trevor
Member of DD Central
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Likes: 381
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Post by trevor on Jul 19, 2022 18:36:28 GMT
I’ll raise you. I have 2 <0.01, standard account and ISA.
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warn
Member of DD Central
Curmudgeon
Posts: 636
Likes: 658
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Post by warn on Jul 20, 2022 12:20:08 GMT
This is beginning to sound a little like what Freud called pence-envy (or something like that). I hope it counts as Useful Info to someone -- wouldn't like us to stray off topic  |
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IFISAcava
Member of DD Central
Posts: 3,692
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Post by IFISAcava on Jul 20, 2022 13:26:11 GMT
This is beginning to sound a little like what Freud called pence-envy (or something like that). I hope it counts as Useful Info to someone -- wouldn't like us to stray off topic It's more like reverse pence envy - and brings to mind Koro syndrome (a conviction ones p is shrinking towards nothing)
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rscal
Posts: 985
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Post by rscal on Jul 28, 2022 14:42:35 GMT
(Change of subject) 'Investment Accounts' now provide access again via requested withdrawals
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ashtondav
Member of DD Central
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Post by ashtondav on Jul 30, 2022 8:19:00 GMT
So, the AA queues are moving! As I’m now overweight loanpad I’ve bunged in a 100 to see how long it takes to be lent out.
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Post by Ton ⓉⓞⓃ on Jul 30, 2022 10:19:35 GMT
(Change of subject) 'Investment Accounts' now provide access again via requested withdrawals For the "AA's" I'm seeing this message on screen, (My emboldened text) You say "Investment Accounts" but I'm not quite sure what you mean. So, the AA queues are moving! As I’m now overweight loanpad I’ve bunged in a 100 to see how long it takes to be lent out.
There has been some small movement in the AA queues, I'm not in all the queues, so perhaps I'm missing it. But with summer holidays coming I'm not sure it will move a great deal. Has anyone worked out the "spare cash" in the AA's recently? I think we're definitely closer than we've been for ages to free movement in the AA's
In EDIT, MLA trading has taken off in the last few days
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rscal
Posts: 985
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Post by rscal on Jul 30, 2022 10:26:51 GMT
(Change of subject) 'Investment Accounts' now provide access again via requested withdrawals For the "AA's" I'm seeing this message on screen, (My emboldened text) You say "Investment Accounts" but I'm not quite sure what you mean GBBA2 (etc) Those were called 'investment accounts' and were between the Access Accounts and MLA. They were 'frozen' at some point and seem to have been unfrozen to request for withdrawals. When you withdraw loan parts are sold per the algorithm in the MLA [Not sure about the carp at the bottom of the barrel I assume they are 'dedders']
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dh1
Member of DD Central
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Post by dh1 on Feb 2, 2024 20:54:10 GMT
I can't find any forum comment on the "Quarterly Update for Retail Investors- January 2024" which AC emailed on 31st January - perhaps only to me!
The points of interest in the email include the introduction of a fee (£1) for each individual withdrawal transaction. Apparently kindly, AC have said they won't be increasing the Lender Fee instead and that they are introducing the new charge to take "... into account our responsibilities to treat customers fairly...".
Interestingly, AC seem to have to process over 6,000 withdrawals a month; investors are clearly heeding AC's pointed comments to withdraw in a timely fashion! I do struggle seeing who is actually making all these withdrawals; I withdraw cash when some turns up an that's on the first of the month at the moment, so I do 12 pa. Which it seems will cost me £12 in future.
Another new charge relates to IFISA transfers out which will cost £35 each. Happily, I don't have an IFISA so that's no problem for me.
The £1 transaction charge at least provides grounds for complaint; a much more sensible (and much cheaper and fairer) alternative would have been to charge if (say) more than two withdrawals per month are made.
Any views on all this?
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Post by Ace on Feb 2, 2024 20:58:09 GMT
I can't find any forum comment on the "Quarterly Update for Retail Investors- January 2024" which AC emailed on 31st January - perhaps only to me!
