IFISAcava
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Post by IFISAcava on May 8, 2019 8:39:45 GMT
The rules are clear on a withdrawal request from the 90d account Into another AC account. That can be cancelled and you still get the bonus. But for clarity for other users, I think what you’re saying here is you withdrew cash from one of your other AC accounts back to your bank? I made the withdrawal request from cash to bank account, yes, but tried to stop it before it was actioned, which it has now been explained is not possible. So that withdrawal request had the effect of permanently reducing the amount eligible for the 1% bonus on the amount I had put into the 90 day account.
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Post by chris on May 8, 2019 8:54:34 GMT
IFISAcava - it sounds like you're talking about a cash withdrawal from the platform, rather than a withdrawal from the 90 day account. With the latter that's something you can cancel via the dashboard. The former is more complex though as there's a race condition between requesting a withdrawal, it being processed, and letting lenders request a cancellation. When funds are released from the client money account there is an asynchronous multi-step process involving generating data files, uploading them to our bank's systems, authorising their payment via the bank's dashboard, marking off paid transactions on our system, before reconciling the client money system against the end of day bank statement. If we allowed cancellations then there's a window where funds could already have been released by the bank before our system is updated which would allow a cancellation to occur, funds to be credited back to a lender that are no longer present in the client money account. That would be a regulatory breach. For the most part I would therefore not expect to allow any cancellations of withdrawals off platform once they have been submitted, and authorised via 2FA, unless there is a report of fraud or an account being hacked where we'd then need to follow a procedure involving insurance companies and pausing all withdrawals until we were comfortable, etc. Thanks for the reply chris - that's helpful. Yes, cash withdrawal, that I wanted to stop so as not to reduce the sum eligible for the bonus I signed up for. Whether re-depositing the money the same day rather than trying to cancel the withdrawal would have been a solution to the problem I don't know, though seems unlikely. Balances are taken / checked as at midnight each day so a same day redeposit of funds would have been the solution.
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sl75
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Post by sl75 on May 8, 2019 9:18:21 GMT
Balances are taken / checked as at midnight each day so a same day redeposit of funds would have been the solution. That's not [always][1] possible. The withdrawal form indicates that "typically withdrawal requests may take up to 2 working days to be processed (excluding the day of submission)", and in my experience AC always delay withdrawals at least overnight (e.g. my last withdrawal a few months ago left my AC account on a Wednesday at 14:36, but was not credited to my bank account until the Thursday).
Certainly it is possible to deposit DIFFERENT funds (perhaps to the same amount) on the same day, and depending on the amount involved and terms of the bank account, it could perhaps have been worth IFISAcava going overdrawn for a day in order to "rescue" a 1% bonus, but that's not necessarily clear cut, as some banks charge fees that may exceed 1% for any use of an overdraft.
I've made the point before that the "0 seconds" time to withdraw from the QAA is completely meaningless, and potentially misleading when funds are actually subjected to at least a 1 day delay for withdrawal outside the AC system. How far up the priority list is "allow processing of fully authenticated withdrawals on the same day via Faster Payments or CHAPS"?
[1] edit: per rscal correction - with current procedures it's possible but only if the withdrawal was requested in the morning, and AC staff manage to process it the same day.
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Post by chris on May 8, 2019 9:21:56 GMT
sl75 - I read the question as being new funds deposited, but you are right that there are timing issues there as well if you look to redeposit the same funds.
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rscal
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Post by rscal on May 8, 2019 13:44:33 GMT
Balances are taken / checked as at midnight each day so a same day redeposit of funds would have been the solution. That's not possible. The withdrawal form indicates that "typically withdrawal requests may take up to 2 working days to be processed (excluding the day of submission)", and in my experience AC always delay withdrawals at least overnight (e.g. my last withdrawal a few months ago left my AC account on a Wednesday at 14:36, but was not credited to my bank account until the Thursday). I don't think you are right (but will stand corrected) about that. AIUI a withdrawal request made before noon is processed the same (working) day but one made at 12.01 and later goes into the next day's cycle. This was mentioned somewhere and I made a mental note ("that's useful") I've had at least one same-day and one not same-day experience with withdrawals (Hey, hardly anyone ever withdraws from this platform, right?) and this could be explained by the time of the requests.
