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Post by Deleted on Mar 14, 2016 9:52:10 GMT
I would like to ask your experiences with the withdrawal procedure in place at Funding Circle (this is a thing I am using a lot now!).
I am a bit puzzled as it seems reasonably efficient when the withdrawal is requested on Monday, Tuesday, Wednesday.
(the money seems to hit the account early next morning by automatic FT).
But it becomes very slow when the withdrawal is requested on Thursday, Friday and the week-end
(the money does not come in before Monday for Thursdays withdrawals, Tuesdays for Friday withdrawals etc).
So effectively if you withdraw Friday or Monday afternoon, the effect seems to be exactly the same.
Is this experience broadly shared with all the banks?
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Post by eascogo on Mar 14, 2016 21:18:19 GMT
Hi @hor1997, In a recent thread ( p2pindependentforum.com/thread/4586/slow-banking) that question was raised. A list quoting a few p2p mentioned that FC transfers followed overnight. My experience this was usually 2 or 3 days but the test I did straight away confirmed the 1 day. However going through recent records your experience tallies with mine. For transfers made on Thursdays or Fridays (from FC to NatWest) they tend to come through on Mondays, so more like 2 or 3 days.  |
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SteveT
Member of DD Central
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Post by SteveT on Mar 15, 2016 8:29:24 GMT
It appears they hit banking problems over the weekend:
"Please be aware that we are currently experiencing some delays with the processing of withdrawal requests from investor accounts. If you have requested a withdrawal from your investor account since Friday 11th March you should receive your funds within 2 to 4 days of the request date. We apologise for any inconvenience caused."
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Post by Deleted on Mar 15, 2016 8:51:08 GMT
Well, it seems that FC cannot even manage the customer's money now...
I have 4 put separate withdrawal requests on Friday 11, Saturday 12, Sunday 13 and Monday 14.
None of this has arrived to my bank (Lloyds) as of today, Tuesday 15 March. There are 4 full days since the first request...
Any theory above is broken now and only God knows when the money will come.
I find this situation totally unacceptable to be frank and am already late with an urgent payment.
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sl75
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Post by sl75 on Mar 15, 2016 9:28:37 GMT
Well, it seems that FC cannot even manage the customer's money now... I have 4 put separate withdrawal requests on Friday 11, Saturday 12, Sunday 13 and Monday 14. None of this has arrived to my bank (Lloyds) as of today, Tuesday 15 March. There are 4 full days since the first request... Any theory above is broken now and only God knows when the money will come. I find this situation totally unacceptable to be frank and am already late with an urgent payment. The "withdraw money" page clearly states that "It usually takes 3 working days to get money to your account.", and that is what any sane person would use for planning for an "urgent payment". If they sometimes (or even usually) manage to get money to the account faster than that, it doesn't mean they're under any obligation to do so every time. For the record, my own Friday withdrawal arrived on Monday, but my Monday withdrawal has not arrived yet...
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Post by Deleted on Mar 15, 2016 10:39:59 GMT
Well, it seems that FC cannot even manage the customer's money now... I have 4 put separate withdrawal requests on Friday 11, Saturday 12, Sunday 13 and Monday 14. None of this has arrived to my bank (Lloyds) as of today, Tuesday 15 March. There are 4 full days since the first request... Any theory above is broken now and only God knows when the money will come. I find this situation totally unacceptable to be frank and am already late with an urgent payment. The "withdraw money" page clearly states that "It usually takes 3 working days to get money to your account.", and that is what any sane person would use for planning for an "urgent payment". Next working day from Friday is Monday. Today is Tuesday and I have not received any money. If they sometimes (or even usually) manage to get money to the account faster than that, it doesn't mean they're under any obligation to do so every time. For the record, my own Friday withdrawal arrived on Monday, but my Monday withdrawal has not arrived yet... Well, FC has now put up prominent note in which they apologise for their problems, so it is CLEAR (to me) that they expect payments to normally be completed within a business day and apologise because this is not happening right now. Interesting to read that your Friday withdrawal arrived yesterday (Monday), so this shows to me that it is a clear problem on FC side (the script routine collecting requests probably stopped working at a certain time on Friday) and not a banking problem. My Friday request, in fact, was not processed.... As for your comments on 'planning': unfortunately not everything can be planned as you think.... and in the quick connected world you have also to rely on expectations, which reasonably should be linked to the past performance (which at least for mon-wed was always 1 working day).... In any case 4 full days have gone since my Friday withdrawal request and money has still not arrived. So, it is definitely something FC must resolve (manually if needed) today.
