withnell
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Post by withnell on Mar 13, 2020 15:54:40 GMT
Does not explain why cash withdrawals requested before the block have yet to be processed
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benaj
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Post by benaj on Mar 13, 2020 15:58:31 GMT
My guess, due to a fundamental flaw in the operating system, an update which hasn't been fully tested in the beta stage is now running. Now it requires another major update to fix the "bug".
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cb25
Posts: 3,528
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Post by cb25 on Mar 13, 2020 16:08:09 GMT
Does not explain why cash withdrawals requested before the block have yet to be processed
"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."
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lpa
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Post by lpa on Mar 13, 2020 16:59:49 GMT
I also made a withdrawal request yesterday morning and have not yet received the funds in my linked bank account....hopefully Monday therefore
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Post by df on Mar 13, 2020 18:13:10 GMT
I agree with the measures that AC has implemented. They dealt with cash imbalance problem much better than RS and LW (imo). Performance of our funds depends on the health of the platform. I was going to give my AC pot a little haircut next week because it's gone slightly over my self-imposed limit, but that's not crucial and I can wait, so if this measure is temporary it doesn't affect me very much.
The only criticism on my behalf is the sequence of events. The communication should be immediately after the measure has taken place. I kind of guessed that because of the virus many people panicked (as is evident looking at empty shelves in supermarkets) and went for withdrawal of their funds (just in case), but it would've been better if the explanation for this action was communicated straight away.
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tonyr
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Post by tonyr on Mar 13, 2020 18:25:55 GMT
Very detailed very precise, bravo. Looking forward to seeing the que postion and a guage of liquiditiy. As they state, the underlying loan book is perfectly fine; the inbalance simply being between withdrawers and new investors taking a negative correlation this week. No, there is still a significant flaw. The web site says:
As soon as the new system is live in the coming days, new Access Account withdrawal requests can be submitted to join the queue. All existing QAA, 30 Day Access Account and 90 Day Access Account withdrawal requests are still queued in the order they were requested, and their position will be honoured.
This isn't good enough. Perhaps chris and stuartassetzcapital can provide more reassurance, but investment into the QAA and like was always on a first come first served basis and the T&Cs imply that in non-normal market conditions there will be a similar queue for exit. But that's not what happened. At 2:50 yesterday I posted that this wasn't working and the above statement is ambiguous at best, and at worst it imples that there never was a working withdrawal queue. Now that's a serious breach of what we signed up for - if there never was a queue at least AC have to consider every complaint on a case by case basis and reconsruct the order things shold have happened in.
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Post by davee39 on Mar 13, 2020 18:28:43 GMT
There remain some unanswered questions.
A queuing system was always part of the design of the access accounts, so why is there a delay in implementation? I would have expected the code to ready to be switched on when needed. Could the delay to be allow some cash from repayments to accrue before opening the floodgates and risking an FC style 120 day wait?
Edit: Crossed with TonyR. I think we are asking the same question - if there is a queue why is it not operating.
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Post by Harland Kearney on Mar 13, 2020 18:32:43 GMT
There remain some unanswered questions. A queuing system was always part of the design of the access accounts, so why is there a delay in implementation? I would have expected the code to ready to be switched on when needed. Could the delay to be allow some cash from repayments to accrue before opening the floodgates and risking an FC style 120 day wait? Completely agree, I too would be interested to know.
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iren
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Post by iren on Mar 13, 2020 19:05:36 GMT
I can’t even see why the queue would need to be “switched on”. Queueing was always understood to be part of the design, and it should surely operate automatically where cash is not available for withdrawal.
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Post by aidanw on Mar 13, 2020 19:57:02 GMT
Just got an email from loanpad they seem to be handling this very well compared to assetz and ratesetter. They state their loans are uncorellated to the stockmarket and they have reduced lending to increase platform liquidity. But the demands for early redemptions from borrowers are directly correlated.
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alender
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Post by alender on Mar 13, 2020 21:06:42 GMT
My cash account in locked with a large sum I cannot withdraw.
I requested money form the 30 day account just over a month ago and it arrived in the cash account as expected, however I cannot get it out from the cash account as the QAA account has the "Invest idle funds from other Assetz Standard Investment Accounts and your Standard Cash account" set. This had the affect of investing my funds without asking me, it is very strange as I have 3 accounts (1 personnel and 2 business) and this is the only account with that setting and if I change a setting I do it on all 3 accounts, also I cannot think why I would have set this as I only use the cash account for withdrawals. I would have have been able to get the money out but for some reason my external bank account was not verified, I immediately sent required proof but by the time Assetz verified/freed this a day latter they locked down accounts, again very strange as my other two accounts have have this verified and I am almost certain I did all 3 at the same time. The resulting situation is I now have a cash account and QAA account showing the same money. I can understand how technically this happened but it makes no sense because I requested the money to be sent to my cash account not the QAA account and there is also an option to move to QAA account which I obviously did not use because I wanted to withdraw the money. If intended it to go to the QAA account I would have sent it there.
I have raised this with Assetz and I am waiting for their response.
I guess the moral of this story is to make sure all settings (even if you don't know they exists) are set to avoid reinvestment of funds and make sure you bank account is verified as this will cause in delays and like me get locked in.
In order to get some cash flow I have set all accounts to repay interest and capital to the cash account.
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Post by oatibiscuit on Mar 13, 2020 23:23:30 GMT
There are two reasons why I am not particularly reassured by the statement:
"We expect this will continue at least to some degree before treatments and then the vaccine are announced in due course. We all know that this is being worked on at a pace and the announcement of either, or both, will likely remove the substantial uncertainty from the markets"
What on earth are they talking about? Everybody knows that a vaccine is 12-18 months away, and there are no "treatments". Nothing will be announced in "due course". Yet this is apparently what we are relying on to restore normal market conditions? Bizarre.
Secondly, the quality of English throughout the statement is really quite poor. It feels like somebody has thrashed it out on a train and pressed send without even proof reading it. Combined with the above, it gives an impression of disarray.
I am a big fan of Assetz; I have faith that they will deal with this crisis professionally and will hopefully come through the other end.
I just thought the above was too strange to ignore.
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rogedavi
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Post by rogedavi on Mar 14, 2020 9:30:50 GMT
Just noticed this, and to be honest I am not surprised at all.
A significant number of investors used QAA to park money and earn a decent yield on it in a low interest rate environment.
QAAs cash position has decreased from something around 10-15% to just 1% this morning.
I suspect the wave of withdrawals has got a lot more to do with folks seeing a better opportunity elsewhere for that capital (i.e. long term stock accumulation at fire sale prices) rather than fears over AC's loan book (am not saying it wont be impacted) or ACs viability as a going concern.
This isnt FC folks. My 2c.
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Post by gravitykillz on Mar 14, 2020 10:02:48 GMT
Can you imagine what working in the assetz call centre would be like now. Feel sorry for the buggers.
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johns
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Post by johns on Mar 14, 2020 10:08:52 GMT
I'm sure I am one of many investors who had set their Cash to be swept into the QAA (and I'm sure not the only one to have now reversed that instruction!!). I am intrigued as to how a queue system can be set up to operate fairly. Surely it can't be a 'first-off-the-starting-blocks' approach? I assume also that any interest/capital repayments from my QAA and MLA will go straight to cash and be available for immediate withdrawal? Time will tell.
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