tonyr
Member of DD Central
Posts: 477 
Likes: 258
|
Post by tonyr on Mar 12, 2020 22:27:46 GMT
We expect the access account withdrawals to continue again as the queueing system starts up in the next few days. We will advise more tomorrow. This is just a move to withdrawals being connected more to deposits, something all our peers use in normal market conditions and we only intend to use in more interesting markets that we have temporarily today. And this doesn’t affect rates of return, withdrawal of cash from your cash account nor any secondary market trading - it is solely how the access account withdrawal process will work in these temporary market conditions. Thanks stuartassetzcapital , being an investor (in many senses, including in AC shares) and an insomiac I was well aware the sitation unfolding during the night. Some of us supporters have advised elderly parents to put their retirement money with you, including my mother who was the first to trigger your euphemistically named "web site error". Can I very strongly suggest that the QAA integrity is based on a queuing system for withdrawls and to retain that trust you have to maintain that queuing system. You have the logs (both from the web request and from our phone calls) to do this. You really need to honour those requests - as you are well aware there is everything at stake here. TonyR (you know my phone number, I can talk tomorrow)
|
|
|
|
Post by Ton ⓉⓞⓃ on Mar 12, 2020 22:28:24 GMT
Seasonal trend, no? Jesting aside, the cash proportion is now around 1% or £2.2m. I interpret this as the cash required to be set-aside to meet reductions in capital valuation for the proportion of the loans held by the Access accounts. Or do AC require future inflows from interest and repayments to make up the shortfall? Hmmm.... guess we can check this because we know the proportion of loans held by the access accounts and the loans with a capital valuation below 100%. Anyone done the calcs?
i don't see how cap valuations come into it, isn't that more to do with the PF?
To me it seems that AC is thinking "we've committed ourselves to giving a loan to such-and-such we need to abide by our side of the contract" in other words cash allocation.
|
|
cb25
Posts: 3,528
Likes: 2,668
|
Post by cb25 on Mar 12, 2020 22:40:07 GMT
We expect the access account withdrawals to continue again as the queueing system starts up in the next few days. We will advise more tomorrow. This is just a move to withdrawals being connected more to deposits, something all our peers use in normal market conditions and we only intend to use in more interesting markets that we have temporarily today. And this doesn’t affect rates of return, withdrawal of cash from your cash account nor any secondary market trading - it is solely how the access account withdrawal process will work in these temporary market conditions. Thanks for the update. Re withdrawals from cash account, I'll be contacting AC support in the morning because a withdrawal I made late Wed afternoon wasn't processed today. First time ever with AC that it's taken more than a day.
|
|
r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
|
Post by r00lish67 on Mar 12, 2020 23:11:32 GMT
We expect the access account withdrawals to continue again as the queueing system starts up in the next few days. We will advise more tomorrow. This is just a move to withdrawals being connected more to deposits, something all our peers use in normal market conditions and we only intend to use in more interesting markets that we have temporarily today. And this doesn’t affect rates of return, withdrawal of cash from your cash account nor any secondary market trading - it is solely how the access account withdrawal process will work in these temporary market conditions. Thanks for the update. Re withdrawals from cash account, I'll be contacting AC support in the morning because a withdrawal I made late Wed afternoon wasn't processed today. First time ever with AC that it's taken more than a day. Would appreciate if you could let us know how you get on cb25 , unless of course this (thus far, small) delay is addressed in the e-mail.
|
|
cb25
Posts: 3,528
Likes: 2,668
|
Post by cb25 on Mar 13, 2020 8:36:56 GMT
Thanks for the update. Re withdrawals from cash account, I'll be contacting AC support in the morning because a withdrawal I made late Wed afternoon wasn't processed today. First time ever with AC that it's taken more than a day. Would appreciate if you could let us know how you get on cb25 , unless of course this (thus far, small) delay is addressed in the e-mail. Will do.
