dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 1,055
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Post by dave4 on Jan 31, 2024 17:55:45 GMT
We have determined that at this time, a withdrawal fee of £1.00 will need to be introduced. This small charge will allow us to maintain the ability for Investors to withdraw on a daily basis if they need/want to without threatening the financial viability of the run-off. In addition, we are able to accommodate 1 free withdrawal every 90 days which will allow Investors who don’t need/want to remove funds on a daily basis to avoid the fee completely, but still remove funds on a regular basis. As per our main Platform Terms & Conditions we are hereby providing a minimum of 30 days’ notice of the change and expect the Fee to go live, once the technical work required to implement it is completed, in the latter part of Quarter 1 this year. 
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agent69
Member of DD Central
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Post by agent69 on Jan 31, 2024 17:59:52 GMT
Just checked my account and I have £3.60 available to withdraw (or will that now be £2.60?).
It says £1.60 currently invested and irrecoverable loans are less than 1p. So what happened to the rest of the loans that were obviously not going to repay, but that AC wouldn't write off (South Coast Plumber)?
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iann
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Post by iann on Jan 31, 2024 18:07:39 GMT
We have determined that at this time, a withdrawal fee of £1.00 will need to be introduced. This small charge will allow us to maintain the ability for Investors to withdraw on a daily basis if they need/want to without threatening the financial viability of the run-off. In addition, we are able to accommodate 1 free withdrawal every 90 days which will allow Investors who don’t need/want to remove funds on a daily basis to avoid the fee completely, but still remove funds on a regular basis. As per our main Platform Terms & Conditions we are hereby providing a minimum of 30 days’ notice of the change and expect the Fee to go live, once the technical work required to implement it is completed, in the latter part of Quarter 1 this year. They do seem surprised that the number of withdrawals / transfers out have gone up...
Why only 1 free every 90 days, when interest on access accounts is paid monthly? I'd not consider every 90 days to be that regular, whereas monthly would be. No sign of any free ISA transfers, just £35 for each one (from sometime in Q2).
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ton27
Member of DD Central
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Post by ton27 on Jan 31, 2024 18:17:37 GMT
A real rip off for IFISA holders - they have been treated very badly but that is just the way AC is! Am I correct in my understanding that if you transfer out of the AC ISA into a non ISA account the fee would be just £1?
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morris
Member of DD Central
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Post by morris on Jan 31, 2024 18:50:11 GMT
It is a rip off for ISA holders. Mind you Kuflink charges £30 I believe for an ISA transfer out, and they are not in run down.
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Post by robberbaron on Jan 31, 2024 18:57:39 GMT
Anyone knows if you can use the Flexible ISA feature to withdraw the cash and then put it into say a S&S ISA. This article seems to suggest that you may be able to: |
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rscal
Posts: 985
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Post by rscal on Jan 31, 2024 19:14:44 GMT
It is a rip off for ISA holders. Mind you Kuflink charges £30 I believe for an ISA transfer out, and they are not in run down. No longer:
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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
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Post by ilmoro on Jan 31, 2024 19:24:38 GMT
Anyone knows if you can use the Flexible ISA feature to withdraw the cash and then put it into say a S&S ISA. This article seems to suggest that you may be able to: Unfortunately not, it appears poorly written. The rules allow the withdrawal of current year subscriptions from a flexible ISA which can then be placed in an ISA of another type, it doesnt have to be flexible. It does not apply to previous years subscriptions or to any income or capital growth earned above the subscribed amount which have to returned to the ISA from which they came. This may change with the forthcomig ISA reforms www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#flexible-isas
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Post by bob2010 on Jan 31, 2024 19:29:58 GMT
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Post by garreh on Jan 31, 2024 19:35:13 GMT
They are asking for more legal trouble at this stage - yet again introducing new Terms and Conditions with made up fees and then giving "30 days notice" as if we can do anything about it when they have locked up our capital.
Continuously extending loans, which AC solely benefit from with their "loan extension fees", and now they are adding yet more fees for withdrawing of investors locked capital.
£35 for transferring IFISA out is a disgrace and will not only diminish interest, but will likely eventually erode capital, whilst they benefit by holding that money for longer in their interest-bearing cash account.
If this was purely a workload problem, they should have simply reduced the workload: prevent multiple micro-withdrawals per month, rather than introduce a fee. They took the fee route because it's an obscure way to steal money from investors, an easy earner for them, yet again at the expense of unwitting investors.
Ombudsman will have a field day with this.
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registerme
Member of DD Central
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Post by registerme on Jan 31, 2024 19:35:54 GMT
2253 words to say "yep, we're screwing you".
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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 Jan 31, 2024 20:15:32 GMT
They are asking for more legal trouble at this stage - yet again introducing new Terms and Conditions with made up fees and then giving "30 days notice" as if we can do anything about it when they have locked up our capital. Continuously extending loans, which AC solely benefit from with their "loan extension fees", and now they are adding yet more fees for withdrawing of investors locked capital. £35 for transferring IFISA out is a disgrace and will not only diminish interest, but will likely eventually erode capital, whilst they benefit by holding that money for longer in their interest-bearing cash account. If this was purely a workload problem, they should have simply reduced the workload: prevent multiple micro-withdrawals per month, rather than introduce a fee. They took the fee route because it's an obscure way to steal money from investors, an easy earner for them, yet again at the expense of unwitting investors. Ombudsman will have a field day with this. "As no new loan investments are coming onto the platform, we would ask that all lenders take steps to withdraw all funds held in their Cash Accounts in a timely manner to maximise investment returns elsewhere" "We are actively looking to define a process which allows Assetz Capital to distribute cash balances on lenders’ accounts to their verified bank accounts regularly, so a lender does not need to log on to make a withdrawal." So which bit of this isnt encouraging people to make frequent withdrawals? Why are they surprised, particularly given the situation, that people decided to comply with their requests? Then of course there is the utter horlicks they have made regarding ISA flexibility - twice failing to implement flexibility and having a big disclaimer at the top telling people they need to do transfers to protect their ISA status without mentioning that the ISA is flexible. AC seem to be incredibly good at find new ways to be incompetent. (Definitely take more than 2253 words to list them all!!!)
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registerme
Member of DD Central
Posts: 6,618
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Post by registerme on Jan 31, 2024 20:52:51 GMT
I have 32p on my balance at the moment...
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ashtondav
Member of DD Central
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Post by ashtondav on Jan 31, 2024 21:37:23 GMT
 should always look behind their backs in dark alleys…
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Post by garreh on Jan 31, 2024 21:44:17 GMT
The AC IFISA is “flexible” This feature would allow Cash funds, that are not earning any interest, to be moved temporarily into an interest-bearing environment outside of the AC Platform. They could then be replaced back into the AC IFISA, within the same Tax Year, so that a Transfer Out to another ISA provider could then be performed, which would allow the Tax Free status of the funds to be maintained. By utilising this flexible feature you are able to perform fewer larger Transfers Out instead of multiple smaller ones. This should help to keep any Fees associated with IFISA Transfers Out to a minimum. Reading more about this, it does sound useful. So I assume the process would be: 1. Transfer from Cash IFISA to standard Cash account balance 2. Request a withdrawal (pay the £1 fee) 3. Before the end of the tax year (5th April - ideally well before) you go to the Deposit section on AC dashboard and go through the process to add the money back into your Cash IFISA account Presumably that will automatically associate the deposit back with your previous ISA pot balance and won't count towards that tax years allowance? Then when the time comes, you can opt to do a proper IFISA transfer for the extortionate £35 fee. All sounds fairly straight forward if so.
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should always look behind their backs in dark alleys…