victors
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Post by victors on Mar 18, 2020 9:17:19 GMT
I withdrew funds from my cash account last Thursday. The balance was reduced and the transaction shown as pending. I've not received the money yet. Is it going to be paid or am I in a queue now? Where does it show pending? Shows pending in manage funds bank account and also shows withdraw in cash account statement.
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victors
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Post by victors on Mar 18, 2020 9:32:30 GMT
I can only assume you had invested your cash account idle funds in the QAA. Hence the queue. If not then you need to escalate as all cash withdrawals are now processed I understand. That'll be it. What I don't understand is why it applies to Thurday withdrawals which were done prior to Access Accounts withdrawals being closed down. Later on Thursday AC effectively stopped withdrawals as they displayed an error message making it impossible to withdraw from the Access Accounts. This was before any communication from AC regarding the problems. When I made my withdrawal it went through as normal and moved to my cash account, where I instructed a withdrawal to my bank account as normal. Surely all transactions that were processed should be carried out.
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Mikeme
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Post by Mikeme on Mar 18, 2020 9:34:48 GMT
Thanks. Found it. Answers most of my previous post.
I also understand the thinking.
Thank AC
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m2btj
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Post by m2btj on Mar 18, 2020 10:30:31 GMT
Where does it show pending? Shows pending in manage funds bank account and also shows withdraw in cash account statement. Same here withdrawal from cash account last Thursday showing as pending. I expected this payment to have reached my bank account next day. I was told yesterday that accounts are still processing high volume of payments from last week. I still have funds in my cash account locked in & currently unable to withdraw. I suspect these are in a queue.
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ceejay
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Post by ceejay on Mar 18, 2020 10:44:11 GMT
I can only assume you had invested your cash account idle funds in the QAA. Hence the queue. If not then you need to escalate as all cash withdrawals are now processed I understand. That'll be it. What I don't understand is why it applies to Thurday withdrawals which were done prior to Access Accounts withdrawals being closed down. Later on Thursday AC effectively stopped withdrawals as they displayed an error message making it impossible to withdraw from the Access Accounts. This was before any communication from AC regarding the problems. When I made my withdrawal it went through as normal and moved to my cash account, where I instructed a withdrawal to my bank account as normal. Surely all transactions that were processed should be carried out. You're missing some details here. You made a withdrawal from some other account (30DAA, MLA, whatever) into the Cash Account. But if Invest Idle Funds were turned on then it would have been immediately swept into QAA - still showing as a total in Cash. And its stuck there, along with all the other Access investments, until the queue gets moving...
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iren
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Post by iren on Mar 18, 2020 10:44:56 GMT
What Assetz now appear to be saying is that even if you have statement entries showing that a holding in the QAA was sold at any point on Thursday and that the funds are now held as cash, you have not in fact exited the QAA. What do Assetz propose to do about this situation? Why is it that frontline staff contacted in the last few days did not know this?
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iren
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Post by iren on Mar 18, 2020 10:50:48 GMT
That'll be it. What I don't understand is why it applies to Thurday withdrawals which were done prior to Access Accounts withdrawals being closed down. Later on Thursday AC effectively stopped withdrawals as they displayed an error message making it impossible to withdraw from the Access Accounts. This was before any communication from AC regarding the problems. When I made my withdrawal it went through as normal and moved to my cash account, where I instructed a withdrawal to my bank account as normal. Surely all transactions that were processed should be carried out. You're missing some details here. You made a withdrawal from some other account (30DAA, MLA, whatever) into the Cash Account. But if Invest Idle Funds were turned on then it would have been immediately swept into QAA - still showing as a total in Cash. And its stuck there, along with all the other Access investments, until the queue gets moving... No. The situation people are referring to is this: DATE DESCRIPTION CREDIT / DEBIT 12th Mar 2020 at 03:15 Withdrawal -£20.00 12th Mar 2020 at 03:15 Instant withdrawal from Quick Access Account (5) £20.00 12th Mar 2020 at 03:14 Investment into qaa swept from cash -£20.00 i.e. the statement confirms the funds as withdrawn from the QAA. (£20.00 is a figure I've substitued for my actual withdrawal amount)
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Post by henders on Mar 18, 2020 11:02:28 GMT
My situation is exactly the same as Iren's above.
Problem seems to be having reinvest all being set on at the time of withdrawing into cash.
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Mikeme
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Post by Mikeme on Mar 18, 2020 11:02:37 GMT
The way I now read it after looking again at the QA on Sunday is
ON THURSDAY before any withdrawals were processed 'We are no longer in normal market conditions' to be fair to all lenders we have suspended all withdrawals from invested funds,which includes QAA. Much as I don't like it it is the right thing to do. As I wrote on 11th
Today we are seeing the start of not normal market conditions. I would love to be a fly on the wall in the boardroom of AC. It is in no ones interest to have a run on AC I hope that they are considering :-
A restriction on withdrawals. I would do that today!
