ganymede
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Post by ganymede on Jun 27, 2019 11:58:20 GMT
Yesterday the 26th I did a withdrawal at 6:08 and was processed in the bank at 17:15 the same day. I done another today and will see how long that takes, request was made later at 9:49.
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benaj
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Post by benaj on Jun 27, 2019 13:30:12 GMT
My recent withdrawals on AC were okay although not same day.
Thursday 20.06.2019 13:41 £££££ (received on Monday 24.06.2019)
Friday 21.06.2019 11:20 £££££ (received on Monday 24.06.2019)
Received a call from AC on 21st regarding 2 withdrawals. Not sure if the call / check delayed my 1st withdrawal from the 20th.
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ganymede
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Post by ganymede on Jun 27, 2019 16:31:58 GMT
Yesterday the 26th I did a withdrawal at 6:08 and was processed in the bank at 17:15 the same day. I done another today and will see how long that takes, request was made later at 9:49.
Just found email 17:25 request processed, looks like withdrawal are done around same time of day. Check bank funds are there 17:27, now shift into savings account for the short term. May not be the same every day, and weekend / bank holiday likely to wait until end of first business day.
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benaj
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Post by benaj on Aug 12, 2019 15:22:55 GMT
Same day withdrawal today since the introduction of destinated bank account. 👍
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benaj
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Post by benaj on Sept 25, 2019 18:37:07 GMT
Although I had a bigger withdrawal returned on the same day in August, my latest withdrawal experience in September is 1 working day for £££££, it's still pretty good.
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withnell
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Post by withnell on Oct 1, 2019 17:27:36 GMT
Does anyone know if there is a maximum daily withdrawal that’ll go via same day Faster Payments? Helpline is closed so trying the hive mind :-)
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benaj
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Post by benaj on Oct 1, 2019 18:21:20 GMT
Does anyone know if there is a maximum daily withdrawal that’ll go via same day Faster Payments? Helpline is closed so trying the hive mind :-) Back in august, it was pretty quick. i suppose theoretical maximum FPS is just under < 1mil. AC can do multiple FPS in multiple of 100k same day.
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benaj
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Post by benaj on Oct 23, 2019 7:48:59 GMT
My latest withdrawal time is 1 working day. Requested on the 21st, money in the bank on the 22nd.
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Post by oppsididitagain on Oct 23, 2019 8:45:01 GMT
I'm doing my first withdrawal at present from the GBBA for a test amount (I've also just webcatted with the online assistance) I can see the amount decreasing 'in real time' from which I could estimate by when this will be fulfilled. If it was a larger amount it would take longer. Anyone got much experience with withdrawals, how long these take and - bearing in mind the 'real time' transferring of the proceeds is there a [let's call it] 'spiltage of interest-bearing based on the time when a holding changes hands/value as a result of withdrawal/investment? I ask that because of those 20 decimal places that appear against all amounts - which whould allow more fine-grained accrual rates than just daily - perhaps to the minute [1440 per diem]?. Thnx
I imagine that if I were the only person requesting withdrawal at a particualr time then my request could be potentially instantaneously 'matched' to current investment flow [assuming that was 'normal'] Does my 'size' of holding make any difference also, I wonder.
Just an FYI I made a withdrawal from the GBBA 18 months ago and I still don't have all my funds. You can only access the money once your loans within the GBBA has been sold/ transferred to someone else. so If the loan has A MONITORING EVENT or there are a lot of funds available for investment in that loan, your money will just stay in the GBBA, until sold and there is nothing you can do about it. Of course you will still accrue interest. I had about 7K invested, tried to withdraw all of it, yet 2K is still 'stuck' due to the loans not being able to be 'sold on'. The same scenario with the green energy fund, still got a few K stuck (due to the windmill loans) Once sold, you will have your money within 24hours Any outstanding interest I believe will be passed on when the borrower actually pays it. (rather than the new loan holder getting it) unless the provision fund steps in Im told the 30/90 accounts doesn't work like this
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ceejay
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Post by ceejay on Oct 23, 2019 10:16:00 GMT
I'm doing my first withdrawal at present from the GBBA for a test amount (I've also just webcatted with the online assistance) I can see the amount decreasing 'in real time' from which I could estimate by when this will be fulfilled. If it was a larger amount it would take longer. Anyone got much experience with withdrawals, how long these take and - bearing in mind the 'real time' transferring of the proceeds is there a [let's call it] 'spiltage of interest-bearing based on the time when a holding changes hands/value as a result of withdrawal/investment? I ask that because of those 20 decimal places that appear against all amounts - which whould allow more fine-grained accrual rates than just daily - perhaps to the minute [1440 per diem]?. Thnx
I imagine that if I were the only person requesting withdrawal at a particualr time then my request could be potentially instantaneously 'matched' to current investment flow [assuming that was 'normal'] Does my 'size' of holding make any difference also, I wonder.
