unmadem
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Post by unmadem on Sept 19, 2014 13:55:13 GMT
You can no longer use GoCardless on the Assetz web site to fund account. While this had been hinted at I am not aware of us having any warning of this. Have I missed this announcement or has it just been removed suddenly ?
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unmadem
Member of DD Central
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Post by unmadem on Sept 19, 2014 14:02:18 GMT
According to the text for bank transfers any transfer on a Saturday will not hit your account till Tuesday !!!!
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Post by batchoy on Sept 19, 2014 14:13:10 GMT
According to the text for bank transfers any transfer on a Saturday will not hit your account till Tuesday !!!! Which is right if they are saying that money will hit your account next working day as the Banks don't process payments on the weekend so even if you start the process on Saturday the Bank wont process it until Monday so it won't be credited to your Assetz Account until Tuesday. What is a pity and what I don't understand is why faster payments aren't being utilised, as I can send funds from my Bank Account in the UK to my Bondora account in Estonia through an intermediary who have to match my funds with funds going in the opposite direction as fast as this and for other UK P2P platforms it only takes a couple of hours for the transfer.
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Post by chris on Sept 19, 2014 14:34:18 GMT
According to the text for bank transfers any transfer on a Saturday will not hit your account till Tuesday !!!! Which is right if they are saying that money will hit your account next working day as the Banks don't process payments on the weekend so even if you start the process on Saturday the Bank wont process it until Monday so it won't be credited to your Assetz Account until Tuesday. What is a pity and what I don't understand is why faster payments aren't being utilised, as I can send funds from my Bank Account in the UK to my Bondora account in Estonia through an intermediary who have to match my funds with funds going in the opposite direction as fast as this and for other UK P2P platforms it only takes a couple of hours for the transfer. Technically our site has been ready for faster payments and debit cards for many months, as ever the banks are dragging their heels when it comes to giving us access. We have a couple of options which should mean it happens sooner or later but we're months into the process already so we have no idea how long it will take. New client money regulations that will affect all sites, making instant deposits impossible or at best very very expensive, combined with GoCardless pricing themselves out of the market have left us where we are. Shouldn't be for more than a couple of weeks though *if* we can force through the plans that we have.
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Post by westcountryfunder on Sept 19, 2014 14:49:55 GMT
According to the text for bank transfers any transfer on a Saturday will not hit your account till Tuesday !!!! Which is right if they are saying that money will hit your account next working day as the Banks don't process payments on the weekend so even if you start the process on Saturday the Bank wont process it until Monday so it won't be credited to your Assetz Account until Tuesday. What is a pity and what I don't understand is why faster payments aren't being utilised, as I can send funds from my Bank Account in the UK to my Bondora account in Estonia through an intermediary who have to match my funds with funds going in the opposite direction as fast as this and for other UK P2P platforms it only takes a couple of hours for the transfer. I like the method currently being used by Saving Stream, whereby having 'deposited' money in one's account, they trust you to put SS in funds not later than 24 working hours later. Has worked perfectly for me.
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ilmoro
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'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 Sept 19, 2014 14:59:04 GMT
Which is right if they are saying that money will hit your account next working day as the Banks don't process payments on the weekend so even if you start the process on Saturday the Bank wont process it until Monday so it won't be credited to your Assetz Account until Tuesday. What is a pity and what I don't understand is why faster payments aren't being utilised, as I can send funds from my Bank Account in the UK to my Bondora account in Estonia through an intermediary who have to match my funds with funds going in the opposite direction as fast as this and for other UK P2P platforms it only takes a couple of hours for the transfer. I like the method currently being used by Saving Stream, whereby having 'deposited' money in one's account, they trust you to put SS in funds not later than 24 working hours later. Has worked perfectly for me. Beat me to it. Any reason Assetz cant do something similiar chris? Effectively a 72hr shadow account. 
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Post by chris on Sept 19, 2014 14:59:56 GMT
I like the method currently being used by Saving Stream, whereby having 'deposited' money in one's account, they trust you to put SS in funds not later than 24 working hours later. Has worked perfectly for me. Beat me to it. Any reason Assetz cant do something similiar chris? Effectively a 72hr shadow account. The new rules effectively prohibit it unfortunately. Edit: I should clarify. The client money regulations brought in by the FCA effectively require 100% cleared funds in the designated client money account before those funds can be made available on the site. Debit cards take several days to settle via the merchant services system. GoCardless could take 6 or more working days. Saving Stream's solution is a breach of those same rules. Bank transfers take a couple of hours usually but the current integration made available by our bank doesn't make that data available to us until the next day. We aren't allowed to give instant deposits for any of those solutions unless we find a way of having cleared funds available. For example we can prefund the account each morning with our own cash but then we have to sweep out the balance each night to make sure that the closing balance reconciles perfectly with lender deposits that are held. With the amounts that are deposited that isn't practical for us, although it may be an option for some sites that are either much smaller or have deeper pockets. We are working on solutions but as ever dealing with the banks takes time and these regulations come into effect on 1st October. Hence having to switch GC off today in order to make sure all funds from them have cleared by the time the new rules come into effect.
