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Post by chris on Apr 13, 2018 11:31:03 GMT
When a withdrawal is requested those funds are ringfenced and cannot be used for anything else, so they do not sit in the QAA or any other investment account. They are held as cash in the client money account pending processing. There's been a slight change to the withdrawal process which has caused some delays. Once funds are ringfenced pending processing in my personal bank account for a transfer to someone else's bank account, it takes a matter of seconds before the transfer actually shows up in the recipient account. It is a shame that either AC or their banking partner are not capable of using the same level of technology that other banks have had access to for around a decade now.... It would be nice if those banks gave us access for a reasonable fee. However they do not and there are human steps involved for us. It's only deposits that are fully automated (and even that costs us over £4k per month in fees). We're working on some solutions to this but it's going to be a 6 - 9 month process at best just because we're dealing with old finance not new finance as soon as we touch the traditional banking world.
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bg
Member of DD Central
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Post by bg on Apr 15, 2018 21:56:17 GMT
Well I got an email this morning saying the spring bonus ends at midnight tonight so there are less than 24 hours left to take advantage of it. I promptly transferred another £50k across but it's still not shown up in my account. Looks like I'm missing that deadline.
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bababill
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Post by bababill on Apr 15, 2018 22:53:15 GMT
Yup my deposit has not been credited either. I also sent funds right after receiving their marketing email.
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Post by chris on Apr 16, 2018 5:39:01 GMT
There are no pending transactions in the bank feed from the bank, so either there's a delay in the traditional banking system or the transaction couldn't be automatically matched to your account (e.g. typo in the reference). Best to talk to the customer service later today.
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bababill
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Post by bababill on Apr 16, 2018 5:45:59 GMT
My deposit made yesterday was just now credited to my Assetz account at 6:32 am.
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bg
Member of DD Central
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Post by bg on Apr 16, 2018 6:03:06 GMT
Yeah mine too at 6.50am
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gnasher
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Post by gnasher on Apr 16, 2018 8:34:28 GMT
No sign of my money yet, transfered Sunday morning. now 9:32 Monday. Cannot get through to Customer Services - perhaps mine is not the only problem?
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Post by capricorn on Apr 16, 2018 8:52:18 GMT
Same here. Sent deposit yesterday pm by faster payments & payment immediately acknowledged by receiver bank but then not credited to my account till 7 am this morning. First time I've had this problem. Contacted customer services who basically say tough luck - blame the bank not us and we've got a clause in the T&Cs to absolve us of responsibility.
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Post by chris on Apr 16, 2018 9:10:01 GMT
There's been a period from 08:05 yesterday through to just after 06:00 this morning where no bank transfers were processed. I can't tell at this point in time whether this is a fault at the bank, with the data service provider, or with our integration, investigations are ongoing. That said it's just been agreed internally that for affected lenders we'll extend the promotion until the end of today in order to include those delayed transactions but that's unlikely to have filtered through the business yet but I'll make sure customer services are informed.
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sl75
Posts: 2,092
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Post by sl75 on Apr 16, 2018 9:11:18 GMT
Same here. Sent deposit yesterday pm by faster payments & payment immediately acknowledged by receiver bank but then not credited to my account till 7 am this morning. First time I've had this problem. Contacted customer services who basically say tough luck - blame the bank not us and we've got a clause in the T&Cs to absolve us of responsibility. It'd be interesting to try claiming compensation from the bank for their failure to process a Faster Payment within the stated time scale, which caused you an actual financial loss...
... if they provide documentary evidence that it was in fact credited to the destination account when they said it was, the ball would be back in AC's court for failure to process the payment when it had in fact arrived, rather than 7am the next morning.Pure speculation, but perhaps the large influx of payments into AC's accounts caused by their reminder emails caused an unusual inflow of funds into the AC client account, which their banking partner's automated systems temporarily "froze" until they could manually review it first thing this morning? If so, it seems to me that the cause could have been AC's failure to inform their banking partner in advance that they anticipated unusual activity on their client account over the weekend, so please relax any automated checks (similar to when someone goes on holiday, they are advised to inform their credit card issuer so that the card does not get suspended for unusual transactions in a foreign country). Perhaps, however, it would be simpler for AC to formally extend the deadline to 7am this morning "as a gesture of goodwill", and even if it was entirely their fault they can still save face by blaming "delays within the traditional banking system".For what it's worth, my final top-up payment on Saturday was in fact credited in the usual timescale. [Edit: struck through parts of my post made irrelevant by chris 's near-simultaneous post]
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 16, 2018 12:16:58 GMT
There's been a period from 08:05 yesterday through to just after 06:00 this morning where no bank transfers were processed. I can't tell at this point in time whether this is a fault at the bank, with the data service provider, or with our integration, investigations are ongoing. That said it's just been agreed internally that for affected lenders we'll extend the promotion until the end of today in order to include those delayed transactions but that's unlikely to have filtered through the business yet but I'll make sure customer services are informed. Do we have to contact CS to be included or is going to be automatically applied to any deposits credited this morning? Probably only about £1 pm in my case but as it looks like Im about to take a 25-30% Epping haircut Ill have it if its going.
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Post by chris on Apr 16, 2018 12:18:37 GMT
There's been a period from 08:05 yesterday through to just after 06:00 this morning where no bank transfers were processed. I can't tell at this point in time whether this is a fault at the bank, with the data service provider, or with our integration, investigations are ongoing. That said it's just been agreed internally that for affected lenders we'll extend the promotion until the end of today in order to include those delayed transactions but that's unlikely to have filtered through the business yet but I'll make sure customer services are informed. Do we have to contact CS to be included or is going to be automatically applied to any deposits credited this morning? Probably only about £1 pm in my case but as it looks like Im about to take a 25-30% Epping haircut Ill have it if its going. Current plan is to just extend the window by a day for everyone rather than introduce any complexities, but without broadcasting the fact via email. That way no one misses out and a few more will gain.
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Post by capricorn on Apr 16, 2018 13:33:57 GMT
Seems like a sensible solution. Thanks AC.
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Post by ruralres66 on Apr 17, 2018 8:59:09 GMT
Hi to all. Note some familiar names! Have explored my IFISA with AC 2018-2019 and to test the water, try out customer service and as diversification from RS.....
Regarding the bonus, I must say that AC have been fair. They explained about their bankers (Barclay's) and delays to processing- hence the 24 hr extension- which did me nicely as although I organised next day transfers on the 13rh via the Cooperative bank- Coop were down over the weekend meaning I would have missed the deadline for the bonus on the 15th. As it is, the multiple bank failings have not disadvantaged me and I am a happy bunny. Customer Service at AC was very helpful and good. Now I understand their website, I am impressed.
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alexs
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Post by alexs on Apr 18, 2018 9:04:33 GMT
Do we have to contact CS to be included or is going to be automatically applied to any deposits credited this morning? Probably only about £1 pm in my case but as it looks like Im about to take a 25-30% Epping haircut Ill have it if its going. Current plan is to just extend the window by a day for everyone rather than introduce any complexities, but without broadcasting the fact via email. That way no one misses out and a few more will gain. how did that work out at the end? I had some money coming in early yesterday but cannot see it showing under the promotiona amount.
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