oldgrumpy
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Post by oldgrumpy on Apr 9, 2014 21:15:16 GMT
It seems we won't have Go Cardless for much longer. Both Saving Stream and Assetz have referred to an enormous fee rise which is being imposed soon (SS gave details of it somewhere about two months ago).
Anyway, that's not what this post is about.
I made a payment to Assetz a few days ago via Go Cardless. Today it appeared on my bank statement, so far so good. However, looking at my Direct Debit list it has been entered as a monthly payment. Previous transactions have appeared as "frequency unknown". I shall cancel it in a few days (must make sure today's payment is fully through the system). I don't want that kind of sum disappearing - even to my Assetz account, without me knowing why.
Has anyone else experienced any anomalies in the GC system?
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duck
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Post by duck on Apr 10, 2014 4:12:30 GMT
OG I've just checked my bank account (HSBC) and no sign of that happening with me. Any chance you could name your Bank?
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kmac
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Post by kmac on Apr 10, 2014 8:23:39 GMT
Does anyone know how to change the Go Cardless Password?
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Post by Come_on_Grandad on Apr 10, 2014 8:42:05 GMT
Does anyone know how to change the Go Cardless Password? Visit gocardless.com, login, find settings under the customer pulldown and there is a change password option. Just did it myself. Thanks for the prompt.
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kmac
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Post by kmac on Apr 10, 2014 8:50:58 GMT
Does anyone know how to change the Go Cardless Password? Visit gocardless.com, login, find settings under the customer pulldown and there is a change password option. Just did it myself. Thanks for the prompt. Thanks I will try that.
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j
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Penguins are very misunderstood!
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Post by j on Apr 11, 2014 19:08:56 GMT
It seems we won't have Go Cardless for much longer. Both Saving Stream and Assetz have referred to an enormous fee rise which is being imposed soon (SS gave details of it somewhere about two months ago). Anyway, that's not what this post is about. I made a payment to Assetz a few days ago via Go Cardless. Today it appeared on my bank statement, so far so good. However, looking at my Direct Debit list it has been entered as a monthly payment. Previous transactions have appeared as "frequency unknown". I shall cancel it in a few days (must make sure today's payment is fully through the system). I don't want that kind of sum disappearing - even to my Assetz account, without me knowing why. Has anyone else experienced any anomalies in the GC system? I find GC very convenient in terms of instant speed of transfer but, can't blame AC for switching if costs are becoming prohibitive. What are the options apart from BACS that could mean instant transfer of funds?
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mikes1531
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Post by mikes1531 on Apr 12, 2014 1:48:18 GMT
I made a payment to Assetz a few days ago via Go Cardless. Today it appeared on my bank statement, so far so good. However, looking at my Direct Debit list it has been entered as a monthly payment. Previous transactions have appeared as "frequency unknown". I shall cancel it in a few days (must make sure today's payment is fully through the system). I don't want that kind of sum disappearing - even to my Assetz account, without me knowing why. Has anyone else experienced any anomalies in the GC system? OG, it could just be a case of your bank listing the direct debit as 'monthly' now that you're making more regular payments? Instead of cancelling the instruction, I would speak to your bank to see what the implications are, not that the direct debit couldn't be reinstated anyway. Inasmuch as your bank just pays the DDs when they're asked to, rather than initiating any transactions, I'd think it wouldn't matter how they designate it.
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mikes1531
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Post by mikes1531 on Apr 12, 2014 1:55:11 GMT
I find GC very convenient in terms of instant speed of transfer but, can't blame AC for switching if costs are becoming prohibitive. What are the options apart from BACS that could mean instant transfer of funds? The main option would be accepting debit cards online. That's what my online stockbroker does, and it's instantaneous just like GC is. I enter the details and once the payment has been authorised by my bank the funds are in my account. The main difference between that and GC is that the debit hits my bank more quickly -- in a day or two compared to the 3-4 days a GC transaction takes.
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agent69
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Post by agent69 on Apr 12, 2014 8:28:48 GMT
I find GC very convenient in terms of instant speed of transfer but, can't blame AC for switching if costs are becoming prohibitive. What are the options apart from BACS that could mean instant transfer of funds? The main option would be accepting debit cards online. FC use direct debit cards. Very quick and very easy. If FC allow it I assume it can't cost a lot!
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Post by Duane Dibley on Apr 12, 2014 12:33:48 GMT
There are plenty of other options for online payments.
Most online bookies use Skrill (Moneybookers) and I've never had a problem with them.
It's a shame about Go Cardless but it's just another example of a company having a good idea and then getting greedy. Although I do like using them, in a way I hope that if they do put their prices up that AC and others dump them. There'll always be some new innovative company coming along to take their place, that's the nature of the internet.
