Steerpike
Member of DD Central
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Post by Steerpike on Nov 11, 2015 19:07:11 GMT
I initiated a trial withdrawal on 4th November and received funds in my account today, i.e. 7 days later.
Prior to requesting the refund I had used only the debit card method of deposit and probably this caused delay while my bank account was checked.
Under the circumstances, 7 days is fine for the first withdrawal but I will expect a faster service in future.
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Post by bollidear on Nov 12, 2015 7:32:56 GMT
An update on this LendingCrowd withdrawal saga. LendingCrowd answered to my latest complaint and they said that notwithstanding the explicit withdrawal instructions I inserted onsite (which listed my Lloyds account), notwithstanding all the time wasted to verify the Lloyds account, they apparently have not sent the money to this account... They say they have now sent my money back to the debit card I used originally to fund the account (which is NOT connected the Lloyds withdrawal account they verified) and this requires further time as they use a third party to process their card requests. Assuming this is true, to me this is a further demonstration the procedures this company uses are a total shamble. Boring boring boring....... The most likely scenario is that you have introduced a spanner in to the works that you, conveniently, have failed to mention. Probably a suspect payment method or transfer, perhaps Euros or a foreign bank account transfer? LC aren't permitted to discuss your specific personal details within an open forum and yet you feel free to slag them off - thus presenting an entirely one sided distortion of the material facts. You'll most likely find that Shamble should have an "S" appended to it - perhaps like a missing or incorrect detail in you transfers, unless of-course you really are referring to their gait?
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Post by Deleted on Nov 13, 2015 8:42:27 GMT
An update on this LendingCrowd withdrawal saga. LendingCrowd answered to my latest complaint and they said that notwithstanding the explicit withdrawal instructions I inserted onsite (which listed my Lloyds account), notwithstanding all the time wasted to verify the Lloyds account, they apparently have not sent the money to this account... They say they have now sent my money back to the debit card I used originally to fund the account (which is NOT connected the Lloyds withdrawal account they verified) and this requires further time as they use a third party to process their card requests. Assuming this is true, to me this is a further demonstration the procedures this company uses are a total shamble. Boring boring boring....... The most likely scenario is that you have introduced a spanner in to the works that you, conveniently, have failed to mention. Probably a suspect payment method or transfer, perhaps Euros or a foreign bank account transfer? LC aren't permitted to discuss your specific personal details within an open forum and yet you feel free to slag them off - thus presenting an entirely one sided distortion of the material facts. You'll most likely find that Shamble should have an "S" appended to it - perhaps like a missing or incorrect detail in you transfers, unless of-course you really are referring to their gait? I think you cannot read, otherwise you would have seen in my messages that the withdrawal was requested to my Lloyds bank (in GBP) and this is one of the first and most efficient banks with fast transfers (both in and out), if someone sends the money of course.... There was not a single mistake on my withdrawal request (the only one was to trust LendingCrowd for my money). Read back and you will see that LendingCrowd admitted a series a catastrophic errors and lack of reconciliation checks on their side... Read things as you like. I reported facts!
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Post by Deleted on Nov 13, 2015 8:48:39 GMT
A quick note to say that my money has finally arrived back in safe hands (mine).
As a final cherry on top of a series of mistakes/mismanagement of money LendingCrowd sent two of my withdrawal requests to my debit card (nationwide) and two to my Lloyds account. And only 25 days have gone since my initial request (when technology allows transfers in less than 25 seconds...).....
Wow, this is really carefully well planned and well executed!
Good luck to those continuing investing in this company.
I hope not to have anything anymore invested with LendingCrowd when the first late repayments/non payments will start hitting the network....
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Post by bracknellboy on Nov 13, 2015 9:18:54 GMT
Can I suggest that as the OP now has their money returned, that we draw a line under further discussion, in the interests of ensuring that exchanges do not stray from board etiquette. Thanks.
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pip
Posts: 542
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Post by pip on Nov 14, 2015 8:58:15 GMT
Just to add balance to the discussion, my first withdrawal with Lending Crowd went through fine. Yes there was a 7 day delay between requesting it and my account statement being verified, but after that it went into my account in 3 days. As I am now verified I assume all future payments will be 3 days.
Is the system slower than ideal, yes, is it unworkable for me, no. I do think the verification procedure is not ideal, I for example don't really see why I should be sharing my spending profile, salary, companies I shop at with a third party etc. However I do also think that it's important that somebody can't log into your account, put in their bank details and just withdraw everything.
Overall I am pretty happy so far with LendingCrowd, I have taken the £100 bonus and the £50 referral. Probably won't put any more in and will draw down as the platform is untested, some of the businesses seem fairly high risk and without the bonus and referral the risk/reward doesn't stack up for me. If they can prove a track record of decent returns that could change, and I could use LendingCrowd as a minor investment to diversify my peer to peer lending.
