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Post by captainconfident on Jan 9, 2018 15:46:26 GMT
I have a question about the 30-Day: Does one always get all ones money back after 30 days, regardless of the state of the underlying loans, or can money get stuck there if a loan is suspended?
If you do get all money back after 30 days notice, why does the rubric refer to discretion fund coverage, which would seem to be beside the point?
f money could get stuck, why would anyone use it rather then the Property or GBB Accounts which have higher interest rates and immediate access?
Sorry if I overlooked something obvious in the account details but I couldn't find it.
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SteveT
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Post by SteveT on Jan 9, 2018 16:00:16 GMT
The 30DAA is really just an extension of the QAA (with a 30 day delay on withdrawals) and operates in the same way. You notionally "own" a % of whatever the QAA/30DAA owns but, whilst the account is operating normally, you receive all of your funds back after 30 days, even if some of the underlying loans are "suspended".
Of course, there's no guarantee that market conditions won't change suddenly and trigger some sort of suspension of normal operations, at which point the existence of a provision fund might become quite pertinent.
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Post by captainconfident on Jan 9, 2018 16:42:25 GMT
Thanks SteveT, that's all there is to know on the matter, clearly explained. I can see that it's quite attractive to sacrifice 2% or 1.25 % (GBBA and Property) for the avoidance of suspensions. I like the way AC allows a spread of risk. |
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Post by df on Jan 9, 2018 17:19:13 GMT
I have a question about the 30-Day: Does one always get all ones money back after 30 days, regardless of the state of the underlying loans, or can money get stuck there if a loan is suspended? If you do get all money back after 30 days notice, why does the rubric refer to discretion fund coverage, which would seem to be beside the point? f money could get stuck, why would anyone use it rather then the Property or GBB Accounts which have higher interest rates and immediate access? Sorry if I overlooked something obvious in the account details but I couldn't find it. Yes, at least in my experience. I do invest and withdraw regularly since this account was introduced about a year ago and every time my funds get withdrawn in exactly 30 days and down to an exact minute.
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benaj
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Post by benaj on Jan 9, 2018 18:32:57 GMT
I have a question about the 30-Day: Does one always get all ones money back after 30 days, regardless of the state of the underlying loans, or can money get stuck there if a loan is suspended? If you do get all money back after 30 days notice, why does the rubric refer to discretion fund coverage, which would seem to be beside the point? f money could get stuck, why would anyone use it rather then the Property or GBB Accounts which have higher interest rates and immediate access? Sorry if I overlooked something obvious in the account details but I couldn't find it. I do regularly withdraw money from 30DAA and have never experienced issue so far. Like the QAA, interest from 30DAA get paid on the 1st of each month. Withdrawing money from QAA is almost instant while withdrawing money from Other AC investment accounts is usually done by selling your loan holdings. The only drawback with PSA/GBBA1/GBAA2/GBAA2 is diversification. Initially, each loan does not exceed 20% holding, however, it may exceed 20% allocation once you start withdrawing money from the account. The buying and selling process is done with AC algorithm.
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Post by stuartassetzcapital on Jan 10, 2018 9:20:43 GMT
Hi everyone
I agree with the above analysis. The Access Accounts do work in a different way and suspended loans will not stop your money being withdrawn (in normal market conditions and subject to the provision fund having full cover at that time) as they will on the GBBA/GEA/PSA/MLA. If the latter have suspended / defaulted loans then a withdrawal cannot include those loan amounts until they have been recovered or unsuspended.
The points on the diversification of the GBBA/GEA/PSA accounts are fair as of today and could be better - the new revision of the system to be released in February will fix this known issue and diversification quality will be much more like the Access Accounts.
I hope this helps.
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nick
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Post by nick on Mar 13, 2018 15:00:22 GMT
Does interest still accrue during the 30 withdrawal notice period?
