cb25
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Post by cb25 on Mar 14, 2020 9:23:57 GMT
stuartassetzcapital chris Gentlemen, I would appreciate it - as I'm sure would other AC investors - if you could give a detailed explanation of: -why there are delays in the Withdraw Funds process moving money from a Cash account to a nominated Bank account
-how long it is likely to take for money to reach the Bank account
I put in a Withdraw Funds request late Wednesday afternoon and at the time of writing this on Saturday morning the money still isn't in my bank, meaning AC have taken more than 2 full working days to do a simple transfer. If AC were a small 'mom and pop' outfit having to write cheques by hand I could see the reason for the delay, but AC are a sizeable fintech company running sophisticated IT systems, so I would expect the transfer of funds to be almost instant.
When it came to the Wednesday request that I'm waiting on, my AC account would show: -my nominated Bank account had been used two days before (Monday) and presumably validated then if that was required -none of my details (address, bank a/c, etc.) changed between Monday and Wednesday, hence no need (imo) for any validation for the Wednesday request.
The delays suggest to me that there is still a manual element to this on each and every request, which I find bizarre.
AC are one of my biggest P2P holdings - and unless things change dramatically are likely to remain so - but what I see as needless delays on simple transactions undermine my confidence in AC, especially when no explanation has been given for the delays. (I contacted Livechat yesterday and they assured me the money would be in my bank a/c within the 2 days).
Thanks in advance.
(Edit: realized previous Withdraw Funds request was on Monday rather than Tuesday, but that doesn't change the argument at all)
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Post by gravitykillz on Mar 14, 2020 9:59:48 GMT
This is a temporary measure. Brought in due to the fact that withdrawal requests are ALOT higher than normal due to this covid crisis. These are not normal market conditions. Things should improve in the coming weeks unless trump gets covid-19 as well.
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cb25
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Post by cb25 on Mar 14, 2020 11:18:38 GMT
This is a temporary measure. Brought in due to the fact that withdrawal requests are ALOT higher than normal due to this covid crisis. These are not normal market conditions. Things should improve in the coming weeks unless trump gets covid-19 as well. I'm not talking about the temporary pause of withdrawals from 30DAA/90DAA/QAA, but of transfers of funds to my bank account which I don't believe AC have mentioned being affected which is why I want them to explain it (when Livechat says it's unaffected).
"There will be a full FAQ update to our blog a little later today and that should answer most questions we trust.
And to correct the title on this thread - withdrawal of funds is not blocked, just withdrawals on access Accounts are paused.
Perhaps the thread title could be updated.
The relevant FAQ entry regarding normal withdrawals is here:
I had some normal withdrawals delayed, when with those be paid out?
• Any normal withdrawal requests for cash that you have not yet received and that were not monies held in the access accounts in any way will be released on the morning of Monday 16th March.
They will continue to be processed as normal going forwards.
• We apologise for the workload in the finance team at this very busy time having delayed those but we would not compromise or shortcut security checks to make that faster so the whole batch was paused unfortunately until the proper process could be applied. "
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Imo Stuart is wrong to say "withdrawal of funds is not blocked, just withdrawals on access Accounts are paused", as it's NOT "just withdrawals on access Accounts are paused" but withdrawals of funds to Bank accounts (i.e. Withdraw Funds) that is also effectively paused.
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Post by stuartassetzcapital on Mar 14, 2020 11:32:16 GMT
Nuances I feel, no conscious plan to slow normal withdrawals, just overwhelmed by workflow temporarily at the end of the week. The effect is the same though I agree.
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cb25
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Post by cb25 on Mar 14, 2020 11:34:50 GMT
Nuances I feel, no conscious plan to slow normal withdrawals, just overwhelmed by workflow temporarily at the end of the week. The effect is the same though I agree. I appreciate you taking the time to reply Stuart, in what must be a very busy time for you and the AC team.
Why is there any manual aspect to the Withdraw Funds process when your IT systems can 'know' (i.e. determine from records) that the Lenders bank a/c has been validated previously and is unchanged since that time?
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Post by stuartassetzcapital on Mar 14, 2020 11:38:18 GMT
We cant go into detail on anti-fraud and anti-ML measures that we deploy but we do apply some manual methods as well as systems to spotting withdrawal issues and it appears more so than banks from personal experience. We could have ceased manual work and just hoped that all the payment batches were correct and nothing was in there we would have spotted otherwise for example, but we didn't. It would have probably been easier but we would have raised the risks.
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cb25
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Post by cb25 on Mar 14, 2020 11:48:32 GMT
We cant go into detail on anti-fraud and anti-ML measures that we deploy but we do apply some manual methods as well as systems to spotting withdrawal issues and it appears more so than banks from personal experience. We could have ceased manual work and just hoped that all the payment batches were correct and nothing was in there we would have spotted otherwise for example, but we didn't. It would have probably been easier but we would have raised the risks. In retrospect, an amount of lender worry could have been avoided if the Livechat staff had been briefed that the Withdraw Funds process was temporarily paused due to high volumes, so that they could have passed that info on to lenders like myself.
Roll on Monday 
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Post by cinereus on Mar 14, 2020 18:45:44 GMT
Nuances I feel, no conscious plan to slow normal withdrawals, just overwhelmed by workflow temporarily at the end of the week. The effect is the same though I agree. But the point the OP made is that this is not a "mom and pop" institution and this is all electronically automated. There's no reason for "overwhelmed by workflow" to be remotely relevant. Other aspects less so.
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Post by davee39 on Mar 14, 2020 20:25:29 GMT
This is not an automated process. When it comes to obeying FCA regulations Assets has a bit of OCD and tends to go over the top. I have previously experienced delays after the expiry of an offer period when there is a higher than normal flow of cash withdrawals. I am puzzled as to why they need a manual step when the target bank accounts are now baked in, but they do. Usually withdrawals requested in the morning arrive same day which is very unusual for financial institutions.
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Post by dan1 on Mar 14, 2020 20:35:56 GMT
Nuances I feel, no conscious plan to slow normal withdrawals, just overwhelmed by workflow temporarily at the end of the week. The effect is the same though I agree. I appreciate you taking the time to reply Stuart, in what must be a very busy time for you and the AC team.
Why is there any manual aspect to the Withdraw Funds process when your IT systems can 'know' (i.e. determine from records) that the Lenders bank a/c has been validated previously and is unchanged since that time?
I've assumed for quite some time that the manual process was necessary because of the possibility of software bugs. It's very difficult to rectify mistakes once money departs AC to a lenders bank account.
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cb25
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Post by cb25 on Mar 16, 2020 9:58:09 GMT
Just received (9.50am) the 'Your withdrawal request has been processed' email and the money is in my bank account. Happy days |
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jlend
Member of DD Central
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Post by jlend on Mar 16, 2020 10:29:46 GMT
Money received in my bank account this morning.
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lpa
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Post by lpa on Mar 16, 2020 10:33:35 GMT
Same here, withdrawal requested on Thursday and money now in nominated bank account.
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lobster
Member of DD Central
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Post by lobster on Mar 16, 2020 10:38:44 GMT
Yup, me too. All funds now present and correct in bank account |
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 16, 2020 10:50:31 GMT
I've received 2 out of 3 withdrawals at 09:50.
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