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Post by SophieAssetz on Jan 28, 2021 14:57:54 GMT
Hi all, I wanted to offer some clarification to this thread. It’s always been our intention to only allow one type of marketplace instruction per Access Account. In our investor emails and FAQs, under ‘how do I invest at a discount using the Access Account Marketplace, we have said: “Firstly, it’s important to note that although you may have any number of Invest or Withdraw Instructions at the same time, you are limited to one type per Access Account i.e. you can only invest into an Access Account that doesn’t have a current Withdrawal Instruction.” This can also be accessed via your dashboard when using the Access Account Marketplace, by clicking on the link for more information.Unfortunately due to a system bug, whilst investors were prevented from making direct investments into the same Access Account they had an active withdrawal request, they were still able to transfer between accounts and we have since fixed this bug to bring it back in line with our Access Account Marketplace communications. Whilst we appreciate this may impact those investors who operate a system of scheduled withdrawal from depositing new funds, we feel now, as we did when launching the Access Account Marketplace that this was the right decision for investors on the whole. We will however continue to review this decision as market conditions change in the future. Sophie |
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dead-money
Rocket to the Moon
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Post by dead-money on Jan 28, 2021 16:12:09 GMT
So the revolving door has been replaced with an exit only sign, so be it, exit it is.
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jlend
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Post by jlend on Jan 28, 2021 16:18:14 GMT
It seems a very strange change to make.
There is very little difference in the interest rate between the QAA, 30DAA, 90DAA so it was already a moot point about the current value of investing in the 30DAA and 90DAA. There has been no talk recently about changing the differential in rates.
This feature/bug has been discussed numerous times on this forum when Chris and Stuart used to be around. It is not as though this wasn't known about or is a new feature/bug.
Of course we don't know how many people made use of it, but why remove it now while AC are trying to instill confidence and get the discount rate down to zero and restart a material amount of new lending in the Access Accounts?
Am curious to know why didn't AC take the easy option and simply update the text on the website and leave the functionality alone.
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cb25
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Post by cb25 on Jan 28, 2021 16:24:13 GMT
It seems a very strange change to make. There is very little difference in the interest rate between the QAA, 30DAA, 90DAA so it was already a moot point about the current value of investing in the 30DAA and 90DAA. There has been no talk recently about changing the differential in rates. This feature/bug has been discussed numerous times on this forum when Chris and Stuart used to be around. It is not as though this wasn't known about or is a new feature/bug. Of course we don't know how many people made use of it, but why remove it now while AC are trying to instill confidence and get the discount rate down to zero and restart a material amount of new lending in the Access Accounts? Am curious to know why didn't AC take the easy option and simply update the text on the website and leave the functionality alone. Indeed.
Part of AC's response to me yesterday on Livechat ( here) was "Only a few investors were investing at the same time as withdrawing as it was counter-intuitive to what the initial system was released to do"
If it was "Only a few investors", why bother stopping it, especially as I can't see it doing any harm regardless of numbers? (OMG people are putting more money into the 30DAA/90DAA as other money exits)
As to "it was counter-intuitive to what the initial system was released to do", the ability to recycle money in 30DAA/90DAA predated the Marketplace by a long way.
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jlend
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Post by jlend on Jan 28, 2021 17:32:30 GMT
It seems a very strange change to make. There is very little difference in the interest rate between the QAA, 30DAA, 90DAA so it was already a moot point about the current value of investing in the 30DAA and 90DAA. There has been no talk recently about changing the differential in rates. This feature/bug has been discussed numerous times on this forum when Chris and Stuart used to be around. It is not as though this wasn't known about or is a new feature/bug. Of course we don't know how many people made use of it, but why remove it now while AC are trying to instill confidence and get the discount rate down to zero and restart a material amount of new lending in the Access Accounts? Am curious to know why didn't AC take the easy option and simply update the text on the website and leave the functionality alone. Indeed.
Part of AC's response to me yesterday on Livechat ( here) was "Only a few investors were investing at the same time as withdrawing as it was counter-intuitive to what the initial system was released to do"
If it was "Only a few investors", why bother stopping it, especially as I can't see it doing any harm regardless of numbers? (OMG people are putting more money into the 30DAA/90DAA as other money exits)
As to "it was counter-intuitive to what the initial system was released to do", the ability to recycle money in 30DAA/90DAA predated the Marketplace by a long way.
I wonder how many AC lenders complained about the bug before it was recently fixed?
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mogish
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Post by mogish on Jan 28, 2021 18:01:08 GMT
So I fully understand, we can no longer either sell and reinvest or place a sell then cancel it in order to resell at an adjusted discount?
