chrisf
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Post by chrisf on May 4, 2018 19:13:38 GMT
Holy mother of jesus, A new minimum withdrawal limit has sprung up, 10 squid. People have been *****ed up by the Collateral issue and have been withdrawing interest every day. I think we should be able to take our own money out if we want.
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marka
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Post by marka on May 4, 2018 19:18:54 GMT
Holy mother of jesus, A new minimum withdrawal limit has sprung up, 10 squid. People have been shitted up by the Collateral issue and have been withdrawing interest every day. I think we should be able to take our own money out if we want. I'm sure that if you offer to pay the bank charges and labour costs for your £1.47 withdrawal they'll be happy to oblige.
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chrisf
Member of DD Central
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Post by chrisf on May 4, 2018 19:22:24 GMT
Could they not get a computer to do it? I watched Tomorrows World in the 1970's and I am sure this sort of thing should be possible.
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michaelc
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Post by michaelc on May 4, 2018 19:22:49 GMT
I noticed that too although I don't have any need to withdraw such an amount. I could be wrong but I thought this came in with the new terms&conditions? I haven't agreed to them yet so not sure why I couldn't withdraw less than a tenner if I wanted to.
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ptr120
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Post by ptr120 on May 4, 2018 20:00:54 GMT
michaelc chrisf MoneyThing have trailed that this is coming for some time on this forum and it was indeed confirmed in the last update of the terms and conditions. In my opinion this is a very reasonable step considering the bank fees that they have to cover for each bank withdrawal. Several other P2P platforms have a similar policy too, and, lets be honest, you can't withdraw less than £10 from an ATM anyway. If it bothers you so much you could always wait until your next interest payment before making your next withdrawal - this isn't Lendy so you won't have to wait until the end of the month. Alternatively you could always deposit the extra £8.72 to bring your balance up to £10. Before you do that, perhaps consider what you'd do with your <£10 balance over a bank holiday weekend that would make you anything worth having. Alternatively, consider it a chocolate bars worth of 'interest' given to the Things in leu of the chocolate bars given to investors over the years, and their overtime given today in fixing the issues the had.
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Post by df on May 4, 2018 21:03:02 GMT
Holy mother of jesus, A new minimum withdrawal limit has sprung up, 10 squid. People have been *****ed up by the Collateral issue and have been withdrawing interest every day. I think we should be able to take our own money out if we want. Minimum withdrawal limit is not unusual and there is a good reason for limiting the amount of transactions. Even some bank/BS saving accounts have it. MT is not a bank account - I think £10 minimum is very reasonable.
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carolus
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Post by carolus on May 4, 2018 22:32:34 GMT
Yes, I think if you're in a situation where the prospect of having an amount under £10 sitting on a platform like MT is a risk you are seriously worried about, then you really need to think about whether this sort of high risk investment is for you in the first place.
As others have said, this hasn't sprung up overnight, and seems to me entirely sensible in light of the fees and time cost to MT for these tiny withdrawals.
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Post by funkymonkey on May 5, 2018 8:19:19 GMT
Holy mother of jesus, A new minimum withdrawal limit has sprung up, 10 squid. People have been *****ed up by the Collateral issue and have been withdrawing interest every day. I think we should be able to take our own money out if we want. It hasn't "sprung up", it was in the t&C's, seems a sensible amount. I'd rather MT staff were spending their time effectively managing my the loan book than administrating multiple withdrawals for a few pounds and pence
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averageguy
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Post by averageguy on May 5, 2018 10:38:11 GMT
Mountain out of molehill springs to mind
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m2btj
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Post by m2btj on May 5, 2018 11:26:33 GMT
Could they not get a computer to do it? I watched Tomorrows World in the 1970's and I am sure this sort of thing should be possible. I watched Tomorrows World when they said that CD's were indestructible...that wasn't true either!
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Post by GSV3MIaC on May 5, 2018 14:45:49 GMT
Before someone panics about it, MT also announced a limit of one withdrawal a day, IIRC, although that doesn't seem to have been enforced yet (certainly wasn't when I was 'round tripping' ISA funds from my regular account). Again, seems eminently reasonable to ask someone to withdraw £100 in one pop rather than £10 ten times.
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