A restriction on selling loan parts.
Looking at ways to help borrowers in what will be difficult times.
Making sure unscrupulous borrowers can't take advantage of the current happenings.
My feeling is that if action is taken now our short term pain will be worth the long term gain.
Since then things have moved very rapidly and a world is in a health and financial crisis.
We lenders here are more fortunate than the majority of of the population
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m2btj
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Post by m2btj on Mar 18, 2020 11:11:47 GMT
The way I now read it after looking again at the QA on Sunday is ON THURSDAY before any withdrawals were processed 'We are no longer in normal market conditions' to be fair to all lenders we have suspended all withdrawals from invested funds,which includes QAA. Much as I don't like it it is the right thing to do. As I wrote on 11th Today we are seeing the start of not normal market conditions. I would love to be a fly on the wall in the boardroom of AC. It is in no ones interest to have a run on AC I hope that they are considering :- A restriction on withdrawals. I would do that today! A restriction on selling loan parts. Looking at ways to help borrowers in what will be difficult times. Making sure unscrupulous borrowers can't take advantage of the current happenings. My feeling is that if action is taken now our short term pain will be worth the long term gain. Since then things have moved very rapidly and a world is in a health and financial crisis. We lenders here are more fortunate than the majority of of the population I would agree! I would also expect Assetz, as an employer & business in a fast growing fintech sector to seek out any government assistance available. The ultimate goal has to be long term sustainability!
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Post by Harland Kearney on Mar 18, 2020 11:17:19 GMT
Yes, if the Goverment provided further support to AC, I would likely not remove my investments in any shape and sit tight (and I think other investors would too) cooling the sell off demand.
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Mikeme
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Post by Mikeme on Mar 18, 2020 11:25:18 GMT
Many borrowers are going to be in serious trouble in the medium term. They will need our help and I for one accept that. However AC must be wary of unscrupulous borrowers. Such as a Scottish castle and golf club owner.
I repeat we lenders are very fortunate to have cash .
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iren
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Post by iren on Mar 18, 2020 11:26:53 GMT
The way I now read it after looking again at the QA on Sunday is ON THURSDAY before any withdrawals were processed 'We are no longer in normal market conditions' to be fair to all lenders we have suspended all withdrawals from invested funds,which includes QAA. Much as I don't like it it is the right thing to do. As I wrote on 11th Today we are seeing the start of not normal market conditions. I would love to be a fly on the wall in the boardroom of AC. It is in no ones interest to have a run on AC I hope that they are considering :- A restriction on withdrawals. I would do that today! A restriction on selling loan parts. Looking at ways to help borrowers in what will be difficult times. Making sure unscrupulous borrowers can't take advantage of the current happenings. My feeling is that if action is taken now our short term pain will be worth the long term gain. Since then things have moved very rapidly and a world is in a health and financial crisis. We lenders here are more fortunate than the majority of of the population The complexity of the Assetz accounts set up seems to make it diifficult to discuss the accounts without misunderstandings resulting amongst users. The problem is that even Assetz own staff have not been able to express clearly what the situation is, either in the general information provided or when contacted regarding specific transactions. “to be fair to all lenders we have suspended all withdrawals from invested funds”. A withdrawal of invested funds would be the stage of withdrawing from swept to unswept, either by switching off the sweep function or by initiating a withdrawal (the first stage of the withdrawal process being the exit from QAA). Once this exit from investment is recorded on the statement, the investor would understand that they are withdrawing uninvested funds. If our statements were not accurate as to the stage reached in the process, Assetz should specifically have stated that this was the case but having failed to do so., should at least have advised as much when contacted by investors regarding specific transactions.
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Post by df on Mar 18, 2020 11:54:13 GMT
The way I now read it after looking again at the QA on Sunday is ON THURSDAY before any withdrawals were processed 'We are no longer in normal market conditions' to be fair to all lenders we have suspended all withdrawals from invested funds,which includes QAA. Much as I don't like it it is the right thing to do. As I wrote on 11th Today we are seeing the start of not normal market conditions. I would love to be a fly on the wall in the boardroom of AC. It is in no ones interest to have a run on AC I hope that they are considering :- A restriction on withdrawals. I would do that today! A restriction on selling loan parts. Looking at ways to help borrowers in what will be difficult times. Making sure unscrupulous borrowers can't take advantage of the current happenings. My feeling is that if action is taken now our short term pain will be worth the long term gain. Since then things have moved very rapidly and a world is in a health and financial crisis. We lenders here are more fortunate than the majority of of the population I would agree! I would also expect Assetz, as an employer & business in a fast growing fintech sector to seek out any government assistance available. The ultimate goal has to be long term sustainability! Email sent 5 days ago says “we've secured £15m British Business Investments funding to help boost UK housebuilding.”
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Post by Harland Kearney on Mar 18, 2020 12:09:14 GMT
 more more, we need more!
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more more, we need more!