djpix99
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Post by djpix99 on Nov 19, 2016 9:03:35 GMT
Has anyone had any issues with the time a withdrawal takes? I withdrew some funds around 6pm on Thursday, got an email that it was in progress around 2pm Friday, then 6pm Friday a withdrawal confirmation email, but still no funds in my account.
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guff
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Post by guff on Nov 19, 2016 9:34:38 GMT
Similar times for me. My last e-mail says three working days, so presumably it could take as long as Wednesday. Hopefully they will improve, but I accept is as a consequence of them being a relatively small outfit where a lot of things are still hand cranked.
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djpix99
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Post by djpix99 on Nov 19, 2016 9:35:07 GMT
I suppose I'm just too used to the super quick withdrawal times on SS and MT.
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pom
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Post by pom on Nov 19, 2016 9:42:41 GMT
I think that the first email is when it leaves their account, the second when they get conf that it has been cleared by your bank, so if you have both emails and it's not in your account then I think that means your bank hasn't credited it to your account yet. There are so many links in the chain that can get snarled up, we get used to FPS but it's still not infallible
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james
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Post by james on Nov 19, 2016 9:48:50 GMT
Just for a bit of context I made a request to withdraw at about 9:30PM on Wednesday, withdrawal in progress was sent about 4PM on Thursday and complete about 20 minutes later. It was a few hours before I checked my bank account that accepts Faster payment transactions and the money was there when I did. That short delay between complete and arrival is typical, as is a day or three delay between requesting and the in progress email. This probably means that the payments for both of you have been sent from Ablrate to your destination account already and it's just the money in flight and the time it takes for your particular accounts to show that the money has arrived that's causing the delay. I know that at least NatWest and Santander will show the money immediately it's received even on weekends, don't know where yours is going so can't comment on them specifically.. If you know that your recipient institutions don't show transactions after close of business Friday until Monday then I suggest just waiting until then. If they usually do then it's perhaps worth sending an email to Ablrate support with the details including account number and sort code so they can confirm that all is complete at their end. What has happened occasionally is that Ablrate's own bank has held transfers instead of carrying them out until Ablrate checked with them. So if your bank does show things happening on weekends, this might be what's happened to your payments. I think that at present it's still Ablrate's CEO who carries out all outbound transactions and he seems to do them in batches every day or three so that's why there's a gap before the in progress email happens. I expect that in a while the new developers will be asked to automate at least some of the transactions to previously used accounts for typical for the sender amounts. But no idea when and it's not just development at Ablrate's end but access to and costs of automated access to their bank's systems involved. There's a point where that's not cost-effective and eventually it becomes so. It's the sort of evolution we've seen at a range of places as they grew. At the moment "CEO does it" is nicely secure if not always as fast as we might like. If a particular withdrawal is urgent to meet some deadline a phone call to Ablrate's customer service number to ask them to process it more urgently than the normal schedule is likely to work. I know that sort of thing has for me on the odd occasion when I've had cause to use it. Of course that still means CEO does it so not something to be done routinely, since CEO has money making for us things to do as well...
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Post by hartshay on Nov 19, 2016 10:13:29 GMT
Never had any problems...
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11025
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Post by 11025 on Nov 19, 2016 10:23:56 GMT
In all fairness as far as I can recall this is the first Ablrate withdrawal done on a Friday night after bank closing - I have had no issues prior so I am willing to put it down to that .
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gt94sss2
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Post by gt94sss2 on Nov 19, 2016 10:33:03 GMT
I agree Ablrate are slower than other platforms re: dealing with withdrawals.
I also asked for a withdrawal at about 7pm on the 17 November following the repayment of ATR 42-500 MSN 532.
I then received the first email on 18 November 2016 at 14:11 and the second on 18:26.
No money yet showing in the relevant Santander account.
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james
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Post by james on Nov 19, 2016 11:49:56 GMT
Since it's Santander and they do show things that happen over the weekend I suggest that you go ahead and contact Ablrate support with the account details you used and ask them to check that their bank did process the transaction and all seems complete from their end.
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SteveT
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Post by SteveT on Nov 19, 2016 11:59:47 GMT
I suspect the 2nd email is sent when Ablrate submit the transfer instructions to their bank which, timed at around 18.25 on Friday evening, likely missed the cut-off for processing that day. Neither my Lloyds nor Santander accounts have yet received funds (both of which show transfers received immediately, even at weekends).
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Post by ablrate on Nov 19, 2016 12:38:57 GMT
We are looking at the withdrawal process and assessing different solutions.
As it is withdrawals are processed everyday on the day they are received (before 5pm). They are processed as next day payments so Friday will be Monday latest.
We pay all fees on deposits and withdrawals. We are happy to implement a system that would be quicker (by a day) and automated but would pass the cost of 1.4% of deposits onto lenders, which we would like to avoid. Alternatively we could start charging for the SM to cover the costs.
Which would you prefer?
Happy to look at tech solutions you know of as it something we are working on after the lender side reporting stuff on the platform.
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registerme
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Post by registerme on Nov 19, 2016 12:52:01 GMT
I am happy with the system as it stands. I would be very unhappy with a system that charged me 1.4% for a deposit, to the extent that I would probably no longer put new funds onto the platform.
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pauls
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Post by pauls on Nov 19, 2016 12:57:38 GMT
I am happy with the system as it stands. I would be very unhappy with a system that charged me 1.4% for a deposit, to the extent that I would probably no longer put new funds onto the platform. Deffo agree. Charging lenders to make deposits is off limits.
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johnfleet
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Post by johnfleet on Nov 19, 2016 13:06:16 GMT
I agree re no charges. We'd all like our money within seconds but a wait of a banking day (or two) isn't the end of the world (for me)
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stevio
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Post by stevio on Nov 19, 2016 14:13:37 GMT
We are looking at the withdrawal process and assessing different solutions. As it is withdrawals are processed everyday on the day they are received (before 5pm). They are processed as next day payments so Friday will be Monday latest. We pay all fees on deposits and withdrawals. We are happy to implement a system that would be quicker (by a day) and automated but would pass the cost of 1.4% of deposits onto lenders, which we would like to avoid. Alternatively we could start charging for the SM to cover the costs. Which would you prefer? Happy to look at tech solutions you know of as it something we are working on after the lender side reporting stuff on the platform. Adopt MT's system (and don't try to charge us to speed up your slower system)
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