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sl75
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Post by sl75 on May 8, 2019 15:13:25 GMT
That's not possible. The withdrawal form indicates that "typically withdrawal requests may take up to 2 working days to be processed (excluding the day of submission)", and in my experience AC always delay withdrawals at least overnight (e.g. my last withdrawal a few months ago left my AC account on a Wednesday at 14:36, but was not credited to my bank account until the Thursday). I don't think you are right (but will stand corrected) about that. AIUI a withdrawal request made before noon is processed the same (working) day but one made at 12.01 and later goes into the next day's cycle. This was mentioned somewhere and I made a mental note ("that's useful") I've had at least one same-day and one not same-day experience with withdrawals (Hey, hardly anyone ever withdraws from this platform, right?) and this could be explained by the time of the requests.
I stand (sit) corrected...
Re-checked a couple of other withdrawals from last year, and they're consistent with that (one done in the morning did indeed get credited same day, making it possible to redeposit funds only if you requested the withdrawal in the morning... so I'll go back and correct my earlier post.
Overall point remains that if AC can process deposits every hour, there's absolutely no reason I can see why they cannot also process properly authenticated and validated withdrawals on the same frequency. An unanticipated 1 day delay for withdrawals was something I'd got burned by in the past, so I must have remembered that part of the mental note more clearly having hardly withdrawn much at all (and certainly nothing time-critical) within the last few months or more.
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SteveT
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Post by SteveT on May 8, 2019 15:21:25 GMT
The hourly deposit run is an entirely automated feed of information from AC’s banking partner, no human involvement required (hence it runs 24-7). Withdrawals from an FCA-authorised Client account are never going to be automated to that extent. Can you think of any P2P platform that has?
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Post by chris on May 8, 2019 18:29:42 GMT
I don't think you are right (but will stand corrected) about that. AIUI a withdrawal request made before noon is processed the same (working) day but one made at 12.01 and later goes into the next day's cycle. This was mentioned somewhere and I made a mental note ("that's useful") I've had at least one same-day and one not same-day experience with withdrawals (Hey, hardly anyone ever withdraws from this platform, right?) and this could be explained by the time of the requests.
I stand (sit) corrected...
Re-checked a couple of other withdrawals from last year, and they're consistent with that (one done in the morning did indeed get credited same day, making it possible to redeposit funds only if you requested the withdrawal in the morning... so I'll go back and correct my earlier post.
Overall point remains that if AC can process deposits every hour, there's absolutely no reason I can see why they cannot also process properly authenticated and validated withdrawals on the same frequency. An unanticipated 1 day delay for withdrawals was something I'd got burned by in the past, so I must have remembered that part of the mental note more clearly having hardly withdrawn much at all (and certainly nothing time-critical) within the last few months or more.
They're two entirely separate systems with different communication mechanisms, file formats, etc. It's possible to code with additional agreements, paying more fees to the banks, etc. but that hasn't been prioritised yet. It's something planned for later in the year but we'll have to see about the exact timings.
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rscal
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Post by rscal on May 25, 2019 12:15:57 GMT
* Bonus Payout Received *
Received my 1% credited to my Cash holding account yesterday @ 14:00 (T&Cs state '28th May' but they have made the payment slightly early.
I jolted myself into requesting a 90 day withdrawal of the full balance this afternoon with a transfer to QAA (will happen on 23 August based on today's date)
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alexs
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Post by alexs on Jun 3, 2019 9:39:43 GMT
Total over all Access Accounts has crossed 180 Mio today. An increase of 17.5 Mio since the 90DAA was introduced two months ago. 36.8 Mio in the 90DAA 85.0 Mio in the 30DAA 58.8 Mio in the QAA Total over all Access Accounts has now crossed 200 Mio. Congratulations Assetz Capital! 48.6 Mio in the 90DAA 88.0 Mio in the 30DAA 56.7 Mio in the QAA
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SteveT
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Post by SteveT on Jun 3, 2019 12:34:09 GMT
Total over all Access Accounts has crossed 180 Mio today. An increase of 17.5 Mio since the 90DAA was introduced two months ago. 36.8 Mio in the 90DAA 85.0 Mio in the 30DAA 58.8 Mio in the QAA Total over all Access Accounts has now crossed 200 Mio. Congratulations Assetz Capital! 48.6 Mio in the 90DAA 88.0 Mio in the 30DAA 56.7 Mio in the QAA Fingers crossed that AC lenders don’t suddenly decide they’d like all (or even any significant chunk of) their £200m back within the next 90 days! The current rash of Lendy-inspired “P2P is doomed” news articles must be causing some concern...