Contacted Livechat, who started with "..withdrawal requests may take up to 2 working days...That's always been our service level for withdrawals". I explained that it has never taken that long and I wanted a better explanation and pointed them to Stuart's post on this site (above) saying "...doesn't affect...withdrawal of cash from your cash account".
So, they confirmed my id, said they could see the request and "Today is the 2nd working day of processing so funds will be paid out today". They also answered No to my question "Are there any hold-ups that you are aware of on the process?"
I told them I'd check my bank a/c at the end of today, which I will. I've saved the transcript just in case.
|
|
lobster
Member of DD Central
Posts: 636
Likes: 467
|
Post by lobster on Mar 13, 2020 9:18:57 GMT
I made a withdrawal from Cash account to my nominated bank account early yesterday morning. The cash didn't arrive in my bank account last night. So I phoned first thing this morning and they checked the transaction and said all was well, but that it can take up to 2 working days not including the day of submission, (and to be fair it says this on the website). So on that basis I should get it by Monday at the latest.
He said that the accounts dept were busy but I would hopefully get the cash today, if not then Monday. So not as quick as usual but no cause for any alarm.
|
|
lpa
Posts: 45
Likes: 10
|
Post by lpa on Mar 13, 2020 13:15:05 GMT
We expect the access account withdrawals to continue again as the queueing system starts up in the next few days. We will advise more tomorrow. This is just a move to withdrawals being connected more to deposits, something all our peers use in normal market conditions and we only intend to use in more interesting markets that we have temporarily today. And this doesn’t affect rates of return, withdrawal of cash from your cash account nor any secondary market trading - it is solely how the access account withdrawal process will work in these temporary market conditions. I don't understand how this squares with the message on the AC website saying that withdrawals are blocked due to the coronavirus.
|
|
victors
Member of DD Central
Posts: 157
Likes: 86
|
Post by victors on Mar 13, 2020 13:24:07 GMT
For Coronavirus, read general financial uncertainty.
|
|
|
|
Post by nutfield on Mar 13, 2020 13:56:40 GMT
This change is worrying. But even the most straightforward withdrawal from Zopa seems to take 3 working days - whatever the market conditions.
|
|
|
|
Post by Harland Kearney on Mar 13, 2020 14:07:08 GMT
Yeah, I am waiting for the offical response, as well as the time frame for qued withdrawals to be on panels. As of right now not investing anymore funds until that is out of the way as we have no idea whats in store for us, other than last nights short post (although apprechiated so late in the evening)
|
|
|
|
Post by drphil on Mar 13, 2020 14:39:04 GMT
official statement now on website
|
|
|
|
Post by brianac on Mar 13, 2020 14:40:28 GMT
Just read the "Access acconts update" I do wish they hadn't used the "Strong and Stable" phrase, it didn't cut it for Theresa, puts me off, thinking result will not be any different in this case! :-( Brian
|
|
|
|
Post by cmundo on Mar 13, 2020 15:31:22 GMT
At the time of the freeze on withdrawal I only had funds in cash account but with “invest idle funds” turned on. I’ve now turned this off but I still can’t withdraw any cash from cash account. Unclear weather this action will have allocated me a slot in the queue to withdraw?!
|
|
|
|
Post by Harland Kearney on Mar 13, 2020 15:42:37 GMT
At the time of the freeze on withdrawal I only had funds in cash account but with “invest idle funds” turned on. I’ve now turned this off but I still can’t withdraw any cash from cash account. Unclear weather this action will have allocated me a slot in the queue to withdraw?! I am in the same postion, I believe we should be allocated a postion as its a request to withdraw from the access accounts. Maybe somebody can ask Chris? Not sure how to ping him here;
|
|
|
|
Post by stuartassetzcapital on Mar 13, 2020 16:27:48 GMT
There is a FAQ being added to the blog post hopefully over the weekend that should answer this and other questions
|
|
