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Post by chris on Feb 19, 2016 8:02:05 GMT
chris , has this button a purpose? Why not just invest idle funds in QAA automatically. ...... Putting my previous comments aside for a moment option 3 looks a disaster. Anybody who has chosen this will find that deposits or withdrawals they are trying to make will simply disappear from their cash account. I should imagine that causes wailing and gnashing of teeth. I wonder if that option is ever useful either. It would have to be very useful indeed to justify that level of potential grief. Actually option 3 is what I've got set and it not a disaster at all. It covers you if you are forgetful. £100 in cash account doesn't disappear- it is in cash account but earning interest from QAA. If option 2 is chosen then cash would not earn interest. I suspect that it is a compliance issue that you have to choose to put funds into QAA.Yes, you legally have to opt in to invest your funds. We cannot make that decision for you.
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Post by gusgorilla on Feb 19, 2016 12:27:18 GMT
Actually option 3 is what I've got set and it not a disaster at all. It covers you if you are forgetful. £100 in cash account doesn't disappear- it is in cash account but earning interest from QAA. If option 2 is chosen then cash would not earn interest. I suspect that it is a compliance issue that you have to choose to put funds into QAA.Yes, you legally have to opt in to invest your funds. We cannot make that decision for you. Hi chrisThis argument does not apply to the GBBA, GEIA or QAA. Putting money into those 3 accounts causes it to be invested doesn't it? (genuine question as I do not use these accounts). If option 3 is so good why have option 2 as well? Sensory overload! If the answer to the question in the previous paragraph is "yes" then option 1 is not needed either. Why even have an explicit, separate cash account? Although it does not actually create any extra hoops for people to jump through, it is slightly confusing as it appears to be an account just like the others and people have to learn that it is special, despite its appearance suggesting otherwise. Other platforms do not have one so people coming from those will be thrown. An example of a multiple account platform with no explicit cash account is Landbay. This is how it handles depositing / investing in the accounts for example: app.landbay.co.uk/invest-now. Note that putting money into the accounts causes investment without any extra steps (see earlier) I personally don't mind the same money being shown as present in several accounts at the same time but I'm guessing some people might have their minds messed with by this. I can't think of a really good solution but something like "(invested in Quick Access Account)" after the money figure would be helpful. The strangest thing is that the button is conceptually in completely the wrong place, which makes it very hard to locate/understand. An option that controls what happens to some funds should be beside those funds, not in a different account. I realise this means that there would have to be a separate flag for every account but this really would have helped clarify things for me. Of course this would also get rid of there being 3 options (the cash account could have its own flag, if you decide to keep a cash account). I hope this is all useful. I love the website but it is a bit mind boggling for newbies and I have every sympathy for the originator of this thread. My guess is you are quietly losing some people along the way.
