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Post by chris on Mar 12, 2018 11:10:09 GMT
Hi all,
We're looking into allowing repayments to be sent to an account other than the cash account, e.g. from GBBA 1 straight into GBBA 2 (or any other destination account). Historically all movements of funds between accounts have gone via the cash account, so from GBBA 1 to the cash account and then manually to GBBA 2. There's no technological reason for involving the cash account in the movement so I would propose that in the above example you would see the repayment on the GBBA 1 statement and then a withdrawal from GBBA 1 and a credit to GBBA 2 without any transactions appearing on your cash statement.
However before we implement this I wanted to make sure there weren't any reasons lenders would expect transactions to have to go via the cash account, such as due to the way you are reconciling your accounts. Any (constructive) objections to the direct transfer?
Chris
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sl75
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Post by sl75 on Mar 12, 2018 13:30:39 GMT
However before we implement this I wanted to make sure there weren't any reasons lenders would expect transactions to have to go via the cash account, such as due to the way you are reconciling your accounts. Any (constructive) objections to the direct transfer? No objection, but I would note that on the face of it, any lender whose reconciliation process requires transactions to go via the cash account would be under no obligation to select any such new option to do direct transfers between one account and another... For myself, I would ideally like to be able to go one step further - being able to withdraw uninvested funds directly from one of the investment accounts, rather than having a two step process of "withdraw to cash account" then "withdraw to bank account". We can already pay directly into the investment accounts after all, so for newer investors for whom the "transfer directly between accounts" option has always been there, withdrawals will be the only time they're obliged to use the cash account at all, which will seem like an arbitrary and unnecessary additional hurdle. Indeed, with such an additional option, the cash account would become entirely redundant for investors who do not require it for their reconciliation processes - might as well use the QAA directly (or MLA swept to QAA) for exactly the same purposes as "cash account swept to QAA" is used today.
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niceguy37
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Post by niceguy37 on Mar 12, 2018 14:05:58 GMT
Hi all, We're looking into allowing repayments to be sent to an account other than the cash account, e.g. from GBBA 1 straight into GBBA 2 (or any other destination account). Historically all movements of funds between accounts have gone via the cash account, so from GBBA 1 to the cash account and then manually to GBBA 2. There's no technological reason for involving the cash account in the movement so I would propose that in the above example you would see the repayment on the GBBA 1 statement and then a withdrawal from GBBA 1 and a credit to GBBA 2 without any transactions appearing on your cash statement. However before we implement this I wanted to make sure there weren't any reasons lenders would expect transactions to have to go via the cash account, such as due to the way you are reconciling your accounts. Any (constructive) objections to the direct transfer? Chris This will be a useful improvement. Thanks.
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jonah
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Post by jonah on Mar 12, 2018 20:11:08 GMT
Hi all, We're looking into allowing repayments to be sent to an account other than the cash account, e.g. from GBBA 1 straight into GBBA 2 (or any other destination account). Historically all movements of funds between accounts have gone via the cash account, so from GBBA 1 to the cash account and then manually to GBBA 2. There's no technological reason for involving the cash account in the movement so I would propose that in the above example you would see the repayment on the GBBA 1 statement and then a withdrawal from GBBA 1 and a credit to GBBA 2 without any transactions appearing on your cash statement. However before we implement this I wanted to make sure there weren't any reasons lenders would expect transactions to have to go via the cash account, such as due to the way you are reconciling your accounts. Any (constructive) objections to the direct transfer? Chris I use the cash account to generate XIRR for all investment accounts, as only 1 log to parse is much easier than one each. That said, I would gladly lose that to have interest go from one investment account straight into another. It’s been on my wish list for ages. I’m assuming that I could, for example have GEA go to MLA whilst PSA goes to GBBA2? Another question... can I have capital and interest go to different places? Semi related question... is the “IT bug” with interest/capital not being paid to the cash account fixed?
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bob2014
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Post by bob2014 on Mar 24, 2018 14:33:54 GMT
From April 6th I would appreciate if funds could be transferred directly from my normal account to my ISA. At present it looks like I would have to do this manually via my bank, and they might be spent on the way...
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Post by roandy55 on Mar 25, 2018 8:13:07 GMT
Bob, a similar question was asked recently. It is already possible to transfer funds directly from your standard cash account to your ISA cash account without needing to go through your bank. Previous thread |
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loadsahope
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Post by loadsahope on Mar 25, 2018 21:07:59 GMT
Hi chris Sounds like a positive step to me. If the option of repayments to the cash account also remains, then that doesn't have to upset anyone. Yes, agree - good idea!
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bob2014
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Post by bob2014 on Mar 25, 2018 21:35:40 GMT
Bob, a similar question was asked recently. It is already possible to transfer funds directly from your standard cash account to your ISA cash account without needing to go through your bank. Previous threadLink did not work for me, but found the thread. In the IFISA under deposit cash there is a link to collect cash from standard account. Thanks you.
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happy
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Post by happy on Mar 26, 2018 7:31:23 GMT
I am going to have to do that myself later next week so good to know, thanks asking the question and for posting info here.
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Post by roandy55 on Mar 26, 2018 8:08:07 GMT
Bob, a similar question was asked recently. It is already possible to transfer funds directly from your standard cash account to your ISA cash account without needing to go through your bank. Previous threadLink did not work for me, but found the thread. In the IFISA under deposit cash there is a link to collect cash from standard account. Thanks you. Apologies, I linked to the wrong thread but good to know the info was still found and the query resolved.
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