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Post by robberbaron on Aug 6, 2014 17:41:27 GMT
I see that there is no limitation for the destination of withdrawals. What if someone hacks into an account? Wouldn't it be safer to only allow withdrawals to the account where the funds originated or to a registered account that can only be changed with a code received via text message.
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Post by Deleted on Aug 6, 2014 17:56:43 GMT
Yes I agree that would seem a necessary and sensible security precaution.
I tried a test withdrawal of some interest the other day and I had to manually enter my bank account details. I could have entered anybody's bank account details - and as, implied, if somebody had gained unauthorised access to my account on the SS website they could have entered theirs.
Although I did get an email confirmation of my withdrawal request as soon as I made it.
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Post by elljay on Aug 9, 2014 8:14:30 GMT
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ramblin rose
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Post by ramblin rose on Aug 9, 2014 9:47:52 GMT
This has been raised before and is also being complained about by other members for another platform which seems to operate the same way. It definitely feels a bit vulnerable as it is.
SS might have inadvertently built in an accidental sort of safeguard. I withdrew an amount a little while ago and decided I wanted it to go into a different account to the one I'd used previously so I duly entered the alternative details. All carried on as normal, but the money arrived into the original account that I'd used previously, and not the one I'd just entered details for. I didn't raise it as an issue, as I decided that if it was working that way it was actually safer for me. But of course, it could have been a one-off. I don't know to what extent manual intervention is involved - the time delay between me requesting a withdrawal and it acutally happening seem to vary between almost instant, to a fair few hours, which probably means it isn't automated, but on the other hand I don't know whether there are variable delays involved in the FP system.
Anyhoo, I agree with all of the above, it would be much better to get it beefed up.
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j
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Post by j on Aug 9, 2014 10:36:18 GMT
This has been raised before and is also being complained about by other members for another platform which seems to operate the same way. It definitely feels a bit vulnerable as it is. SS might have inadvertently built in an accidental sort of safeguard. I withdrew an amount a little while ago and decided I wanted it to go into a different account to the one I'd used previously so I duly entered the alternative details. All carried on as normal, but the money arrived into the original account that I'd used previously, and not the one I'd just entered details for. I didn't raise it as an issue, as I decided that if it was working that way it was actually safer for me. But of course, it could have been a one-off. I don't know to what extent manual intervention is involved - the time delay between me requesting a withdrawal and it acutally happening seem to vary between almost instant, to a fair few hours, which probably means it isn't automated, but on the other hand I don't know whether there are variable delays involved in the FP system. Anyhoo, I agree with all of the above, it would be much better to get it beefed up. I queried this with another platform last year & was told that all withdrawl requests are authorised manually despite the fact they appear instant on your screen. This was many months ago when the platform was much quieter so, I also wonder how true that still is & how safe can the whole process be. I certainly agree with the sentiment here that it should go to a designated account & queried if other account details are entered or changed
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Post by marek63 on Aug 10, 2014 8:52:27 GMT
Based on experience trying to withdraw to a different account a few weeks ago which was correctly blocked, SS run quite a tight (manual) checking process. They say they will only transfer funds back to an account with a name matching the funder/ where they came from on a normal basis. So it is not a 'send it anywhere' process but a manually reviewed process. Made a deposit from new account to allow them to reset details and all fine. I do hope that Saving Stream and other P2p sites are going to move to two-factor authentication for withdrawal sometime soon as the sums involved are becoming large.
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j
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Post by j on Aug 13, 2014 17:00:17 GMT
Must admit I'm disappointed with savingstream's BACS deposit/transfer system on this occasion. Despite 3 emails (two of which have had no replies & just ignored!), my account is still showing in arrears despite correct funds being added to cover the initial shortfall. Maybe highlighting the problem on here will finally get a more rapid & corrective response from SS  |
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star dust
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Post by star dust on Aug 13, 2014 17:12:42 GMT
I've had problems with them too - trying to get funds out. I've only done this twice and on both occasions it's taken me in excess of 24 hours. Now this may be considerably faster than all other P2Ps I'm with but when people here report almost instant or withdrawals of a couple of hours at most it's a tad irksome. I have repeatedly asked what their policy/ process is but no reply, so as you say j, maybe a post here will illicit a response from savingstream. |
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j
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Post by j on Aug 13, 2014 17:34:13 GMT
I've had problems with them too - trying to get funds out. I've only done this twice and on both occasions it's taken me in excess of 24 hours. Now this may be considerably faster than all other P2Ps I'm with but when people here report almost instant or withdrawals of a couple of hours at most it's a tad irksome. I have repeatedly asked what their policy/ process is but no reply, so as you say j, maybe a post here will illicit a response from savingstream. I would be happy with 24 hrs star dust, which in fairness I have had once with them but, on this occasion it's been over a week now & still no resolution. I'll tag savingstream once more to see if their team picks it up!
