Post by redpete on May 21, 2024 16:13:21 GMT
Probably going to be just a rant, but here goes.
Whisky Invest Direst have some of the strictest requirements for identity proof against a linked bank account (i.e. the account that is used for deposits and withdrawals for the WID account). They require a copy of a recent statement, a copy of photo id for the holder, and a copy of a document for proof of address, they also require photo id of any joint holder of the bank account. The photo ID they have for my wife will expire soon so I thought I'd simplify matters and change the account to one that is solely in my name. Then I'm told that to change to a sole account I need to get a notarized statement from my wife to say that she is content. I have asked why this is and the answer is that any joint account holder for the linked bank account is considered by WID as having a joint interest in the WID account as well! When I asked why this is so they effectively said "Because it is" and referred me to the Ts&Cs which sure enough include the clause:
I've started to withdraw funds from WID despite it being a very rewarding investment over the past 3 years, with an annual return of 24%, most of it realised gains from selling holdings. I'm not convinced this return is sustainable, and it's becoming more obvious that the secondary market is heavily shaped by WID themselves rather than a true market based on supply and demand of individual investors. My current irritation with the company is only going to accelerate this process.
Whisky Invest Direst have some of the strictest requirements for identity proof against a linked bank account (i.e. the account that is used for deposits and withdrawals for the WID account). They require a copy of a recent statement, a copy of photo id for the holder, and a copy of a document for proof of address, they also require photo id of any joint holder of the bank account. The photo ID they have for my wife will expire soon so I thought I'd simplify matters and change the account to one that is solely in my name. Then I'm told that to change to a sole account I need to get a notarized statement from my wife to say that she is content. I have asked why this is and the answer is that any joint account holder for the linked bank account is considered by WID as having a joint interest in the WID account as well! When I asked why this is so they effectively said "Because it is" and referred me to the Ts&Cs which sure enough include the clause:
- "WhiskyInvestDirect considers the owner(s) of a WhiskyInvestDirect account to be the party or parties named on the linked bank account."
I've started to withdraw funds from WID despite it being a very rewarding investment over the past 3 years, with an annual return of 24%, most of it realised gains from selling holdings. I'm not convinced this return is sustainable, and it's becoming more obvious that the secondary market is heavily shaped by WID themselves rather than a true market based on supply and demand of individual investors. My current irritation with the company is only going to accelerate this process.