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Post by valueinvestor123 on Mar 18, 2020 19:23:32 GMT
I requested a withdrawal on the 12th of March, before the 'abnormal market conditions' policy came into effect and they now (5 days later) told me that my withdrawal will have to be queued.
Apparently the new policy came into effect at 7pm on the 12th but I made the request in the morning. However they applied it to me retrospectively which I find abhorrent. Can they just do that? Surely any policy changes should be applied going forward, not retrospectively. Is there anything I can do? (Aside from keep complaining).
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Post by davee39 on Mar 19, 2020 3:46:37 GMT
Unlike Government, Assetz are unable to print money. So, regarding cash restriction --
Can they do it? : Yes
Should I keep complaining? : No
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tonyr
Member of DD Central
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Post by tonyr on Mar 19, 2020 6:38:15 GMT
I requested a withdrawal on the 12th of March, before the 'abnormal market conditions' policy came into effect and they now (5 days later) told me that my withdrawal will have to be queued. Apparently the new policy came into effect at 7pm on the 12th but I made the request in the morning. However they applied it to me retrospectively which I find abhorrent. Can they just do that? Surely any policy changes should be applied going forward, not retrospectively. Is there anything I can do? (Aside from keep complaining). The new policy came into effect much earlier than 7pm on the 12th - I tried at 2:50pm and rang support shortly after - they said that it was a "display error" that they'd learned about only 15 mins earlier (and that it would be fixed that evening). What time did you try? What message did you get?
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withnell
Member of DD Central
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Post by withnell on Mar 19, 2020 8:22:28 GMT
I requested a withdrawal on the 12th of March, before the 'abnormal market conditions' policy came into effect and they now (5 days later) told me that my withdrawal will have to be queued. Apparently the new policy came into effect at 7pm on the 12th but I made the request in the morning. However they applied it to me retrospectively which I find abhorrent. Can they just do that? Surely any policy changes should be applied going forward, not retrospectively. Is there anything I can do? (Aside from keep complaining). Same situation with a withdrawal around 7:30am 12th. Money now back into account effective 19th, no adjustment for the lost interest so far! Was the "time to withdraw" clock just a random number generator, because surely if not then a queuing/prioritisation system must have always have been in place and if a withdrawal was allowed to be requested from cash there was sufficient banked cash to do so? I thought Assetz were better than certain other platforms, but retrospective application of terms and rewriting the rules is not a good sign.
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blender
Member of DD Central
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Post by blender on Mar 19, 2020 8:44:08 GMT
7pm may be when they stopped the processes, and withdrawals being processed were halted. The lack of real cash probably occurred earlier. I doubt they will worry about checking the time of initiation. They have caught me with a 90 day withdrawal which matured just before but found its way into swept cash and is now stuck. We are all caught up.
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tonyr
Member of DD Central
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Post by tonyr on Mar 19, 2020 8:56:32 GMT
7pm may be when they stopped the processes, and withdrawals being processed were halted. The lack of real cash probably occurred earlier. I doubt they will worry about checking the time of initiation. They have caught me with a 90 day withdrawal which matured just before but found its way into swept cash and is now stuck. We are all caught up. As above, I'm not aware of any request before 2:50pm that was stopped although it seems that those earlier (7:30am) were allowed to go through and then reversed.
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victors
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Post by victors on Mar 19, 2020 8:59:08 GMT
I think it is clearly wrong.
AC had the opportunity to halt withdrawals at any time earlier in the day. They chose to do it when they did.
We can't do anyhing about it now, so time to move on for me.
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Mikeme
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Post by Mikeme on Mar 19, 2020 9:25:28 GMT
7pm may be when they stopped the processes, and withdrawals being processed were halted. The lack of real cash probably occurred earlier. I doubt they will worry about checking the time of initiation. They have caught me with a 90 day withdrawal which matured just before but found its way into swept cash and is now stuck. We are all caught up. As above, I'm not aware of any request before 2:50pm that was stopped although it seems that those earlier (7:30am) were allowed to go through and then reversed. Both of our accounts were made at 930am but were made up both from cash and QAA accounts and I think that is the reason they are returned. I have written and shown what was in the cash accounts on the 11th March. I hope that they can look at that and separate them and let me remove that plus the proportion of the remainder.
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Post by valueinvestor123 on Mar 19, 2020 12:17:22 GMT
I requested a withdrawal on the 12th of March, before the 'abnormal market conditions' policy came into effect and they now (5 days later) told me that my withdrawal will have to be queued. Apparently the new policy came into effect at 7pm on the 12th but I made the request in the morning. However they applied it to me retrospectively which I find abhorrent. Can they just do that? Surely any policy changes should be applied going forward, not retrospectively. Is there anything I can do? (Aside from keep complaining). The new policy came into effect much earlier than 7pm on the 12th - I tried at 2:50pm and rang support shortly after - they said that it was a "display error" that they'd learned about only 15 mins earlier (and that it would be fixed that evening). What time did you try? What message did you get? I got a confirmation and no special messages. I was told via LiveChat the the decision has been made at 7pm on the 12th of March. They then seem to have applied the policy retrospectively from 0am
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benaj
Member of DD Central
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Post by benaj on Mar 19, 2020 12:49:59 GMT
There’s nothing being denied. I received cash in the bank from Withdrawable cash account balance on Monday 16th & Tuesday 17th. Both arrived same day via FPS
Check the FAQ regarding Access account update.
