victors
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Post by victors on Mar 18, 2020 12:24:48 GMT
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(5) £20.00 12th Mar 2020 at 03:14 Investment into qaa swept from cash -£20.00 i.e. the statement confirms the funds as withdrawn from the QAA.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 Harland Kearney on Mar 18, 2020 12:31:03 GMT
I look forward to seeing the pool open tomorrow, hopefully it is all still on track. Who knows might even be today... Not keeping a eye on my accounts every hour, so hopefully somebody posts here about it or the AC team does, along with the normal blog post update I imagine.
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victors
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Post by victors on Mar 18, 2020 12:32:07 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? My cash account shows 12th Mar 2020 at 12:37 Withdrawal -xxx 12th Mar 2020 at 12:37 Instant withdrawal from Quick Access Account (5) xxx Invest idle funds was set to no. My account balance is reduced by xxx. I'm not sure where the balance is
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Post by henders on Mar 18, 2020 12:39:42 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? My cash account shows 12th Mar 2020 at 12:37 Withdrawal -xxx 12th Mar 2020 at 12:37 Instant withdrawal from Quick Access Account (5) xxx Invest idle funds was set to no. My account balance is reduced by xxx. I'm not sure where the balance is Same situation as me and I suspect many of us. I have been told this morning that a manual intervention is needed to reput the cash back into the cash account and then I can re-issue the withdrawal. I'm not sure I have confidence that this will happen.
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Post by henders on Mar 18, 2020 12:44:39 GMT
If you look in reports and select statement, I supsect you will see your amount in cash balance; however there is no means to access it.
If you look in manage funds and select bank accounts, I supsect you will see the amount as a pending withdrawal.
Needs escalation, I tried this morning with little success.
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Post by gothteteeshirt on Mar 18, 2020 12:53:47 GMT
As Henders says I know of a similar escalation this morning but also no joy to date and to be honest it seems logical in my mind that AC have got to do a cut off on payments at some point in order to move to introducing new queuing/payment system. Will be unfair and when the new system of pooling comes in will I suspect will really feel unfair but not sure there is a 'get out of jail' option for AC with where we are.
Some contributors make commentary about stopping withdrawals today - do they mean further cash withdrawals for those who feel they fell into the camp that was expecting their money on Monday or are you saying like Growth Street have done that basically no one can take anymore money about for a predefined period - I stand to be corrected but 90 days with GS?
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Post by Harland Kearney on Mar 18, 2020 12:56:09 GMT
As Henders says I know of a similar escalation this morning but also no joy to date and to be honest it seems logical in my mind that AC have got to do a cut off on payments at some point in order to move to introducing new queuing/payment system. Will be unfair and when the new system of pooling comes in will I suspect will really feel unfair but not sure there is a 'get out of jail' option for AC with where we are. Some contributors make commentary about stopping withdrawals today - do they mean further cash withdrawals for those who feel they fell into the camp that was expecting their money on Monday or are you saying like Growth Street have done that basically no one can take anymore money about for a predefined period - I stand to be corrected but 90 days with GS? The commentor was qouting another thread OP, but he didn't qoute correctly so just looked like he said it. AC are not closing Cash Withdrawals from all their current comms. I find it hard to believe they would do this honestly, avoid it at all costs, as soon as they click that button, no more investors will invest and the platform will be basically zombied.
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victors
Member of DD Central
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Post by victors on Mar 18, 2020 13:19:46 GMT
My point would be that the cut-off should be when AC decided to stop withdrawals. This was around 1-00 on 12th March. After this point the system would not allow withdraw. An error message was displayed.This was well before anycommunication from AC.
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Post by gothteteeshirt on Mar 18, 2020 13:35:55 GMT
As Henders says I know of a similar escalation this morning but also no joy to date and to be honest it seems logical in my mind that AC have got to do a cut off on payments at some point in order to move to introducing new queuing/payment system. Will be unfair and when the new system of pooling comes in will I suspect will really feel unfair but not sure there is a 'get out of jail' option for AC with where we are. Some contributors make commentary about stopping withdrawals today - do they mean further cash withdrawals for those who feel they fell into the camp that was expecting their money on Monday or are you saying like Growth Street have done that basically no one can take anymore money about for a predefined period - I stand to be corrected but 90 days with GS? The commentor was qouting another thread OP, but he didn't qoute correctly so just looked like he said it. AC are not closing Cash Withdrawals from all their current comms. I find it hard to believe they would do this honestly, avoid it at all costs, as soon as they click that button, no more investors will invest and the platform will be basically zombied. I stand to be corrected and would appreciate HK helping me with getting the right thread but I looked at Page 6 post on this thread from Mikeme some 2hrs ago which says '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!
All for objective comments but subjective does seem to be the order of the day
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m2btj
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Post by m2btj on Mar 18, 2020 14:06:49 GMT
As AC goes into crisis mode it will need to preserve cash & liquidity. I would expect it to micro-manage investor withdrawals (done), reduce new lending & ensure a steady stream of existing borrower repayments. Investor withdrawals will come from repayments. I would also look to the government's support package for business to ensure cash-flow over the coming months.
