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Post by roandy55 on Sept 1, 2019 7:35:11 GMT
This is something that has come to mind for me over the past couple of days since I last posted in the D*******M***** thread, the potential impact of not being able to formally close an AC account on the settlement of an estate following bereavement. Having a balance of <£0.01 in a GBBA account loan that has 27 months to run could presumably delay the final settlement of an estate for years, particularly if your executor is a solicitor as mine is. If your executor however is a family member, presumably they could simply ignore it and write it off. Not sure if this has ever been discussed previously.
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Post by Deleted on Sept 5, 2019 15:15:54 GMT
Use the Provision Fund to round-up to 1p and pay me!
I've earned it!!!
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Post by roandy55 on Oct 22, 2019 16:35:51 GMT
By way of a follow up to my recent correspondence with AC regarding the closure of my ISA account, my withdrawal target is currently set at £0.01. The current balance is £0.010985396743, therefore my withdrawal target is exceeded by £0.0000985396743.
I have re-set my withdrawal target to £0.01 and requested a withdrawal of this amount to my cash account. It wasn't done instantly so presumably the transaction must be queued. Once the £0.01 appears in my ISA cash account I intend to transfer it to my standard cash account and then request a withdrawal to my bank account.
Don't think I bloody well won't.
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bigfoot12
Member of DD Central
Posts: 1,817
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Post by bigfoot12 on Oct 22, 2019 17:59:42 GMT
Once the £0.01 appears in my ISA cash account I intend to transfer it to my standard cash account and then request a withdrawal to my bank account. Don't think I bloody well won't. I hope that this took less than 4 1/2 seconds, or HMRC might start chasing you for not paying yourself the minimum wage!
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sl75
Posts: 2,092 
Likes: 1,245
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Post by sl75 on Oct 23, 2019 8:43:09 GMT
By way of a follow up to my recent correspondence with AC regarding the closure of my ISA account, my withdrawal target is currently set at £0.01. The current balance is £0.010985396743, therefore my withdrawal target is exceeded by £0.0000985396743. I have re-set my withdrawal target to £0.01 and requested a withdrawal of this amount to my cash account. It wasn't done instantly so presumably the transaction must be queued. Once the £0.01 appears in my ISA cash account I intend to transfer it to my standard cash account and then request a withdrawal to my bank account. Don't think I bloody well won't. I don't know about ISA, but for other accounts, you can round UP the withdrawal target (e.g. request £0.02 withdrawal if the balance shows as £0.01xxx, or request £0.01 if balance shows as <£0.01)
It won't let you enter an amount another penny higher (e.g. £0.03 or higher for balances between £0.010000 and £0.19999), but you can at least consolidate all the fractional pennies held as cash into the cash account, where sometimes it might make a whole extra penny.
Unclear how the client money rules allow balances that are not properly allocated in whole pence to individual clients, or how the client account will eventually be closed if required with funds properly distributed, but that's a whole other problem...
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