dave2
Member of DD Central
Posts: 177 
Likes: 163
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Post by dave2 on Feb 8, 2024 20:17:39 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. MLIA loan repayments are made all the time, not just once a month. Why should investors be limited to just one withdrawal per month when they might potentially have thousands of quid hitting their cash account within an unpredictable period of just a few days?
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rscal
Posts: 985
Likes: 537
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Post by rscal on Feb 8, 2024 21:45:38 GMT
Agreed, given that all the active loans and the QAA pay us once a month. MLIA loan repayments are made all the time, not just once a month. Why should investors be limited to just one withdrawal per month when they might potentially have thousands of quid hitting their cash account within an unpredictable period of just a few days? Yes, I also have the ad hoc repayments. This could be tweaked then, to say: One Free withdrawal PER (Calendar) MONTH and Free IF the amount is OVER '£100' (My last month waiting to till last day netted me the grand sum of 55 quid for reference) All good points above but really. And how much will AC expend just to create 'a system for charging'?
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Post by garreh on Feb 8, 2024 23:38:02 GMT
Agreed, given that all the active loans and the QAA pay us once a month. MLIA loan repayments are made all the time, not just once a month. Why should investors be limited to just one withdrawal per month when they might potentially have thousands of quid hitting their cash account within an unpredictable period of just a few days? Ahh that explains the many withdrawals then. Personally I think it's acceptable to limit withdrawals to once a month - that's how the majority of financial products work, especially in terms of monthly/yearly interest. For rolling-type products, it's usually a month. You could take the view that AC was advertised as easy-access, but I believe it was subject to market conditions, and there was products that have limited access/notice, so again a month seems reasonable. If these MILA loan accounts are doing 5-10+ withdrawals a month, especially if they are doing it for many IFISA transfers - I can see why AC has taken the route to deter that. For those who do reasonable levels of withdrawals (once a month), it should be free. Quarterly goes too far and penalises those who haven't significantly contributed to the excessive workload issue caused by micro withdrawals. IFISA transfers should be free if done quarterly.
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Post by bob2010 on Feb 9, 2024 7:27:06 GMT
This is from their May 2023 Update:
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rscal
Posts: 985
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Post by rscal on Feb 9, 2024 12:58:42 GMT
This is from their May 2023 Update: But they dropped that (I suppose b/c it is too hard 'to build' anything for AC) And my records show that I have made 33 withdrawals in the last 12 months BUT ... 13 in the last 6. That's actually a 'drop'. Hmm.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
Likes: 11,523
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Post by ilmoro on Sept 20, 2024 20:45:19 GMT
So Access Accounts now to participate in lender votes provided over £1 held ... first one apparently today ... anyone found it? There is a vote on #1044 but it doesnt appear to be available to AA lenders (uploaded to docs but no actually announcement in updates - perhaps it isnt live) There is no mention in the update of various elephants in the room  |
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