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Post by chris on Feb 19, 2016 12:43:43 GMT
Yes, you legally have to opt in to invest your funds. We cannot make that decision for you. Hi chris This argument does not apply to the GBBA, GEIA or QAA. Putting money into those 3 accounts causes it to be invested doesn't it? (genuine question as I do not use these accounts). If option 3 is so good why have option 2 as well? Sensory overload! If the answer to the question in the previous paragraph is "yes" then option 1 is not needed either. Why even have an explicit, separate cash account? Although it does not actually create any extra hoops for people to jump through, it is slightly confusing as it appears to be an account just like the others and people have to learn that it is special, despite its appearance suggesting otherwise. Other platforms do not have one so people coming from those will be thrown. An example of a multiple account platform with no explicit cash account is Landbay. This is how it handles depositing / investing in the accounts for example: app.landbay.co.uk/invest-now. Note that putting money into the accounts causes investment without any extra steps (see earlier) I personally don't mind the same money being shown as present in several accounts at the same time but I'm guessing some people might have their minds messed with by this. I can't think of a really good solution but something like "(invested in Quick Access Account)" after the money figure would be helpful. The strangest thing is that the button is conceptually in completely the wrong place, which makes it very hard to locate/understand. An option that controls what happens to some funds should be beside those funds, not in a different account. I realise this means that there would have to be a separate flag for every account but this really would have helped clarify things for me. Of course this would also get rid of there being 3 options (the cash account could have its own flag, if you decide to keep a cash account). I hope this is all useful. I love the website but it is a bit mind boggling for newbies and I have every sympathy for the originator of this thread. My guess is you are quietly losing some people along the way. The act of depositing funds into the GBBA, GEIA, or QAA directly is an implicit notification that you want to invest. If you want your idle funds in any of those accounts to be swept then we need an implicit instruction to do so - it is not something we can just enable on your behalf. All answer the cash account question first as my answer to your point about options 2 and 3 relates to its existence. It was originally our only account so there is a historical reason for its existence, lenders would deposit funds into their cash accounts and then lend it to individual loans from there. When we first introduced the other investment accounts a legacy of that original setup was that bank deposits were still sent to your cash account and then you could invest them into the other accounts from there. It was only recently that we added the ability to deposit funds straight into your individual investment accounts. The reason the cash account wasn't scrapped at that point is that some users draw an income from the site, and to do so they set interest payments from their various investment accounts to be returned to their cash account from which they periodically withdraw the accumulated funds. This then leads into the reason we have the option to sweep all accounts including the cash account (option 3) or all accounts except the cash account (option 2). Where one person doesn't want to keep funds in their cash account and only wants to use it to move funds around and / or out of the platform, and therefore doesn't want to complicate things by sweeping those funds into the QAA, another user may be accumulating funds in their cash account throughout the month as interest payments come in and is quite happy to earn a bit more interest on those funds before they withdraw them. The cash account is also used by underwriters to hold funds before they are allocated to loans, and again different underwriters have different preferences when it comes to sweeping funds into the QAA. Where I agree with you is that we don't make this clear enough on the website and that is something currently under review, with a goal of coming up with some evolutionary changes over the coming months to steadily improve usability across the whole site but without radically changing anything or causing upheaval.
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Post by gusgorilla on Feb 19, 2016 14:18:02 GMT
The most annoying thing is that the button is in a counter-intuitive place, which makes it very hard to find. I was crawling over the entire site inch by inch for 20 minutes last night before I finally located it. I would expect an option that controls what happens to some funds to be beside those funds, not in a different account. I realise this means that there would have to be a separate flag for every account but this really would have helped clarify things for me. Of course this would also get rid of there being 3 options and allow a single yes/no because the cash account could have its own flag.
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Post by chris on Feb 19, 2016 14:59:20 GMT
The most annoying thing is that the button is in a counter-intuitive place, which makes it very hard to find. I was crawling over the entire site inch by inch for 20 minutes last night before I finally located it. I would expect an option that controls what happens to some funds to be beside those funds, not in a different account. I realise this means that there would have to be a separate flag for every account but this really would have helped clarify things for me. Of course this would also get rid of there being 3 options and allow a single yes/no because the cash account could have its own flag. It's one thing I'm considering, a tick box on each account to enable sweeping. Needs to be considered in relation to the other dashboard changes we're making to make sure the whole remains cohesive.
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bababill
Member of DD Central
Posts: 529 
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Post by bababill on Feb 21, 2016 5:44:03 GMT
Can't make everybody happy all the time.
I like the button where it is. :-)
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Post by gusgorilla on Feb 22, 2016 0:41:33 GMT
Probably because you are used to it being there. Because it's not in the logical place new people have trouble. Worse than that they have no reason to look in the first place because they do not know it exists. I only knew because I happened to read this forum.
Of course a few people minutely examine every corner of every screen as a matter of course, but most people rely on informal web conventions and high discoverability in the user interface. There's been a fair amount of work done in this area. A favourite book of mine is Don't Make Me Think by Steve Krug. Lots of work has been done by the Nielsen Norman Group, who have a great website packed with user studies.
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