vmail
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Post by vmail on Aug 8, 2014 9:13:40 GMT
How long does it take for the money to appear in my bank account?
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thebillet
Member of DD Central
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Post by thebillet on Aug 8, 2014 10:22:07 GMT
I assume you mean after a withdrawal, it has taken a couple or three days sometimes, but a message to one of the relationship managers if it is later than that should do the trick.
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Post by whitmanthecat on Aug 8, 2014 12:59:11 GMT
Last one I did was requested at 2pm on a Tuesday and it arrived in my account late in the evening on the Thursday.
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Vero
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Post by Vero on Aug 8, 2014 13:34:49 GMT
Is it just me?
When I open a new P2P account, the first thing I do after depositing funds is to withdraw some.
Partly to check out the procedure and how it works, but mostly to make sure it is easy to get my funds out.
The ROI is negative (or fiction) if I can't get my funds back.
Once bitten...
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Aug 8, 2014 13:37:39 GMT
Is it just me?
When I open a new P2P account, the first thing I do after depositing funds is to withdraw some.
Partly to check out the procedure and how it works, but mostly to make sure it is easy to get my funds out.
The ROI is negative (or fiction) if I can't get my funds back.
Once bitten... No, not just you - lots of people do it. If I join a new platform and I don't already see reports from other people about how easy it is, then I try it for myself. Otherwise I don't bother if I see other forum members I believe I can trust have done it with ease.
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Vero
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Post by Vero on Aug 8, 2014 13:59:42 GMT
I guess it's really a false sense of security, ramblin rose I've been bitten, even after trusted regulars confirmed they withdrew funds with ease.
The P2P outfits around now are worlds apart, especially the ones on this forum.
But I still keep withdrawing every now and then, it's my little comfort blanket (along with 100% asset backed security).
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Post by Ton ⓉⓞⓃ on Aug 8, 2014 17:46:44 GMT
What security is there on withdrawals? I'm thinking about the situation where someone gets into your AC account adjusts the details of your 'home' account to their own, then withdrawals all they can.
Is an email sent to a Lender when details of accounts are changed to help stop this? Anything else?
If someone wants to answer securely please do.
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Post by Jack Barlow on Aug 8, 2014 18:56:08 GMT
Ton ⓉⓞⓃI think it's even simpler, if anyone gets into your account they can just sell all your loans (instantly on the AM) then click on withdraw and enter a bank account of their choice to send the money to. Unless you log in regularly you wouldn't know about the transfer until the money's long gone. That's why it's a good idea to log in every day. EDIT: I read your post as meaning that you thought the imposter would have to change some bank details already stored by AC, but I'm sure you know that AC don't store our bank details, so what I've said above is probably just repeating the same scenario you raised! I mentioned privately to chris a few weeks ago that I felt the details of the bank account used for withdrawals should be fixed and any changes to those details should require an e-mail confirmation from the lender (as e.g. happens on ThinCats), so I'm hoping this will appear in the new website. It's currently a major barrier to me adding significant further funds to AC. Jack
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vmail
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Post by vmail on Aug 8, 2014 20:55:44 GMT
Just checked my bank and its in there, thanx. I'm happy with same day withdrawal
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Post by Ton ⓉⓞⓃ on Aug 8, 2014 21:24:25 GMT
Ton ⓉⓞⓃI think it's even simpler, if anyone gets into your account they can just sell all your loans (instantly on the AM) then click on withdraw and enter a bank account of their choice to send the money to. Unless you log in regularly you wouldn't know about the transfer until the money's long gone. That's why it's a good idea to log in every day. EDIT: I read your post as meaning that you thought the imposter would have to change some bank details already stored by AC, but I'm sure you know that AC don't store our bank details, so what I've said above is probably just repeating the same scenario you raised! I mentioned privately to chris a few weeks ago that I felt the details of the bank account used for withdrawals should be fixed and any changes to those details should require an e-mail confirmation from the lender (as e.g. happens on ThinCats), so I'm hoping this will appear in the new website. It's currently a major barrier to me adding significant further funds to AC. Jack I feel certain this was raised quite awhile back, but I may be mis-remembering, but it's high time this issue was dealt with especially as it seems a simple fix. Actually the post about it is HERE and guess who started it?
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Post by chris on Aug 9, 2014 8:39:21 GMT
Ton ⓉⓞⓃI think it's even simpler, if anyone gets into your account they can just sell all your loans (instantly on the AM) then click on withdraw and enter a bank account of their choice to send the money to. Unless you log in regularly you wouldn't know about the transfer until the money's long gone. That's why it's a good idea to log in every day. EDIT: I read your post as meaning that you thought the imposter would have to change some bank details already stored by AC, but I'm sure you know that AC don't store our bank details, so what I've said above is probably just repeating the same scenario you raised! I mentioned privately to chris a few weeks ago that I felt the details of the bank account used for withdrawals should be fixed and any changes to those details should require an e-mail confirmation from the lender (as e.g. happens on ThinCats), so I'm hoping this will appear in the new website. It's currently a major barrier to me adding significant further funds to AC. Jack I feel certain this was raised quite awhile back, but I may be mis-remembering, but it's high time this issue was dealt with especially as it seems a simple fix. Actually the post about it is HERE and guess who started it? What seems simple is not necessarily so. Technically you're correct but storing bank details has compliance implications meaning there's a process we need to go through. There are also client money regulations coming in from the FCA which will kick in on the 1st October. Our compliance officer and operations manager are currently putting together all the info I need to implement the changes, so I'm not 100% clued up on this yet, but I believe we have a requirement to track the originating bank account for all transfers in to the platform and to only allow return of funds to those accounts. Certainly we're in the process of dealing with the bank in order to get access to that information automatically as managing it manually would be a massive pain. This means that GoCardless will definitely be switched off in the run up to this, as in addition to them pricing themselves out of the market by massively increasing their fees they don't supply account origination details back to us. We have a debit card solution waiting in the wings for when our bank stop dragging their heals and approve us. In a broadly similar timeframe we're also hoping to roll out an intra-day bank deposit solution so that if you use a bank transfer to deposit funds they will be in your account within an hour or two. This requires us to change banks which is a long and drawn out process subject to delay so I can't make any promises on the timeline.
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Post by Jack Barlow on Aug 9, 2014 8:47:09 GMT
Ton ⓉⓞⓃAre you referring to item 10 in the referenced thread? While it would alert you every time a funds withdrawal had been processed, it wouldn't provide a mechanism for preventing fraudulent withdrawal requests to be processed. I think having a fixed withdrawal account with a requirement of an e-mail confirmation would be much better. Of course, for this to work we'd also need to couple it with an e-mail confirmation check if the lender chooses to change their contact e-mail address via their account, otherwise the imposter could just change the contact e-mail address before changing the default bank account details. Jack
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Post by Jack Barlow on Aug 9, 2014 8:57:20 GMT
chrisAlthough there is going to be a general rule that you can only return funds to whence they came, presumably there will have to be some mechanism to allow exceptions to this, otherwise anyone who switched the bank account they use would never see their original AC capital again. It's that process that I'm interested in. Anyway, the issue is obviously on your radar, which is good (albeit a headache for you!) Jack
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Post by chris on Aug 9, 2014 8:58:45 GMT
chrisAlthough there is going to be a general rule that you can only return funds to whence they came, presumably there will have to be some mechanism to allow exceptions to this, otherwise anyone who switched the bank account they use would never see their original AC capital again. It's that process that I'm interested in. Anyway, the issue is obviously on your radar, which is good (albeit a headache for you!) Jack I'm not sure what the regulations require but I'd imagine there'll be some exceptions like this.
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