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baz657
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Post by baz657 on Sept 19, 2014 15:34:51 GMT
We are working on solutions but as ever dealing with the banks takes time and these regulations come into effect on 1st October. Hence having to switch GC off today in order to make sure all funds from them have cleared by the time the new rules come into effect. A couple of days warning would have been nice to make sure we've got the funds there if needed.
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oldgrumpy
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Post by oldgrumpy on Sept 19, 2014 15:53:27 GMT
As I understand it, a debit card ( edit: oops, I meant bank transfer)transfer to Assetz Client Account arrives PDQ (up to 2hours) but isn't credited by Assetz to individual accounts until the next day. is this a bank restriction or a current policy of Assetz? Concerning settlement of shadow bids in a hurry, somewhere recently (I) we were told to let Assetz know a such transfer payment was in the pipeline, and we wouldn't be punished for the one day delayed settlement of a shadow responsibility when the cash was already sitting in the client account. I hope!  |
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unmadem
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Post by unmadem on Sept 19, 2014 15:53:34 GMT
Beat me to it. Any reason Assetz cant do something similiar chris? Effectively a 72hr shadow account. The new rules effectively prohibit it unfortunately. Edit: I should clarify. The client money regulations brought in by the FCA effectively require 100% cleared funds in the designated client money account before those funds can be made available on the site. Debit cards take several days to settle via the merchant services system. GoCardless could take 6 or more working days. Saving Stream's solution is a breach of those same rules. Bank transfers take a couple of hours usually but the current integration made available by our bank doesn't make that data available to us until the next day. We aren't allowed to give instant deposits for any of those solutions unless we find a way of having cleared funds available. For example we can prefund the account each morning with our own cash but then we have to sweep out the balance each night to make sure that the closing balance reconciles perfectly with lender deposits that are held. With the amounts that are deposited that isn't practical for us, although it may be an option for some sites that are either much smaller or have deeper pockets. We are working on solutions but as ever dealing with the banks takes time and these regulations come into effect on 1st October. Hence having to switch GC off today in order to make sure all funds from them have cleared by the time the new rules come into effect. chris Have you ever considered moving your client money account to a bank that does provide the level of integration you need to run your business efficiently ?
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Post by chris on Sept 19, 2014 16:17:59 GMT
As I understand it, a debit card transfer to Assetz Client Account arrives PDQ (up to 2hours) but isn't credited by Assetz to individual accounts until the next day. is this a bank restriction or a current policy of Assetz? Concerning settlement of shadow bids in a hurry, somewhere recently (I) we were told to let Assetz know a such transfer payment was in the pipeline, and we wouldn't be punished for the one day delayed settlement of a shadow responsibility when the cash was already sitting in the client account. I hope! Debit cards, when we accept them, will take 3 working days to clear into our Client Money Account (CMA from now on). Bank transfers take minutes to an hour or two within daytime hours but do not appear on our electronic statement until the next working day. The AC system credits all accounts the second we have data on cleared funds.
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Post by chris on Sept 19, 2014 16:27:10 GMT
chris Have you ever considered moving your client money account to a bank that does provide the level of integration you need to run your business efficiently ? That is one option that is on the cards but in itself requires months of negotiation and planning. We're very much a "by the book" company with a full time compliance officer with decades of experience in the banking world alongside a very experienced team. Because all client funds used to be in control of the AC trust, run by Grant Thornton, switching banks was a very complicated process with buy in needed from multiple parties. Under the new regulations that setup is having to change and we have direct control over the CMA (at least in my understanding). It's now more practical to move, indeed we are quite far along that process just to get access to the technology we need. We've literally just found out (2 days ago) from our existing bank that they do offer a solution after all, having previously been told they didn't, so we're now moving forward with both in parallel. If the existing bank pull through in time then we'll stick with them, if not then we'll have to move banks. Our debit card solution was coded over a year ago and has been stuck in a similar process ever since. Again this seems to be moving now so we'll see how quickly we can push that solution through.
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baz657
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Post by baz657 on Sept 19, 2014 16:27:12 GMT
So are we all required to have up to three days worth of dead money in our accounts "just in case" with no way for an immediate emergency top up?? I can't believe it in this day and age.
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Post by chris on Sept 19, 2014 16:27:54 GMT
So are we all required to have up to three days worth of dead money in our accounts "just in case" with no way for an immediate emergency top up?? I can't believe it in this day and age. That's the regulation as it stands. Edit: Worth adding that the intention of the regulation is to provide protection to client money, so from that point of view it is a good thing. But it is a little cumbersome to work with.
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oldgrumpy
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Post by oldgrumpy on Sept 19, 2014 16:30:34 GMT
chris Oops, I meant bank transfer. My comments are going to need attention immediately, as I have had a email asking for my Shadbid on W-London Prop to be settled for "early next week". What happens if it draws on Monday? Money I transfer now won't appear in my account until Tuesday, so I am already facing a shadfault! Many others who get home from work tonight will be in the same situation.
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