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ceejay
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Post by ceejay on Jan 28, 2021 18:15:00 GMT
So I fully understand, we can no longer either sell and reinvest or place a sell then cancel it in order to resell at an adjusted discount? Not absolutely sure what you mean there ... but you can definitely still place a withdrawal order (so you get the regular dribble out) and then, whenever you feel so inclined, cancel that sell and buy back in at whatever the discount is and then reinstate your sell. Obviously you lose your place in the "queue" but no-one's getting out at par any time soon so that might be academic. You can also cancel your sell and replace it with a new one at a different discount. What you can't do is sell and invest at the same time.l
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Post by oppsididitagain on Jan 28, 2021 21:38:31 GMT
So I fully understand, we can no longer either sell and reinvest or place a sell then cancel it in order to resell at an adjusted discount? You can't have a withdrawal and Invest instruction on the same market at the same time. You have to wait for an instruction to be completed or you had to cancel that instruction before submitting another. The main loop hole was : You could have withdrawals in QAA, 30AA and 90AA which had completed the notice period, and when the overnight payout run happened these accounts got some funds.. So effectively you had 3 accounts withdrawing money. All paying a different Interest % on invested funds. However you could reinvest back into the 30/90AA even though the account had withdrawal instructions. You could also have discount withdrawals in QAA, when the money was withdrawn you could set a higher reinvestment discount and reinvest back into 30/90AA. Thus recycling the funds , hopefully making on the discount spread and getting an extra .25% when invested into 30/90AA. You would trigger the 30/90 notice period on the new money and whilst this was happening you were still able to reinvest and get a withdrawal from the completed notice money (I hope this makes sense) Repeat the cycle. Since the change AC pay the same % on money that has completed the notice period in 30/90AA they want you to move those funds to the QAA otherwise that withdrawal will lock the account for new instructions. Also whilst waiting for the notice period to complete you cant reinvest in that account. I hope I have explained it ok.
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mikeb
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Post by mikeb on Jan 31, 2021 14:17:43 GMT
So the revolving door has been replaced with an exit only sign, so be it, exit it is. Just be careful which 10% of your anatomy they let you get out of the door, before slamming it on you again.
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Greenwood2
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Post by Greenwood2 on Jan 31, 2021 16:21:17 GMT
So I fully understand, we can no longer either sell and reinvest or place a sell then cancel it in order to resell at an adjusted discount? You can't have a withdrawal and Invest instruction on the same market at the same time. You have to wait for an instruction to be completed or you had to cancel that instruction before submitting another. The main loop hole was : You could have withdrawals in QAA, 30AA and 90AA which had completed the notice period, and when the overnight payout run happened these accounts got some funds.. So effectively you had 3 accounts withdrawing money. All paying a different Interest % on invested funds. However you could reinvest back into the 30/90AA even though the account had withdrawal instructions. You could also have discount withdrawals in QAA, when the money was withdrawn you could set a higher reinvestment discount and reinvest back into 30/90AA. Thus recycling the funds , hopefully making on the discount spread and getting an extra .25% when invested into 30/90AA. You would trigger the 30/90 notice period on the new money and whilst this was happening you were still able to reinvest and get a withdrawal from the completed notice money (I hope this makes sense) Repeat the cycle. Since the change AC pay the same % on money that has completed the notice period in 30/90AA they want you to move those funds to the QAA otherwise that withdrawal will lock the account for new instructions. Also whilst waiting for the notice period to complete you cant reinvest in that account. I hope I have explained it ok. I never did get into AC mainly because I couldn't get my head around all the different accounts etc, doesn't sound as if it's got any simpler!
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Post by Badly Drawn Stickman on Jan 31, 2021 17:05:24 GMT
You can't have a withdrawal and Invest instruction on the same market at the same time. You have to wait for an instruction to be completed or you had to cancel that instruction before submitting another. The main loop hole was : You could have withdrawals in QAA, 30AA and 90AA which had completed the notice period, and when the overnight payout run happened these accounts got some funds.. So effectively you had 3 accounts withdrawing money. All paying a different Interest % on invested funds. However you could reinvest back into the 30/90AA even though the account had withdrawal instructions. You could also have discount withdrawals in QAA, when the money was withdrawn you could set a higher reinvestment discount and reinvest back into 30/90AA. Thus recycling the funds , hopefully making on the discount spread and getting an extra .25% when invested into 30/90AA. You would trigger the 30/90 notice period on the new money and whilst this was happening you were still able to reinvest and get a withdrawal from the completed notice money (I hope this makes sense) Repeat the cycle. Since the change AC pay the same % on money that has completed the notice period in 30/90AA they want you to move those funds to the QAA otherwise that withdrawal will lock the account for new instructions. Also whilst waiting for the notice period to complete you cant reinvest in that account. I hope I have explained it ok. I never did get into AC mainly because I couldn't get my head around all the different accounts etc, doesn't sound as if it's got any simpler! I had a very similar view, but decided it was worth a closer look when the bigger discounts were in play. In truth it is a relatively simple platform for a new investor, most of the complexity seems to be legacy accounts. Having said that I have removed all my 'grub stake' as it has served its purpose and only have gains currently invested. I would suggest there is a decent investment there once things settle (or get a lot worse). It must be said though they do seem to have a death wish with things like this thread topic, just leave well alone. Sometimes even if it is broke don't fix it.
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dead-money
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Post by dead-money on Feb 1, 2021 17:58:02 GMT
OK, so it seems the 'Bug Fix' has changed some other behaviour.
30D and 90D withdrawal requests which have served their notice period now automatically move to QAA.
So no more earning that extra .25% / .35% whilst waiting for your pennies to trickle through.
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dave4
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Post by dave4 on Feb 1, 2021 18:03:14 GMT
Is this a change in withdraw behavior from before covid?? Can't remember ??
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dead-money
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Post by dead-money on Feb 1, 2021 18:17:07 GMT
It's a change in behaviour since last month and from how the system has behaved since the secondary market was launched.
In the 'before' times any notice withdrawal would have been able to exit at zero discount straight to Cash account.
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jlend
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Post by jlend on Feb 1, 2021 18:22:06 GMT
It's a change in behaviour since last month and from how the system has behaved since the secondary market was launched.
In the 'before' times any notice withdrawal would have been able to exit at zero discount straight to Cash account.
Is this change/fix documented somewhere on the AC website?
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