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Post by valueinvestor123 on Mar 19, 2020 12:53:21 GMT
So on my statement, it shows that the money had left QAA (it was Cash, swept into QAA). Then on the 19th, it shows that Assetz took this money, and inserted it back into QAA, without my knowledge or instruction. I find this absolutely unacceptable behaviour.
Interestingly, when I click on "withdraw" from QAA, it shows that I have <0 balance there. Yet I can't get the money out of the Cash account (since they swept it into the QAA).
And after speaking to various people, I keep getting the line that 'apparently everyone understands how QAA works'...and it is described very clearly...
There is obviously a run and they are trying to stop it. But they should at least do it in an honourable way and not apply restrictions retrospectively. This falls under 'misappropriation of client funds'.
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alender
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Post by alender on Mar 19, 2020 13:44:40 GMT
So on my statement, it shows that the money had left QAA (it was Cash, swept into QAA). Then on the 19th, it shows that Assetz took this money, and inserted it back into QAA, without my knowledge or instruction. I find this absolutely unacceptable behaviour. Interestingly, when I click on "withdraw" from QAA, it shows that I have <0 balance there. Yet I can't get the money out of the Cash account (since they swept it into the QAA). And after speaking to various people, I keep getting the line that 'apparently everyone understands how QAA works'...and it is described very clearly... There is obviously a run and they are trying to stop it. But they should at least do it in an honourable way and not apply restrictions retrospectively. This falls under 'misappropriation of client funds'. AC seem to keep changing the process, when I first enquired I was told there are queues set up for withdrawals, I asked where I can see the queues and how can I find my place in the queues. I was told that this was not possible and the AC staff cannot see the place in the queue, in the same phone call when I asked more about the queues and how they would operate I was told the information was not available as it had not yet been decided until after the Board meeting currently in progress. I asked do the queues actually exist the answer was no but were in progress and would be created. A few days latter I asked about the queues and how I could enter into them as my money is in my cash account but was swept to QAA, I have turned off this setting but I am unable to ask for a withdrawal to enter a queue. I was told the queues are set up and I would automatically be in the queue and they would be process on what as far as I could tell would be a FIFO basis, the queues were meant to start processing today. There has been some other information that the queues are not going to be processed on a FIFO basis but on a Pro Rata basis (whatever that means). Now it has changed again but to what? Hopefully AC will complete something before the end of today (as promised) but will any money be paid before AC change the process again, we can only hope.
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Post by valueinvestor123 on Mar 19, 2020 13:56:52 GMT
After my conversations, it was unfortunately obvious they were making things up as they went along. There must have been a lot of withdrawals leading up to 12th (and on the 12th) and they didn't react quickly enough. However what they CANNOT do is 'react' RETROSPECTIVELY but they probably have no choice now.
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iren
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Post by iren on Mar 19, 2020 14:11:07 GMT
There’s nothing being denied. I received cash in the bank from Withdrawable cash account balance on Monday 16th & Tuesday 17th. Both arrived same day via FPS Check the FAQ regarding Access account update. You are universalising your own experience, rather than reading and taking on board what has happened to other investors.
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picnicman
Member of DD Central
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Post by picnicman on Mar 19, 2020 14:11:40 GMT
So on my statement, it shows that the money had left QAA (it was Cash, swept into QAA). Then on the 19th, it shows that Assetz took this money, and inserted it back into QAA, without my knowledge or instruction. I find this absolutely unacceptable behaviour. Interestingly, when I click on "withdraw" from QAA, it shows that I have <0 balance there. Yet I can't get the money out of the Cash account (since they swept it into the QAA). And after speaking to various people, I keep getting the line that 'apparently everyone understands how QAA works'...and it is described very clearly... There is obviously a run and they are trying to stop it. But they should at least do it in an honourable way and not apply restrictions retrospectively. This falls under 'misappropriation of client funds'. AC seem to keep changing the process, when I first enquired I was told there are queues set up for withdrawals, I asked where I can see the queues and how can I find my place in the queues. I was told that this was not possible and the AC staff cannot see the place in the queue, in the same phone call when I asked more about the queues and how they would operate I was told the information was not available as it had not yet been decided until after the Board meeting currently in progress. I asked do the queues actually exist the answer was no but were in progress and would be created. A few days latter I asked about the queues and how I could enter into them as my money is in my cash account but was swept to QAA, I have turned off this setting but I am unable to ask for a withdrawal to enter a queue. I was told the queues are set up and I would automatically be in the queue and they would be process on what as far as I could tell would be a FIFO basis, the queues were meant to start processing today. There has been some other information that the queues are not going to be processed on a FIFO basis but on a Pro Rata basis (whatever that means). Now it has changed again but to what? Hopefully AC will complete something before the end of today (as promised) but will any money be paid before AC change the process again, we can only hope. - see para 5 of the FAQ on the platform - 'What is the Access Account withdrawal queue.' It makes it clear that everyone in the withdrawal queue will be treated equally and there is no disadvantage in joining the queue later than anyone else. Reads to me like as cash becomes available, it will be distributed to lenders based on their % of funds held in the queue, so for example if you have 0.0056% of the value of the withdrawal queue you get that % of the total cash sum available at that particular time. This is just my view and I may be completely wrong - probably best to use live chat and ask them directly. Hope this is of some help Cheers P
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