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Post by savingstream on Aug 13, 2014 17:47:25 GMT
Withdrawals are generally processed within 24 hours, this period may be increased over weekends/bank holidays. Also withdrawals are processed in batches so if an investor requests a withdrawal 5 mins before a batch is processed then they are going to see a rapid withdrawal as compared with someone who request a withdrawal 5 minutes after a batch is processed.
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ramblin rose
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Post by ramblin rose on Aug 13, 2014 17:53:18 GMT
I've had problems with them too - trying to get funds out. I've only done this twice and on both occasions it's taken me in excess of 24 hours. Now this may be considerably faster than all other P2Ps I'm with but when people here report almost instant or withdrawals of a couple of hours at most it's a tad irksome. I have repeatedly asked what their policy/ process is but no reply, so as you say j, maybe a post here will illicit a response from savingstream. I would be happy with 24 hrs star dust, which in fairness I have had once with them but, on this occasion it's been over a week now & still no resolution. I'll tag savingstream once more to see if their team picks it up! Over a week is a very long time. I think this highlights the problem with their micro-sized team, which is the thing I've always been most uneasy about here. If one is away, that leaves the other one as 'single point of failure' - never a good thing to have. I've always (and I really do mean not a single exception) had funds in and out within the day, and response to emails practically instantly, including fixing things on the site instantly if that's what I've emailed about - and I do those things pretty regularly - so I've got a brilliant impression of their service. With such a small team though, it's easy to see situations where one might be ill or on holiday, one out dealing with business etc. With increasing numbers of lender coming on board, the site admin has to take up more time than it used to and there needs to be a system in place to get things dealt with a bit quicker than 'over a week'. On the positive side, if they aren't around to deal with your funds to cover the deficit, then they also aren't around to worry about it! But if it were the other way round of course........... Edit: aha - I crossed posts with savingstream, so I see they are around, but of course that post didn't deal with why it's taking over a week for j to get money IN though. And in any case, I think my point still stands - there have been a few posts recently about lack of response to emails, particularly from newer lenders, who are probably the ones that need to be impressed most.
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star dust
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Post by star dust on Aug 13, 2014 17:56:17 GMT
I would be happy with 24 hrs star dust, which in fairness I have had once with them but, on this occasion it's been over a week now & still no resolution. I'll tag savingstream once more to see if their team picks it up! Well let's hope so. I've just done a quick google to see if Cowes week really was only a week, I hope there isn't some other boaty event I know nothing about. 'Tis the season for it anyway I guess and maybe they're still moping up after Cowes, I haven't spotted them much on the Forum, though I think they were logged in yesterday. If I were you I'd've tried their contact us form and rung them up by now (I'm not the most patient of people)..... Or perhaps you have? Hope your funds come through anyway, I guess at least they haven't reversed any of your loans, so hopefully just a case of no-one around to press a button. More office cover needed as I've said before.
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star dust
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Post by star dust on Aug 13, 2014 18:04:02 GMT
Sorry, I cross posted with everyone too slow on wretched iPad mini - think oldgrumpy might rue the day if he wins one  . To be pedantic this time it took 26 hours, and I haven't yet checked in the actual bank account. Yes, I hope j issue is being addressed, and points remain, seems SS could do with more automation and cover if plans to expand continue. |
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j
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Post by j on Aug 13, 2014 18:10:06 GMT
I would be happy with 24 hrs star dust, which in fairness I have had once with them but, on this occasion it's been over a week now & still no resolution. I'll tag savingstream once more to see if their team picks it up! Well let's hope so. I've just done a quick google to see if Cowes week really was only a week, I hope there isn't some other boaty event I know nothing about. 'Tis the season for it anyway I guess and maybe they're still moping up after Cowes, I haven't spotted them much on the Forum, though I think they were logged in yesterday. If I were you I'd've tried their contact us form and rung them up by now (I'm not the most patient of people)..... Or perhaps you have? Hope your funds come through anyway, I guess at least they haven't reversed any of your loans, so hopefully just a case of no-one around to press a button. More office cover needed as I've said before. , I've already sent a number of detailed emails outlining sums transferred & how the ins & outs correlate to tally up to a balance of zero, yet I'm still showing on my account as owing monies to SS via BACS balance. Don't know why the issue now as I've used the system before with no problems. After a number of days & emails, the issue has not been corrected, despite the fact that someone is in the office. I assume SS need to manually correct, so cannot understand why it still hasn't happened after 1 week
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Post by savingstream on Aug 13, 2014 18:25:21 GMT
The system could not reconcile this deposit as the Auto-Deposit value and the BACS transferred values were different.
Could all investors please ensure the values of auto-deposits and follow up BACS transfers match in order to avoid reconciliation delays.
We apologise for the delay in resolving this issue!
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. To be pedantic this time it took 26 hours, and I haven't yet checked in the actual bank account. Yes, I hope