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m2btj
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Post by m2btj on Jun 3, 2019 15:09:42 GMT
SteveT : Fingers crossed that AC lenders don’t suddenly decide they’d like all (or even any significant chunk of) their £200m back within the next 90 days! The current rash of Lendy-inspired “P2P is doomed” news articles must be causing some concern...Let's get some perspective here! I wasn't invested in Lendy but from what I gather it wasn't a well managed platform & offered loans at the higher risk end of the P2P spectrum. Like all poorly managed businesses it eventually went to the wall. On the other hand AC is a conservatively run, well managed platform investing in low to medium risk loans. The business model has proven successful & continues to grow within the sector. Why would AC investors decide to panic because Lendy went pop? Investors reading this forum were aware of Lendy's failings & no one was surprised at the outcome. I expect AC to continue its growth & take the market share of those platforms built on shaky foundations.
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nick
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Post by nick on Jun 3, 2019 15:24:57 GMT
Total over all Access Accounts has now crossed 200 Mio. Congratulations Assetz Capital! 48.6 Mio in the 90DAA 88.0 Mio in the 30DAA 56.7 Mio in the QAA Fingers crossed that AC lenders don’t suddenly decide they’d like all (or even any significant chunk of) their £200m back within the next 90 days! The current rash of Lendy-inspired “P2P is doomed” news articles must be causing some concern... I just did a quick check of current liquidity in the 90/30/Q accounts and there seems to be a fair amount of cushion with only 83.2% currently invested in loans and the cash representing about 52% of the QAA balance which what they would need to cover in the first instance in the event of a run. The liquidity level at 83% is a lot more comfortable than the last time I checked in late Feb where it was touching 99% - which was concerning at the time.
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sl75
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Post by sl75 on Jun 4, 2019 7:01:26 GMT
... I expect AC to continue its growth & take the market share of those platforms built on shaky foundations. A thought that's been occurring for quite some time:
One side-effect of AC's relatively complex platform with several accounts within an account (QAA/30DAA/90DAA/MLIA/GBBA1+2/GEA/PSA/etc. all within a single overarching investment account, and the whole lot potentially duplicated for ISA versions of each) is that if a failed platform with intact records of the current loan book were to want AC to take over its run-down operations, the "imported" and potentially toxic loan book could be completely insulated from the AC-originated loans by launching one or more additional investment accounts that are already closed to new investment and only contain the imported loans.
There'd be competing incentives for the recoveries of the imported loan book... on one hand it could be argued that AC might not try too hard to recover the loans in order to make their self-originated loans look better by comparison, but on the other hand it could also be argued they'd have an incentive to work extra-hard on those recoveries to show how much better their own recovery processes are than those of the failed platform. Either way, however, it would give AC an opportunity to have money flowing into their own platform as those loans are run down, and other AC investment accounts are the easiest place to re-invest any monies returned from the loan book imported from the failed platform.
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jlend
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Post by jlend on Jul 11, 2019 14:57:13 GMT
The contribution to PF per AA is less if the rate on the account (eg 90DAA) is higher than another (eg QAA) as the manual lending rate (MLA) is the same rate regardless of account. So the contribution to the QAA PF is higher than that to the PF 90DAA on a day to day basis. However that ignores an important factor. We can and do sometimes remove excess funding from PFs that are ahead of our target level of coverage ratio from time to time, and also can and do seed fund provision funds such as the new 90DAA by putting cash into them. In addition we may decide to move excess funding from one account to another if for example and account like QAA had a reduction in balance due to it being moved to the 90DAA and we were comfortable this was the correct thing to do. All of this will wash through to the coverage ratio published regularly (last was Dec 31st 2018 data) and soon to be refreshed. I hope this assists. Hi stuartassetzcapitalHas there been any movement of PF cash from the QAA and 30DAA to the 90DAA PF. Will we see that in the next PF updates? The last updates were the end of March. Cheers.
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