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sl75
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Post by sl75 on Mar 15, 2016 10:59:49 GMT
As for your comments on 'planning': unfortunately not everything can be planned as you think.... Of course it can. Use accounts with guaranteed instant access for a contingency fund sufficient to cover any plausible urgent requirement, and only feed the surplus into proper "investments" when this contingency fund has an adequate balance. Most people can get an overdraft facility agreed by their bank, which reduces the amount of such a contingency fund that must be held as a positive balance. It seems foolhardy in the extreme to have put funds into a long-term P2P investment that you may require so urgently that a 3-4 day withdrawal period causes an unacceptable delay. Hopefully you will have learned from this experience. (Edit: In the meantime, I've just done a transfer from my instant-access savings account to my current account to cover the shortfall caused by the delay to Monday's withdrawal, as that's preferable to using up part of my agreed overdraft facility). Edit2: Just to clarify - I do appreciate the recent improvement such that withdrawals usually arrive on the next working day (rather than the 3-4 days stated), but as the page has never promised this, I always treat it as an "unexpected bonus" (albeit one that I tend to assume will occur) rather than a level of service to rely upon to the extent that urgent payments are held up if it doesn't occur so quickly.
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Post by davee39 on Mar 15, 2016 11:20:37 GMT
The website is out out date. Withdrawals used to be processed by BACS, so a Monday withdrawal arrived Wednesday. Over the last few weeks they have been arriving overnight by faster payments. All my requests have been made before 10am, and I avoid making requests Fri to Sun to avoid weekend issues. There is likely to be a cut off time after which payments miss the next days run.
I do not think it unreasonable to expect a financial service organisation to provide a reliable and predictable withdrawal service, cash processing is one of the fundamental requirements of the business. I too have a withdrawal from Monday pending & I would have expected action by FC to process this with some priority rather than the 2 to 4 days advised.
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Post by pepperpot on Mar 15, 2016 11:25:43 GMT
The website is out out date. Withdrawals used to be processed by BACS, so a Monday withdrawal arrived Wednesday. Over the last few weeks they have been arriving overnight by faster payments. All my requests have been made before 10am, and I avoid making requests Fri to Sun to avoid weekend issues. There is likely to be a cut off time after which payments miss the next days run. About 5pm, or probably exactly 5pm (mon - thurs), I tested a withdrawal at 4:55pm and got it the next day, I'll test 5:05pm next... when there is news that it's working again that is...
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Post by Deleted on Mar 15, 2016 11:45:28 GMT
As for your comments on 'planning': unfortunately not everything can be planned as you think.... Of course it can. Use accounts with guaranteed instant access for a contingency fund sufficient to cover any plausible urgent requirement, and only feed the surplus into proper "investments" when this contingency fund has an adequate balance. Most people can get an overdraft facility agreed by their bank, which reduces the amount of such a contingency fund that must be held as a positive balance. It seems foolhardy in the extreme to have put funds into a long-term P2P investment that you may require so urgently that a 3-4 day withdrawal period causes an unacceptable delay. Hopefully you will have learned from this experience. (Edit: In the meantime, I've just done a transfer from my instant-access savings account to my current account to cover the shortfall caused by the delay to Monday's withdrawal, as that's preferable to using up part of my agreed overdraft facility). Edit2: Just to clarify - I do appreciate the recent improvement such that withdrawals usually arrive on the next working day (rather than the 3-4 days stated), but as the page has never promised this, I always treat it as an "unexpected bonus" (albeit one that I tend to assume will occur) rather than a level of service to rely upon to the extent that urgent payments are held up if it doesn't occur so quickly. Well, the adoption of Fast Transfers was welcome and certainly should become standard in any organisation. I am counting on it to be now the default/only option and given FC themselves put out an apology for it not working, I am sure they do consider it the standard for them (wether or not the legal documents are updated). In any case my need rose suddenly from a sudden and unexpected chance I took, so was not something I could in anyway plan earlier and the sums exceed my overdraft facility. But in itself it would not be a problem if things worked properly. I sold some extra loans from FC (which is reasonably simple to do at par on some loans) for this very purpose and put withdrawal requests on Friday, Saturday, Sunday and Monday, hopying to see the first money coming in by monday but certain that they would arrive at very least by Tuesday. Clearly, 4 days wait and not having any of your money is excessive and unacceptable to me. BTW: I have a quick access banking account, and I have now requested access to those funds (hopefully arriving tomorrow). My problem was thinking that I could rely on FC and this proved to be wrong. FC cannot be trusted in any way is the conclusion!!!! What I find pathetic also is the lack of any support from FC: they could answer messages (and do not....), they could pass to an Emergency manual mode (easily done with a single FTE processing at least 20-30 withdrawal requests an hour...) etc. What are they doing instead? I fear they are doing exactly NOTHING....