The points of interest in the email include the introduction of a fee (£1) for each individual withdrawal transaction. Apparently kindly, AC have said they won't be increasing the Lender Fee instead and that they are introducing the new charge to take "... into account our responsibilities to treat customers fairly...".
Interestingly, AC seem to have to process over 6,000 withdrawals a month; investors are clearly heeding AC's pointed comments to withdraw in a timely fashion! I do struggle seeing who is actually making all these withdrawals; I withdraw cash when some turns up an that's on the first of the month at the moment, so I do 12 pa. Which it seems will cost me £12 in future.
Another new charge relates to IFISA transfers out which will cost £35 each. Happily, I don't have an IFISA so that's no problem for me.
The £1 transaction charge at least provides grounds for complaint; a much more sensible (and much cheaper and fairer) alternative would have been to charge if (say) more than two withdrawals per month are made.
Any views on all this?
See from here p2pindependentforum.com/post/487812/thread.
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dave2
Member of DD Central
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Post by dave2 on Feb 2, 2024 23:25:38 GMT
The £1 transaction charge at least provides grounds for complaint; a much more sensible (and much cheaper and fairer) alternative would have been to charge if (say) more than two withdrawals per month are made. Any views on all this?
Two free withdrawals per month does seem a lot more reasonable than one free withdrawal every three months and a quid for all others. However, a quick calculation: I currently make one transfer out every three or four weeks. If I transfer out more frequently, a lower amount, the extra interest I earn on another platform will more than cover the cost of the £1 fees. So I can optimise my workflow and profit by withdrawing smaller amounts more frequently.
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Post by jevans4949 on Feb 6, 2024 15:24:43 GMT
On the one hand, Assetz have previously encouraged us to take out uninvested funds as soon as possible; now they want to charge us...
Up to now, I have been withdrawing money when the balance goes over £20. The balance sometimes hits £100 when a punter repays at the end of his term - I usually worked on investing a maximum of £100 per client. Now I am likely to leave it for the qurterly free repayment. Maybe it would be fairer if Assetz charged on reayments under £x (£20? £50?). Perhaps they could give a clue as to what would be acceptable. Problem is, the wind-down is dragging on a bit.
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Post by crabbyoldgit on Feb 8, 2024 9:26:25 GMT
A fee for over one withdraw a month would be acceptable to me, it's what I do. I can also see a deterrent to prevent people withdrawing very small amounts every day is not unreasonable , it costs to do anything. But one free withdraw every 3 months does not aline with AC requests to actively manage money in your cash account out of the platform.
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rscal
Posts: 985
Likes: 537
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Post by rscal on Feb 8, 2024 11:59:16 GMT
A fee for over one withdraw a month would be acceptable to me, it's what I do. I can also see a deterrent to prevent people withdrawing very small amounts every day is not unreasonable , it costs to do anything. But one free withdraw every 3 months does not aline with AC requests to actively manage money in your cash account out of the platform. Is ... 'The Correct Answer' IMO also 'cos that's what I'm doing. It is tidy for the record keeping purposes.
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Post by scotty on Feb 8, 2024 13:13:45 GMT
A fee for over one withdraw a month would be acceptable to me, it's what I do. I can also see a deterrent to prevent people withdrawing very small amounts every day is not unreasonable , it costs to do anything. But one free withdraw every 3 months does not aline with AC requests to actively manage money in your cash account out of the platform. Agreed, given that all the active loans and the QAA pay us once a month.
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Post by garreh on Feb 8, 2024 19:39:06 GMT
What on earth is causing these micro withdrawals?
Distributions are done once a month, surely one withdrawal per month per customer, at most? Unless there are investors who still see AC as bank account, and do partial withdrawals as and when they need cash money? That doesn't seem likely, at all.
Given the locking of investor capital over a prolonged 5-year run off plan, it's hardly surprising there will be a quick reaction when money becomes available.
And most importantly, AC have actively encouraged withdrawing as quickly as possible in their email communications, but now unfairly introduce a financial penalty for following their own guidance.
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