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james
Posts: 2,205
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Post by james on Nov 14, 2015 11:55:09 GMT
I do think the verification procedure is not ideal, I for example don't really see why I should be sharing my spending profile, salary, companies I shop at with a third party etc. Do they really do that or were you joking? If they do I'll write them off as a platform to consider due to excessive nosiness beyond what is normally required for money laundering related checks. There can sometimes be a need to determine the source of funds being invested, and even more rarely the source of overall wealth, but it appears they may have fallen into the trap of failing to apply that need in the proportionate and needs-based way that such checks are supposed to be carried out, much as Selftrade did in 2014, to much opprobrium. Asking about your "spending profile" and "companies I shop with" is a new level of intrusion I haven't seen before even in the most extreme overstepping cases. Also beware, some firms that send question lists like that will try to ban you from taking out your own money until you comply with their unreasonable demand for information. The best way I know of to protect your money is to avoid such firms and use great caution if there is any history of handling money laundering things badly. Landbay already has some of that history via its card or account withdrawing practices that are far from normal in the P2P or general investment space. I'm assuming that you're not a politically exposed person, meaning in part a senior government official, family member or close relative or business associate of one. PEPs typically get much more checking due to corruption concerns around the official post holder. MPs have been complaining in Parliament about the PEP checks that they and their families and associates are subject to, in part because some firms just decide it's too much hassle or risk to have their business and turn them down. It appears that Landbay may be trying to treat every customer as a high risk politically exposed customer with a suspicion of money laundering already present based on the conduct of your account with them.
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pip
Posts: 542
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Post by pip on Nov 14, 2015 13:24:02 GMT
To clarify they do not ask you what you earn but ask for a copy of your bank statement, which clearly includes your salary and where you spend money.
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jimbob
Member of DD Central
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Post by jimbob on Nov 14, 2015 13:51:14 GMT
To clarify they do not ask you what you earn but ask for a copy of your bank statement, which clearly includes your salary and where you spend money. When LC asked me for a bank statement, I asked them if a scan of my relevant debit card would be OK (I sent this as it has bank sort and account). They agreed, and also made it clear that the details of a bank statement could be obfuscated if I wished to send that instead. Linking the bank to the person is the key part they are after.
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james
Posts: 2,205
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Post by james on Nov 14, 2015 14:12:10 GMT
The part of a bank statement that identifies you as the owner of an account is reasonable given the laws and rules and something that wouldn't cause me to react negatively. Perhaps a customer service oriented adjustment to the wording of the email to say what they want and that the transactional information can be hidden would be useful to avoid adverse customer relations?
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LittleBear
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Post by LittleBear on Nov 14, 2015 19:26:21 GMT
When the request came for a copy of my bank statement, I sent a cropped section of the top of my online statement. I blacked out my current balance, etc. leaving only my name, address, account number, sort code, etc. No transactions or anything else were included. This was accepted without question.
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Post by GSV3MIaC on Apr 17, 2016 21:47:50 GMT
They're still asking (after a 4 day pause), which is weird since the money went in from the same account IIRC, and anyway a .PDF or scan is really not hard to fake if you were so inclined.
And folks moan about >24 hours at RS or Faster Cash!
Update:
Another 4 days after that and they have confirmed they have checked the bank details .. however they STILL haven't actioned the withdrawal request(s) yet. So I guess it won't get to my banks anytime this week, since I am quite sure they will be using the 'Slower Payments' system. 8<.
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Post by GSV3MIaC on Apr 21, 2016 19:45:45 GMT
Talking to myself but ..
Now they claim I haven't actually MADE any withdrawal requests (regardless of the fact that, afaik, that is what kicked off the 'please send a bank statement' paper chase). Back to square one, or maybe 1.5, since the bank a/c presumably starts from verified this time round. Maybe.
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Post by lendingcrowd on Apr 22, 2016 14:06:09 GMT
Good afternoon GSV3MIaC , Thank you for your post. The withdrawal process (as laid out in the FAQs section on our website) requires that bank details are initially verified by bank statement if you have previously transferred in funds by debit card. This is to protect against the potential for debit card fraud, whereby a stolen debit card is used to transfer funds into an account and then the money is withdrawn to a different bank account. The reason for investors having to make a withdrawal request each time they want to transfer out funds is to specify the amount of the withdrawal. We must also have a specific incoming request from each investor for each withdrawal for audit trail purposes. Requesting a withdrawal is done by completing the online Transfer Out form, and these requests are processed the next working day. As you have previously transferred in funds by debit card, each withdrawal will be returned to this same debit card. We hope this clarifies the situation - please let us know if you have any questions. LendingCrowd |
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Post by GSV3MIaC on Apr 22, 2016 16:26:22 GMT
Good afternoon GSV3MIaC , Thank you for your post. The withdrawal process (as laid out in the FAQs section on our website) requires that bank details are initially verified by bank statement if you have previously transferred in funds by debit card. This is to protect against the potential for debit card fraud, whereby a stolen debit card is used to transfer funds into an account and then the money is withdrawn to a different bank account. The reason for investors having to make a withdrawal request each time they want to transfer out funds is to specify the amount of the withdrawal. We must also have a specific incoming request from each investor for each withdrawal for audit trail purposes. Requesting a withdrawal is done by completing the online Transfer Out form, and these requests are processed the next working day. As you have previously transferred in funds by debit card, each withdrawal will be returned to this same debit card. We hope this clarifies the situation - please let us know if you have any questions. LendingCrowd Yes, my point (which I also emailed) was that I did fill out a withdrawal request (on line), which (probably quite rightly) resulted in you requesting account detail/proof (4 days later), which I then provided, which you then accepted; but the transfer (the request of which kicked all this off) didn't happen. Maybe the first transfer request should be regarded as a 'dummy' purely for the purposes of setting up the verification, but that was/is not obvious - I put in an amount to withdraw, and it (even after the verification) never happened. 8<. I've just done it again, so maybe second time lucky. My partner will do it again too, if she hasn't already.
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