theshape
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Post by theshape on Jul 6, 2017 14:41:17 GMT
I have investments to an amount I am currently happy with and don't particularly wish to add £10 here and there to investments. I'm also expecting to have to clear a credit card balance later this month and will want to top my current accounts back up.
With this in mind, how small a withdrawal is acceptable? My interest payments are often only a couple of pounds a time and I'm not sure MT will want to process regular withdrawals for £2.
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Post by GSV3MIaC on Jul 6, 2017 15:43:12 GMT
I'd ask MoneyThing that question, since they are the ones who know the answer. Personally I can't be bothered to do the accounting/record keeping required for an inter-investment transfer of my own money for anything under 3 figures (unless I am getting out, and it is the final dregs) but maybe you are more highly automated, or less 'detail picky' than me. 8>. |
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n
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Yet another Nick
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Post by n on Jul 6, 2017 15:46:42 GMT
On the platforms where I am winding down (not MT!) I wait for at least £20 to accumulate before asking for a withdrawal. None of them have ever complained.
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jonah
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Post by jonah on Jul 6, 2017 19:01:28 GMT
Col have a £100 clause I believe, but not one anyone has ever suggested has been enforced.
Personally I generally do a transfer a month to drain interest on platforms which are manually done. I do try to reinvest interest on platforms which are under my platform limit though.
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Post by sannytwist on Jul 6, 2017 19:07:55 GMT
I have good experience in this department, being a bit OCD l have a thing with keeping my loans in certain numbers lol. So sometimes l withdraw only pennies and deposit very low amounts to make my account neat. Never had any problems .
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Post by SophieThing on Jul 6, 2017 19:25:55 GMT
I'd ask MoneyThing that question, since they are the ones who know the answer. Personally I can't be bothered to do the accounting/record keeping required for an inter-investment transfer of my own money for anything under 3 figures (unless I am getting out, and it is the final dregs) but maybe you are more highly automated, or less 'detail picky' than me. 8>. Evening, We currently don't have a lower limit on withdrawals. However this will change over the coming months as our banking charges are about to change and this will significantly increase the cost of withdrawals to us (which of course we don't pass on). Most lenders won't be affected, but we do have a core group of lenders who like to withdraw each penny every day- as low as 1p or 2p- which is really not sustainable. We have other lenders who like to make multiple very small withdrawals in the same day rather than one larger amount. Of course this also adds an administration overhead which will be difficult for us to sustain as we grow and as the charges increase. We plan to try and find out from those lenders why they do that and see if there is a better way to give them what they need without increasing our costs and using excess resource. Kind regards Sophie
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GeorgeT
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Post by GeorgeT on Jul 6, 2017 20:26:18 GMT
......... we do have a core group of lenders who like to withdraw each penny every day- as low as 1p or 2p ............... Unbelievable. And some people say I'm a bit tight!
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Post by dan1 on Jul 6, 2017 20:37:30 GMT
Evening, We currently don't have a lower limit on withdrawals. However this will change over the coming months as our banking charges are about to change and this will significantly increase the cost of withdrawals to us (which of course we don't pass on). Most lenders won't be affected, but we do have a core group of lenders who like to withdraw each penny every day- as low as 1p or 2p- which is really not sustainable. We have other lenders who like to make multiple very small withdrawals in the same day rather than one larger amount. Of course this also adds an administration overhead which will be difficult for us to sustain as we grow and as the charges increase. We plan to try and find out from those lenders why they do that and see if there is a better way to give them what they need without increasing our costs and using excess resource. Kind regards Sophie I'd recommend allowing one withdrawal below the limit to allow new investors to test the withdrawal process. I like to make a small, inconsequential, withdrawal soon after first investing on a platform to make sure it actually hits my bank account (and get through any additional ID verification). Building confidence is key to getting new investors on-board <-- apologies, teaching you to suck eggs!
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theshape
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Post by theshape on Jul 6, 2017 22:43:52 GMT
Withdrawing 1p is mental! Was thinking perhaps withdrawing once £10 had accumulated.
I don't imagine I'd make many withdrawals especially if new loans were available as I'd reinvest interest into new opportunities but it will sometimes be useful to make the odd withdrawal.
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archie
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Post by archie on Jul 7, 2017 4:08:15 GMT
I've never even tried the withdrawal facility.  |
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Post by GSV3MIaC on Jul 7, 2017 7:15:10 GMT
And then there's always the smart cookies who will deposit £999.99 and the very next minute withdraw £1000.00.
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Post by argh on Jul 7, 2017 9:31:49 GMT
SophieThing I admit to being one of those OCD people who make micro withdrawals. I already know logically that it makes no sense, but psychologically I feel uncomfortable having uninvested funds on the platform, even pennies. The solution for me would be to allow investments that aren't round £s so that I could invest interest amounts as and when they are received (as on ABL) instead of withdrawing them to save or invest elsewhere. I would be unhappy with a theoretical situation where MT prevented me from both withdrawing and investing part of my funds.
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n
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Yet another Nick
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Post by n on Jul 7, 2017 10:00:47 GMT
SophieThing I admit to being one of those OCD people who make micro withdrawals. I already know logically that it makes no sense, but psychologically I feel uncomfortable having uninvested funds on the platform, even pennies. The solution for me would be to allow investments that aren't round £s so that I could invest interest amounts as and when they are received (as on ABL) instead of withdrawing them to save or invest elsewhere. I would be unhappy with a theoretical situation where MT prevented me from both withdrawing and investing part of my funds. Why not make a deposit of say £20 plus the pence needed to bring your balance to whole pounds, then invest the £21? 
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robski
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Post by robski on Jul 7, 2017 10:02:17 GMT
£10 or seems reasonable for both ways, unless closing account where clearly, its whatever is left. You could allow the withdrawl/deposit of lower amounts, just pass on your actual fees from the bank. Probably in the region of 20 pence or so? |
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Post by argh on Jul 7, 2017 10:04:43 GMT
SophieThing I admit to being one of those OCD people who make micro withdrawals. I already know logically that it makes no sense, but psychologically I feel uncomfortable having uninvested funds on the platform, even pennies. The solution for me would be to allow investments that aren't round £s so that I could invest interest amounts as and when they are received (as on ABL) instead of withdrawing them to save or invest elsewhere. I would be unhappy with a theoretical situation where MT prevented me from both withdrawing and investing part of my funds. Why not make a deposit of say £20 plus the pence needed to bring your balance to whole pounds, then invest the £21? I could do and have done on occasion, but that would still mean making the same number of bank transactions as currently, so unless deposits are cheaper for MT than withdrawals it wouldn't improve things from their perspective.
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