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Post by popeye on Mar 12, 2020 20:36:23 GMT
I wonder what will happen to existing queued withdrawals on the 30 and 90 day accounts that now mature. I have one due early April so will be a while yet but I’m sure others will confirm their experiences shortly.
Note that it is still possible to request a withdrawal on these 2 accounts.
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Post by drphil on Mar 12, 2020 20:42:33 GMT
I wonder what will happen to existing queued withdrawals on the 30 and 90 day accounts that now mature. I have one due early April so will be a while yet but I’m sure others will confirm their experiences shortly. Note that it is still possible to request a withdrawal on these 2 accounts. I had a queued withdrawal scheduled for 2.30 today and that's still stuck.
In fact 99% of my funds are queued. This was a rolling measure to reduce risk. Whether that will make any difference to the ultimate outcome remains to be seen.
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Post by Ace on Mar 12, 2020 20:52:13 GMT
I wonder what will happen to existing queued withdrawals on the 30 and 90 day accounts that now mature. I have one due early April so will be a while yet but I’m sure others will confirm their experiences shortly. Note that it is still possible to request a withdrawal on these 2 accounts. I had a queued withdrawal scheduled for 2.30 today and that's still stuck. In fact 99% of my funds are queued. This was a rolling measure to reduce risk. Whether that will make any difference to the ultimate outcome remains to be seen.
I guess that queued withdrawals from the notice accounts will enter the QAA withdrawal queue when they mature. They will then sit in that queue waiting their turn until sufficient cash is available to move them to the cash account. Once there they will be able to be withdrawn to your bank account. Perhaps chris could confirm.
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Post by chris on Mar 12, 2020 20:55:56 GMT
I had a queued withdrawal scheduled for 2.30 today and that's still stuck. In fact 99% of my funds are queued. This was a rolling measure to reduce risk. Whether that will make any difference to the ultimate outcome remains to be seen.
I guess that queued withdrawals from the notice accounts will enter the QAA withdrawal queue when they mature. They will then sit in that queue waiting their turn until sufficient cash is available to move them to the cash account. Once there they will be able to be withdrawn to your bank account. Perhaps chris could confirm. Yes, that's how it works.
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Post by drphil on Mar 12, 2020 20:58:16 GMT
I had a queued withdrawal scheduled for 2.30 today and that's still stuck. In fact 99% of my funds are queued. This was a rolling measure to reduce risk. Whether that will make any difference to the ultimate outcome remains to be seen.
I guess that queued withdrawals from the notice accounts will enter the QAA withdrawal queue when they mature. They will then sit in that queue waiting their turn until sufficient cash is available to move them to the cash account. Once there they will be able to be withdrawn to your bank account. Perhaps chris could confirm. I would hope so, yes, though that hasn't happened yet to my withdrawal (from the 30 day) which was destined for the QAA by virtue of the "Invest Idle Funds" being set to "ALL"
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Post by Harland Kearney on Mar 12, 2020 20:58:27 GMT
Do you know when we will see a detailed response from AC at this situation. Comm is gonna be key if we are not going to have a mass run on the platform *if* the accounts reopen.
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Post by chris on Mar 12, 2020 21:17:21 GMT
Do you know when we will see a detailed response from AC at this situation. Comm is gonna be key if we are not going to have a mass run on the platform *if* the accounts reopen. There'll be communication tomorrow (morning I believe), and further communication over the coming days.
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r00lish67
Member of DD Central
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Post by r00lish67 on Mar 12, 2020 21:28:03 GMT
Do you know when we will see a detailed response from AC at this situation. Comm is gonna be key if we are not going to have a mass run on the platform *if* the accounts reopen. There'll be communication tomorrow (morning I believe), and further communication over the coming days. Thanks chris . Aside from the pausing of the access accounts, is there any issue/delay with straight withdrawals of (unswept) cash to linked bank accounts at present? I'm awaiting one from yesterday, which I appreciate isn't dramatically long ago, but I would have normally expected it through by now.
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Post by stuartassetzcapital on Mar 12, 2020 21:30:10 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.
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Post by Harland Kearney on Mar 12, 2020 21:39:11 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. You have no idea how much confidence this brings investors with clear comms. Thank God  I do not entirely follow though, in a few days withdrawl of invested funds will be freed up again to be moved around products and withdrawn from the site?
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jcb208
Member of DD Central
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Post by jcb208 on Mar 12, 2020 22:00:19 GMT
Well a lot of people will bolt for the door after Assetz actions today,they will need to bring in some restriction's of amounts that can be withdrawn so people who need to can get some of there money out of the quick access account
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Post by sohao on Mar 12, 2020 22:00:25 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. This is helpful! Thanks a lot for this. Is there any estimated time to allow withdraw from quick assess account? I have put some money there and expect to withdraw it by end of this month to pay the initial payment for a flat as the contract gets finalised. If I am not able to withdraw it, I will not be able to finalize the purchase. Though I totally totally understand the decision made on this to avoid massive withdraw due to panic but will Assetz capital allow people to withdraw under extreme conditions like this by providing the necessary documents (e.g. real estate contract)?
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Post by Harland Kearney on Mar 12, 2020 22:02:56 GMT
Well a lot of people will bolt for the door after Assetz actions today,they will need to bring in some restriction's of amounts that can be withdrawn so people who need to can get some of there money out of the quick access account Exactly yes, their site says its due to the Virus; however AC's response makes the Virus seem like a somewhat partial reason & more primairly due to the ongoing changes in desposit and withdrawal methods. His response is still somewhat confusing me and I hope he replies again with more info if he is able to provide any. I believe he means, withdrawls system changes during these temp events in the market we are seeing. A que system will generate and we will cash out depending on avaibility until things calm down again.
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sl75
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Post by sl75 on Mar 12, 2020 22:15:06 GMT
Interestingly, it seems that this restriction has thrown the system that matches orders on the secondary market into a bit of a tizzy...
After turning off the "invest idle funds" option, and adding some fresh (non-swept) funds, the system IMMEDIATELY purchased exactly £0.1539 of several loans - the same amount that had been swept to the QAA at the point they turned withdrawals off.
The entire matching system seems to have been built on the assumption that instant withdrawals from the QAA will "always" be possible - for the purpose of matching buyers to sellers it's still assuming that buyers whose funds have been swept to the QAA will be able to use that amount to buy loan units.
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Post by Harland Kearney on Mar 12, 2020 22:18:44 GMT
The amount of people who have basically turned off invest funds automatically in this thread is telling of peoples worry about the situation, understandably
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I do not entirely follow though, in a few days withdrawl of invested funds will be freed up again to be moved around products and withdrawn from the site?