Just an FYI I made a withdrawal from the GBBA 18 months ago and I still don't have all my funds. You can only access the money once your loans within the GBBA has been sold/ transferred to someone else. so If the loan has A MONITORING EVENT or there are a lot of funds available for investment in that loan, your money will just stay in the GBBA, until sold and there is nothing you can do about it. Of course you will still accrue interest. I had about 7K invested, tried to withdraw all of it, yet 2K is still 'stuck' due to the loans not being able to be 'sold on'. The same scenario with the green energy fund, still got a few K stuck (due to the windmill loans) Once sold, you will have your money within 24hours Any outstanding interest I believe will be passed on when the borrower actually pays it. (rather than the new loan holder getting it) unless the provision fund steps in Im told the 30/90 accounts doesn't work like this You've made 157 posts here and you've only just worked this out??? FYI, this thread was about withdrawing cash, not selling loans. They're different.
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Post by oppsididitagain on Oct 23, 2019 11:47:31 GMT
I worked it out over 18months ago, however I was lead to believe when you put money into a GBBA the liquidity would be different to the MLIA. Clearly not, and so I was just advising the forum
Im pointing out that the funds maybe stuck in the GBBA if they can't find a buyer or there is a monitoring event on the loans AC choose to invest in on your behalf.
This is the difference between you choosing and AC choosing.
You could get a scenario that all the loans AC decides to invest in /add to the GBBA could all go bad/get frozen. so you would not have access to any of your funds.
I guess its down to how you define 'withdrawal' - AC has a button on the GBBA called withdraw - you press it and choose how much you want to withdraw and release your funds.
Other platforms, when you press withdraw, the cash gets processed, normally within 24hrs, and then sent to your bank account
I didn't think it was about withdrawing cash as I don't have any cash (uninvested funds) in my GBBA accounts , all my cash (uninvested funds) automatically sits in the QAA.
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corto
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Post by corto on Oct 23, 2019 11:58:22 GMT
Which other platforms are you speaking about?
There is none (I know of) that guarantees next day withdrawal of *invested* funds.
As ceejay put it, there is a difference between selling loans and withdrawing cash.
If you click "Withdraw" at AC for the GBBA2 it should show you what you can instantly withdraw.
All else you have to wait for, some of it for months if not years.
In the MLA you may be faster if you offer loans parts at a discount.
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Post by oppsididitagain on Oct 23, 2019 12:24:01 GMT
Which other platforms are you speaking about? There is none (I know of) that guarantees next day withdrawal of *invested* funds. As ceejay put it, there is a difference between selling loans and withdrawing cash. If you click "Withdraw" at AC for the GBBA2 it should show you what you can instantly withdraw. All else you have to wait for, some of it for months if not years. In the MLA you may be faster if you offer loans parts at a discount. Of the platforms I use. Ratesetter and lending works have processed my money within 24hrs so has AC from the QAA account. The original post was about the GBBA and didn't mention cash just mentioned a test withdrawal from GBBA. so that really does depend on what the persons GBBA is invested in and when they can get their cash out and how much is available If you click "Withdraw" at AC for the GBBA2 its states. : Estimated instant withdrawal amount. ******* This is the amount you should be able to instantly withdraw from the account, accurate as at the time this information was first displayed on your screen. I think we all understand how the different accounts work now..
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corto
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Post by corto on Oct 23, 2019 12:32:11 GMT
RS and QAA may be quick now, but so was FC before January 2019. It's not a guarantee.
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benaj
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Post by benaj on Oct 31, 2019 15:39:34 GMT
Same day withdrawal today.  |
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