, another 30hrsl
i know RS states next day by 4 for withdrawals, but it seems that is the best they can offer.
The delay is not caused by my bank, it would seem to be RS policy to hold onto my cash for the maximum amount of time they can?
Am not happy about this, much smaller sites seem able to move funds much more quickly.
perhaps RS is getting to big for its boots?
Am now going to withdraw from RS, albeit at 30 HR intervals.
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oldgrumpy
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Post by oldgrumpy on Apr 8, 2016 16:43:36 GMT
As this has come up twice in recent weeks, maybe it is time for RS to review their system and arrange cash transfers out at least twice a day.
(edit: but RS has complied with its existing published promise, so wish for better, but don't complain)
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Post by westonkevRS on Apr 8, 2016 17:40:54 GMT
... yesterday at 9am I requested another, guess what? The transaction was made at 4pm today, another 30hrs i know RS states next day by 4 for withdrawals..... So if understand this correctly, on two occasions you withdraw money which was deposited in your personal bank account perfectly in line with the promised timescales and T&Cs..... Kevin.
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Post by newlender on Apr 8, 2016 17:56:32 GMT
You received the money in 30 hours when you could have received it in 48 hours (technically) so as Kev says I can't see the issue here. If the money comes at 23.59 the day after you requested it at 00.01 you can't complain. The banks' payments systems don't operate 24h/24h and we have to be a bit flexible, I think.
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spiral
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Post by spiral on Apr 9, 2016 6:43:33 GMT
I am regularly withdrawing funds from Zopa. If I'm early enough in the day, I receive that money 2 days later. If I'm after 5.30pm it's usually 3 days later.
So RS beats Z hands down.
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ashtondav
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Post by ashtondav on Apr 9, 2016 9:27:02 GMT
A thoroughly silly "complaint". Always best to read the T&Cs. RS has many issues but this is not one of them!
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Post by davee39 on Apr 9, 2016 9:43:57 GMT
Clearly, in a world where savings accounts routinely pay 0.1% interest, it is vital for providers to maximize returns by getting money to investors as fast as possible.
I suspect that the disparity between some small lenders and the larger companies relates to automation and banking fees.
The small operations will have relatively few transactions to process. These can be handled manually using standard faster payments direct from their bank accounts and arrive within two hours. This of course relies on someone in the office checking regularly for requests to be processed.
My guess with RS is that an automated overnight process aggregates withdrawal requests, passes a file to the Bank which processes them early afternoon. I am sure this could be speeded up, but it would add cost to the business for very little benefit.
FC is similar, but funds now arrive overnight, having recently changed from BACS to Faster Payments
Zopa has always used BACS which delivers funds two working days later
Importantly the major companies provide a service which is predictable and reliable. If one of the property heavy, high return companies hits trouble the wait for funds might be rather longer than 40 hours
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oldgrumpy
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Post by oldgrumpy on Apr 9, 2016 9:48:37 GMT
Some while back andrewholgate gave details of the astronomical fees banks charge P2P platforms for anything more than the minimum services. |
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Post by bobthebuilder on Apr 9, 2016 12:32:20 GMT
I don’t think the complaint is entirely unreasonable. At present if I have a substantial loan on the monthly (sorry, rolling) market maturing on a Friday and I don’t fancy extending it for a further month at 2.1% (which thanks to Ratesetter’s latest promotion is the level at which matches are currently occurring), then I can’t get my money back until late Monday afternoon. By contrast I would receive the proceeds of maturing 30 day loans with Wellesley the same day (Friday) provided the loan was for more than £1000 and instructions were given before midday. There’s no banking reason why RS can’t give same day value, it’s purely a matter of policy.
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alender
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Post by alender on Apr 9, 2016 12:54:10 GMT
It may have little benefit for RS but would benefit RS customers especially the ones who use the one month market if money was paid same day, it can take up to 4 business days and even longer during Bank holidays to get your money. With shorter loans in the one month market due to the recent free sell out option this is getting more important, I recently was given a loan for 3 days and one for 4 days.
The minimum interest lost for me is 1.45% with effectively no upper limit on funds and the first £75,000 are covered by the banking guarantee. If your cash held in banks is relatively low you can get 3%+ on instant access and of this is coved by the FSCS. Because of the slow payments I stay away from the one month market unless the rates are at the top end.
There are no technical reasons why same day payments are not possible and also there should be an option that any repaid monies (subject to minimum amount) is automatically transferred to your bank account. Some will say XXX is worse or XXX does not do this, as customers we should be looking to better service not a completion on who can provide the worse service.
As you say Wellesley can do this as I have said before with Wellesley paying 3.35% for 30 notice funds, the money earning for the time of deposit and no interest lost in withdrawals (as these happen same day) RS monthly rates need to be a fair bit higher to make them worthwhile. Also there is no time wasted monitoring the market trying to decide whether to decease the rate in order to get a match to avoid losing out on interest for that day and keeping an eye on RS special deals which reduce rates so make investing uneconomic until some time after the deal has expired.
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Post by p2plender on Apr 9, 2016 15:27:00 GMT
I've never had a problem. Money in account next day just after 4pm. I've also been pleasantly surprised how easy it is to liquidate in the monthly (with interest included). Also I had a large business transaction to complete and had not hedged some currency enough so I had to liquidate some 5 yr money. Again timing meant very little penalty charges especially against what it would have cost to cash in some 5yr fixed income bonds. Finally customer services is second to none. I needed some extra documentation, only to happy to help and post it to me. Needed something similar from a long, established well known financial institution, forget it, couldn't get me off the phone quick enough. 10/10 from Ratesetter as per usual from me.
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captainconfident
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Post by captainconfident on Apr 9, 2016 22:53:37 GMT
Ill put in a word here for Wellesley. I put in a request for a hefty withdrawal at 10.00 am on Friday and it was in my bank account by 5.00 pm, same day, inspite of it saying on the website "sent by next day faster payments". So put that in your Ratesetter pipe and smoke it.
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Post by p2plender on Apr 10, 2016 6:12:54 GMT
2/3 days usually with Funding Circle as well.
3.1% available in the monthly market at present. Pretty good that for the weekend. Probably the usual 3.8% and maybe 4% available tomorrow with the option of a pretty much instant liquidation.
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