nush
Member of DD Central
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Post by nush on Feb 29, 2016 21:24:19 GMT
i moved some cash from my Assetz Capital account back to my bank on sunday and i am still waiting for it to be credited, how long does it usually take, i dont see the point of saying it takes 1 second to convert from 3.75% interest to cash if it takes forever to then move it to my bank
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Post by pepperpot on Feb 29, 2016 22:40:47 GMT
chris would be better placed to answer, but I think I heard the cut off is either 12noon or 1pm (on weekdays) for withdrawal requests and they are dealt with in 24hrs, so I'd expect your funds to be in the before noon today batch and be back in your account tomorrow. I've usually had withdrawals credited in that sort of time frame.
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SteveT
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Post by SteveT on Mar 1, 2016 8:25:42 GMT
It's certainly one area where AC seems now to be a little way behind the competition. In my recent experience:
FC return money requested by 5pm-ish (weekdays) overnight
SS usually return money requested by about 9am (weekdays) the same morning
FS usually return money requested by about 3pm (weekdays) the same day
AR usually return money requested by about noon (weekdays) the same day
MT usually return money within about an hour!
At the other extreme, I requested a first small withdrawal from LC a few days ago and they are still "checking my bank details"...
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TFTO
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Post by TFTO on Mar 1, 2016 9:38:07 GMT
Yes, it seems to be next day at minimum. It makes a nonsense of the QAA withdrawal times and needs to be improved.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 1, 2016 10:28:54 GMT
I made a withdrawal request yesterday and just received the email confirmation, 18 hours 44mins later.  |
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Post by chris on Mar 1, 2016 10:37:02 GMT
It's currently a manual process as our bank want to charge us £4k per month (on top of all the other fees) to be able to send payments automatically. We also carry out extensive AML checks on each withdrawal so the first time a particular account is used there can be additional delay.
When I get time I'll explore what the other sites are doing as they may have found a cheaper way to bypass the bank.
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Mar 1, 2016 11:01:45 GMT
It's certainly one area where AC seems now to be a little way behind the competition. You obviously don't have money with Thincats. They take about a week to credit repayments to your account and then withdrawals take three or four days to reach your bank account. Far too much dead time for me.
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SteveT
Member of DD Central
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Post by SteveT on Mar 1, 2016 11:10:01 GMT
It's certainly one area where AC seems now to be a little way behind the competition. You obviously don't have money with Thincats. They take about a week to credit repayments to your account and then withdrawals take three or four days to reach your bank account. Far too much dead time for me. No, happily I don't. I used to think ReBS were a bit slow too but, to give credit where it's due, they processed a withdrawal request from me in under an hour this morning.
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max
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Post by max on Mar 1, 2016 12:06:53 GMT
It's currently a manual process as our bank want to charge us £4k per month (on top of all the other fees) to be able to send payments automatically. We also carry out extensive AML checks on each withdrawal so the first time a particular account is used there can be additional delay. When I get time I'll explore what the other sites are doing as they may have found a cheaper way to bypass the bank. This charge sounds ridiculous and apparently affects your competitiveness wrt other platforms. Time to change your bank? I know some that would pay you £100 if you switch 
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max
Posts: 75
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Post by max on Mar 1, 2016 12:14:17 GMT
i moved some cash from my Assetz Capital account back to my bank on sunday and i am still waiting for it to be credited, how long does it usually take, i dont see the point of saying it takes 1 second to convert from 3.75% interest to cash if it takes forever to then move it to my bank I agree - what's the point of my Ferrari-QAA if I have to stop two days at the traffic light?
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Post by chris on Mar 1, 2016 12:30:19 GMT
It's currently a manual process as our bank want to charge us £4k per month (on top of all the other fees) to be able to send payments automatically. We also carry out extensive AML checks on each withdrawal so the first time a particular account is used there can be additional delay. When I get time I'll explore what the other sites are doing as they may have found a cheaper way to bypass the bank. This charge sounds ridiculous and apparently affects your competitiveness wrt other platforms. Time to change your bank? I know some that would pay you £100 if you switch Out of all the high street banks only three would even talk to us about possibly being our provider. The rest refused to deal with us because we were a P2P lender. Of those three only two were offering any electronic access to our accounts, and both have similar fees with one charging more per transaction but have a lower management fee and the other being the reverse. There's the option to connect directly via SWIFT but that is a ~£50k per annum fee on top of the access fees the bank themselves charge but comes along with a whole range of fiddly hosting requirements such as private VPNs and servers that have to be manually started. There are third party providers who presumably have economies of scale to make all that worthwhile such as MangoPay but then you look at their fees. A while ago I did a quick calculation on our busiest month vs their fees and it would have cost us something around £100k for that month. Even if they were affordable unless I misunderstand how they work using them would breach the client money regulations. The cheapest option is probably to employ someone to sit there and manually copy data between our system and the banks, but that's error prone and not practical above a certain size. So we have paid out to automated the depositing of funds and have a manually managed solution for withdrawals. Later this year we should hit the scale where we'll automate the outbound payments as well, we're just not there yet.
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Post by eascogo on Mar 1, 2016 14:17:32 GMT
It's certainly one area where AC seems now to be a little way behind the competition. In my recent experience: FC return money requested by 5pm-ish (weekdays) overnight SS usually return money requested by about 9am (weekdays) the same morning FS usually return money requested by about 3pm (weekdays) the same day AR usually return money requested by about noon (weekdays) the same day MT usually return money within about an hour! At the other extreme, I requested a first small withdrawal from LC a few days ago and they are still "checking my bank details"... FC 2 or 3 days in my experience, not overnight
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SteveT
Member of DD Central
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Post by SteveT on Mar 1, 2016 14:21:22 GMT
FC 2 or 3 days in my experience, not overnight If you put in a withdrawal request to FC before about 5pm on a Monday - Thursday then you'll have it back in your account the following morning. It's Fri / Sat / Sun when everything takes longer (Fri = Mon, Sat / Sun = Tue)
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Post by pepperpot on Mar 1, 2016 14:36:43 GMT
It's certainly one area where AC seems now to be a little way behind the competition. In my recent experience: FC return money requested by 5pm-ish (weekdays) overnight SS usually return money requested by about 9am (weekdays) the same morning FS usually return money requested by about 3pm (weekdays) the same day AR usually return money requested by about noon (weekdays) the same day MT usually return money within about an hour! At the other extreme, I requested a first small withdrawal from LC a few days ago and they are still "checking my bank details"... FC 2 or 3 days in my experience, not overnight That used to be the case, but it's now next (working) day for me too. I've been testing it regularly this year. 
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Post by eascogo on Mar 1, 2016 16:33:55 GMT
FC 2 or 3 days in my experience, not overnight That used to be the case, but it's now next (working) day for me too. I've been testing it regularly this year. My report was based on regular almost daily withdrawals. Just transferred today at 16.25h from FC to NatW. Will report when money lands.
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