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oldgrumpy
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Post by oldgrumpy on Apr 12, 2014 12:48:35 GMT
There are plenty of other options for online payments. Most online bookies use Skrill (Moneybookers) and I've never had a problem with them. It's a shame about Go Cardless but it's just another example of a company having a good idea and then getting greedy. Although I do like using them, in a way I hope that if they do put their prices up that AC and others dump them. There'll always be some new innovative company coming along to take their place, that's the nature of the internet. The extent of Go Cardless's greed was illustrated by SS in February. I quote: (my red bits) "As i'm sure many of you are aware Saving Stream currently offers 2 methods of depositing funds. BACS transfer and GoCardless, neither of which we charge fees to accept. GoCardless up until this point did charge us 1% of all deposits (capped at £2) per transaction as a fee. We were happy to absorb these fees on behalf of our investors as a cost of business in return for offering a convenient deposit option. GoCardless has now informed us that it wishes to change our fee structure to 0.5% per transaction with no upper cap. This significantly increases the cost of accepting GoCardless (a £10,000 deposit that did cost £2 now costs £50). Our options as we see it moving forward are as follows:
Other calculations are easy enough to do; anything over £400 will incur increased costs for no extra service. I don't know when GC are imposing the new rules.
p2pindependentforum.com/thread/342/deposit-methods-saving-stream-investors
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j
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Penguins are very misunderstood!
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Post by j on Apr 12, 2014 18:21:09 GMT
The extent of Go Cardless's greed was illustrated by SS in February. I quote: (my red bits) "As i'm sure many of you are aware Saving Stream currently offers 2 methods of depositing funds. BACS transfer and GoCardless, neither of which we charge fees to accept. GoCardless up until this point did charge us 1% of all deposits (capped at £2) per transaction as a fee. We were happy to absorb these fees on behalf of our investors as a cost of business in return for offering a convenient deposit option. GoCardless has now informed us that it wishes to change our fee structure to 0.5% per transaction with no upper cap. This significantly increases the cost of accepting GoCardless (a £10,000 deposit that did cost £2 now costs £50). Our options as we see it moving forward are as follows:
Other calculations are easy enough to do; anything over £400 will incur increased costs for no extra service. I don't know when GC are imposing the new rules.
p2pindependentforum.com/thread/342/deposit-methods-saving-stream-investors
I always amazes me why these firms are happy to lose customers altogether & lose their income in the process instead of making a sensible decision of increasing fees reasonably & retaining custom.
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mikes1531
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Post by mikes1531 on Apr 12, 2014 18:49:38 GMT
The extent of Go Cardless's greed was illustrated by SS in February. I quote: (my red bits) "As i'm sure many of you are aware Saving Stream currently offers 2 methods of depositing funds. BACS transfer and GoCardless, neither of which we charge fees to accept. GoCardless up until this point did charge us 1% of all deposits (capped at £2) per transaction as a fee. We were happy to absorb these fees on behalf of our investors as a cost of business in return for offering a convenient deposit option. GoCardless has now informed us that it wishes to change our fee structure to 0.5% per transaction with no upper cap. This significantly increases the cost of accepting GoCardless (a £10,000 deposit that did cost £2 now costs £50). Our options as we see it moving forward are as follows:
Other calculations are easy enough to do; anything over £400 will incur increased costs for no extra service. I don't know when GC are imposing the new rules.
p2pindependentforum.com/thread/342/deposit-methods-saving-stream-investors
I always amazes me why these firms are happy to lose customers altogether & lose their income in the process instead of making a sensible decision of increasing fees reasonably & retaining custom. Probably greed. And a misplaced feeling that, now that they've build up a steady stream of business providing a service that lots of people are happy to use, they can push their prices skywards and inertia will cause people to continue to use the service despite the increased fees. This is where the concept of the ' economic moat' applies -- if they don't have a big one, and I don't think GC do, then they're going to lose out to new startups trying to get going, and who may fall into the same trap a year later and lose out to... etc., etc.
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duck
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Post by duck on Apr 26, 2014 18:28:45 GMT
I invest in Assetz both through my Ltd Company and as an individual.
I have just experienced a 'glitch' in the system. Log onto Assetz in my personal capacity and transfer some money in using my personal Go Cardless password. Invest the money. Log off. Log on as Ltd Co. Say I want to transfer £XXX in. No password requested (different passwords for personal and Ltd Co) just the usual completion 'congratulations' message.
The money has been transferred from my personal account into my Ltd Co Assetz account.
Obviously the separation is not as compete as I would expect.
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mikes1531
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Post by mikes1531 on Apr 26, 2014 19:01:52 GMT
I invest in Assetz both through my Ltd Company and as an individual.
I have just experienced a 'glitch' in the system. Log onto Assetz in my personal capacity and transfer some money in using my personal Go Cardless password. Invest the money. Log off. Log on as Ltd Co. Say I want to transfer £XXX in. No password requested (different passwords for personal and Ltd Co) just the usual completion 'congratulations' message.
The money has been transferred from my personal account into my Ltd Co Assetz account.
Obviously the separation is not as compete as I would expect. I've noticed that if I try to do a second GoCardless transfer shortly after I've done one, I find I'm still logged in to GC. But I am still shown the confirmation screen so that I can see enough details of the account GC is going to charge that I know it's the right one. I haven't a clue how long the GC sign-in will stay active before timing out, and I've never noticed whether there's a sign-out option on the confirmation screen. Presuming there's a GC website, you might be able to go there and sign out.
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