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Post by webbski9 on Jul 24, 2019 10:40:12 GMT
Can anyone tell me why, when making deposits by Debit Card ,the funds are not available for 2/3 days ? Every other institution that I use for investing gives you instant access .
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benaj
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Post by benaj on Jul 24, 2019 10:43:42 GMT
Bank transfer to LW is usually faster, that's my experience and others.
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Post by webbski9 on Jul 24, 2019 10:47:24 GMT
Thanks.What is the time frame for BACS deposits in your experience ?
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Post by gravitykillz on Jul 24, 2019 12:25:42 GMT
Can anyone tell me why, when making deposits by Debit Card ,the funds are not available for 2/3 days ? Every other institution that I use for investing gives you instant access . Some FSA or FCA rule. They don't want to risk lending funds on stolen cards. That's why Ratesetter is not a member.
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rscal
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Post by rscal on Aug 6, 2019 14:12:45 GMT
Can anyone tell me why, when making deposits by Debit Card ,the funds are not available for 2/3 days ? Every other institution that I use for investing gives you instant access . Some FSA or FCA rule. They don't want to risk lending funds on stolen cards. That's why Ratesetter is not a member. Debit card deposits into Kuflink and Lending Crowd are instantly available for investment. (My first Withdrawal from Kuflink - of the interest earned - is taking several days however and yyet to complete, I hope that's just b/c it's the first one or something )
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oldtimer
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Post by oldtimer on Aug 6, 2019 14:19:22 GMT
Kuflink withdrawals always take several days for some reason
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benaj
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Post by benaj on Aug 6, 2019 14:28:53 GMT
Kuflink withdrawals always take several days for some reason Requested on the 15th for the Kuflink withdrawal, money arrived on the 19th. Definitely not the fastest, but acceptable. I would rather have 4 days withdrawal instead of 90+ days loan selling time frame on the other platform, or even going under administration.
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Post by gravitykillz on Aug 6, 2019 14:45:59 GMT
Crowdproperty withdrawals amazed me. They were instant withdrawals!
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Post by Matthew on Aug 7, 2019 11:47:48 GMT
Can anyone tell me why, when making deposits by Debit Card ,the funds are not available for 2/3 days ? Every other institution that I use for investing gives you instant access . This is understandably frustrating, but is due to the client money rules requiring funds to be available (as in cleared in our client account) before allowing investors to 'trade' with or withdraw those funds. There are ways around this, such as pre-funding card deposits until the funds clear, and we will look again at this next year, but for now there is a delay. On another note, we'll be releasing an instant bank transfer option in the next 30-45 days which will literally be seconds from the point you make your transfer to appearing on your Lending Works account. More on this to follow. Thanks
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benaj
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Post by benaj on Oct 10, 2019 9:34:15 GMT
Can anyone tell me why, when making deposits by Debit Card ,the funds are not available for 2/3 days ? Every other institution that I use for investing gives you instant access . This is understandably frustrating, but is due to the client money rules requiring funds to be available (as in cleared in our client account) before allowing investors to 'trade' with or withdraw those funds. There are ways around this, such as pre-funding card deposits until the funds clear, and we will look again at this next year, but for now there is a delay. On another note, we'll be releasing an instant bank transfer option in the next 30-45 days which will literally be seconds from the point you make your transfer to appearing on your Lending Works account. More on this to follow. Thanks Any update Matthew regarding the instant bank transfer?
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Post by Matthew on Oct 10, 2019 20:16:17 GMT
This is understandably frustrating, but is due to the client money rules requiring funds to be available (as in cleared in our client account) before allowing investors to 'trade' with or withdraw those funds. There are ways around this, such as pre-funding card deposits until the funds clear, and we will look again at this next year, but for now there is a delay. On another note, we'll be releasing an instant bank transfer option in the next 30-45 days which will literally be seconds from the point you make your transfer to appearing on your Lending Works account. More on this to follow. Thanks Any update Matthew regarding the instant bank transfer? Hi benajApologies for the lack of update on this thread... It's taken a little longer than we'd have liked (as always) but we're still hoping to release in Q4. We're also looking at improving our debit card offering to make this instant too, so once both of those are live I think the customer experience for adding funds will be vastly improved. I will let you know once I've got a confirmed release date from Product. Thanks
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