The £15m from British Business Bank was probably lent with contractual obligations to lend to new housing developers.
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iren
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Post by iren on Mar 18, 2020 14:15:24 GMT
The commentor was qouting another thread OP, but he didn't qoute correctly so just looked like he said it. AC are not closing Cash Withdrawals from all their current comms. I find it hard to believe they would do this honestly, avoid it at all costs, as soon as they click that button, no more investors will invest and the platform will be basically zombied. I stand to be corrected and would appreciate HK helping me with getting the right thread but I looked at Page 6 post on this thread from Mikeme some 2hrs ago which says '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!
All for objective comments but subjective does seem to be the order of the day I expect the issue here is that when we are talking about the AC accounts, communication is commonly muddled because of the complexity. There is a distinction in significance between restricting withdrawals from invested funds, and restricting withdrawals of cash. The former is understandable in the present conditions. The latter is not and would lead to a complete loss of confidence, unless the restriction was connected to an underlying problem with the banking system that does not currently exist. The further complication for many of us, is that our statements apparently do not accurately represent the status of our funds. Assetz’ claims that money was being withdrawn from the QAA in fractions of a second were always slightly silly, bearing in mind that the bank transfer would not take place till many hours later at the earliest. The claims have now been revealed as entirely meaningless, as we are told that our statement showing the withdrawal as completed is not evidence that it has in fact taken place. So what was taking place in fractions of a second, was the production of a statement entry that in itself has no meaning and does not represent an underlying transaction.
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gt94sss2
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Post by gt94sss2 on Mar 18, 2020 15:14:06 GMT
Like others here, I requested a withdrawal on the 12 March before AC introduced their restrictions on Access Accounts. My withdrawal has been showing as pending ever since. On speaking to AC today, they said that by tomorrow morning the previous withdrawal will have been cancelled and the balance returned to my Cash Account - and that I will then need to request the withdrawal again. stuartassetzcapitalWhile I understand the need to temporarily introduce restrictions, the two areas where I feel that AC has not done well here are: a) not processing the withdrawals successfully requested on the 12th that were made prior to the restrictions coming (rather than retrospectively); and b) poor communication to customers: not just the help desk continuously saying payments will be made ‘that day/next day’ but also the unclear/confusing Q&A on the blog which raised just as many questions as answers. |
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Post by henders on Mar 18, 2020 15:31:25 GMT
Like others here, I requested a withdrawal on the 12 March before AC introduced their restrictions on Access Accounts. My withdrawal has been showing as pending ever since. On speaking to AC today, they said that by tomorrow morning the previous withdrawal will have been cancelled and the balance returned to my Cash Account - and that I will then need to request the withdrawal again. stuartassetzcapitalWhile I understand the need to temporarily introduce restrictions, the two areas where I feel that AC has not done well here are: a) not processing the withdrawals successfully requested on the 12th that were made prior to the restrictions coming (rather than retrospectively); and b) poor communication to customers: not just the help desk continuously saying payments will be made ‘that day/next day’ but also the unclear/confusing Q&A on the blog which raised just as many questions as answers. I agree 100% with this. Very, very poor. I also am suspicious as to whether I will see the money in my cash account tomorrow as promised.
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Post by davee39 on Mar 18, 2020 16:07:40 GMT
Assets updated the FAQ last night to add the following
When did normal market conditions end?
The financial markets had particularly excessive volatility on Thursday 12th of March. In addition, our analysis of the Access Accounts’ behaviour confirmed that normal market conditions had ended suddenly on Thursday 12th of March and so the withdrawal system operation for Access Accounts did not operate that day and will not operate in the original way until further notice whilst the unfortunate effects of the Coronavirus are handled by our Government in due course.
I interpret that as suggesting that withdrawals from the QAA which appeared to take place on 12th March were suspended, and the indications that money had been withdrawn will be reversed.
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withnell
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Post by withnell on Mar 18, 2020 16:25:53 GMT
Like others here, I requested a withdrawal on the 12 March before AC introduced their restrictions on Access Accounts. My withdrawal has been showing as pending ever since. On speaking to AC today, they said that by tomorrow morning the previous withdrawal will have been cancelled and the balance returned to my Cash Account - and that I will then need to request the withdrawal again. stuartassetzcapital While I understand the need to temporarily introduce restrictions, the two areas where I feel that AC has not done well here are: a) not processing the withdrawals successfully requested on the 12th that were made prior to the restrictions coming (rather than retrospectively); and b) poor communication to customers: not just the help desk continuously saying payments will be made ‘that day/next day’ but also the unclear/confusing Q&A on the blog which raised just as many questions as answers. My other half was told this morning that the withdrawal won't be processed, as the advice to customer services changed this morning - I'd welcome the chance to get at the funds but inconsistent messaging around transactions which took place pre-restrictions isn't helpful. Yesterday on live chat we were told the transaction would be processed by today...
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