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IFISAcava
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Post by IFISAcava on Mar 13, 2018 15:06:00 GMT
Does interest still accrue during the 30 withdrawal notice period? yes
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lobster
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Post by lobster on Mar 14, 2018 12:10:48 GMT
If my withdrawal request from the 30DAA is accepted by the system , ie. on Day 1 of the 30 day notice period, am I guaranteed to get the full requested amount on Day 30 ?
I understand that withdrawals can only be made under "normal market conditions" , but my question is whether the "normal market conditions" test is applied by AC on Day 1 or on Day 30 of the notice period ? I would guess it's on Day 30 , in which case lenders can never be certain they will actually get paid out until the cash is actually transferred out of the 30DAA on day 30.
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Post by chris on Mar 14, 2018 13:52:06 GMT
If my withdrawal request from the 30DAA is accepted by the system , ie. on Day 1 of the 30 day notice period, am I guaranteed to get the full requested amount on Day 30 ? I understand that withdrawals can only be made under "normal market conditions" , but my question is whether the "normal market conditions" test is applied by AC on Day 1 or on Day 30 of the notice period ? I would guess it's on Day 30 , in which case lenders can never be certain they will actually get paid out until the cash is actually transferred out of the 30DAA on day 30. Normal market conditions apply to the entire notice period. The notice period is used to sell down any holdings in the account that are needed to provide that liquidity, or for new funds to be attracted to the site, or to arrange internal exchanges of loan units and everyone's cash reserves.
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nick
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Post by nick on Mar 19, 2018 19:37:34 GMT
If my withdrawal request from the 30DAA is accepted by the system , ie. on Day 1 of the 30 day notice period, am I guaranteed to get the full requested amount on Day 30 ? I understand that withdrawals can only be made under "normal market conditions" , but my question is whether the "normal market conditions" test is applied by AC on Day 1 or on Day 30 of the notice period ? I would guess it's on Day 30 , in which case lenders can never be certain they will actually get paid out until the cash is actually transferred out of the 30DAA on day 30. Normal market conditions apply to the entire notice period. The notice period is used to sell down any holdings in the account that are needed to provide that liquidity, or for new funds to be attracted to the site, or to arrange internal exchanges of loan units and everyone's cash reserves. Have been any instances to date where it has taken more than 30 days to withdraw? If so, are you able to provide the number of times (days) that full withdrawals have been unable to be fulfilled?
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Post by chris on Mar 19, 2018 20:01:23 GMT
Normal market conditions apply to the entire notice period. The notice period is used to sell down any holdings in the account that are needed to provide that liquidity, or for new funds to be attracted to the site, or to arrange internal exchanges of loan units and everyone's cash reserves. Have been any instances to date where it has taken more than 30 days to withdraw? If so, are you able to provide the number of times (days) that full withdrawals have been unable to be fulfilled? No instances to date
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p2pete
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Post by p2pete on Mar 19, 2018 23:37:40 GMT
Withdrawing money from QAA is almost instant while withdrawing money from Other AC investment accounts is usually done by selling your loan holdings. The QAA withdrawal is far from instant for me. After about 3 days I get an email saying the withdrawal has been authorised. No idea where the money goes during the authorisation period.
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Post by chris on Mar 20, 2018 6:31:32 GMT
Withdrawing money from QAA is almost instant while withdrawing money from Other AC investment accounts is usually done by selling your loan holdings. The QAA withdrawal is far from instant for me. After about 3 days I get an email saying the withdrawal has been authorised. No idea where the money goes during the authorisation period. That is withdrawal from the site rather than from the QAA itself, and I presume that 3 days was over a weekend as there's currently a manual step in the withdrawal process.
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p2pete
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Post by p2pete on Mar 20, 2018 9:52:07 GMT
That is withdrawal from the site rather than from the QAA itself, and I presume that 3 days was over a weekend as there's currently a manual step in the withdrawal process. No, it's 3 working days. Withdrawals from QAA that span a weekend take 5 days.
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