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sl75
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Post by sl75 on Mar 15, 2016 13:01:37 GMT
Clearly, 4 days wait and not having any of your money is excessive and unacceptable to me. For 2 of those days your problem is the existence of weekends... financial settlement times are usually expressed in "working days", where Saturday and Sunday don't count, so you're at most 1 day late if it happens today (or 2 if it's tomorrow). Maybe you should start the campaign for the abolishment of weekends. The idea didn't seem to go down well with junior doctors, but maybe people working in the financial sector would jump at the opportunity?
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Post by Deleted on Mar 15, 2016 15:02:38 GMT
Clearly, 4 days wait and not having any of your money is excessive and unacceptable to me. For 2 of those days your problem is the existence of weekends... financial settlement times are usually expressed in "working days", where Saturday and Sunday don't count, so you're at most 1 day late if it happens today (or 2 if it's tomorrow). Maybe you should start the campaign for the abolishment of weekends. The idea didn't seem to go down well with junior doctors, but maybe people working in the financial sector would jump at the opportunity? As reported by many other users the FC withdrawal timings has been 1 working day in the last xx months, since they adopted the FT process. Any Friday withdrawal should have been received on Monday early morning according to the next working day rule. So FC is already now (nothing arrived) late for two full working days (a full day of Monday and a full day of Tuesday). Even withdrawals made yesterday (Monday) should have arrived today... The only campaign I am making is for efficient companies maintaining high standards and happy customers all round. Some companies do satisfy these criteria. FC clearly not, and this is because at the moment, we, small lenders, are just nuisance for them. Their only real customers now are institutionals... everyonelse can wait and wait and wait.
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sl75
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Post by sl75 on Mar 15, 2016 15:23:14 GMT
As reported by many other users the FC withdrawal timings has been 1 working day in the last xx months, since they adopted the FT process. Any Friday withdrawal should have been received on Monday early morning according to the next working day rule. So FC is already now (nothing arrived) late for two full working days (a full day of Monday and a full day of Tuesday). Even withdrawals made yesterday (Monday) should have arrived today... The only campaign I am making is for efficient companies maintaining high standards and happy customers all round. Some companies do satisfy these criteria. FC clearly not, and this is because at the moment, we, small lenders, are just nuisance for them. Their only real customers now are institutionals... everyonelse can wait and wait and wait. FC have consistently got your money to you 2 days faster than they claim to (after 1 working day rather than 3) for several weeks, and rather than commending them for over-delivering on their service on all those other occasions, you complain when it actually takes as long as they explicitly tell you it was going to take? You react as though FC had explicitly promised a next-day-delivery service, when they have never offered anything of the sort. Any problem resulting from your assumption that funds would arrive next day would be of your own making (just like someone who sends urgent documents by regular first class post because "it usually gets there next day", rather than paying for special delivery or a courier to receive the guarantee of next-day delivery). ISTM that the 3 day estimate gives them time to recover from a failed payment run (or even revert to BACS if their access to the FP system is interrupted) whilst still keeping within the terms promised. Traditional wisdom suggests that under-promising and over-delivering should keep customers happy, as they feel they're getting "something extra". It seems that in this case, it instead gives you a sense of entitlement to that "over-delivered" service.
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Post by Deleted on Mar 15, 2016 15:42:19 GMT
As reported by many other users the FC withdrawal timings has been 1 working day in the last xx months, since they adopted the FT process. Any Friday withdrawal should have been received on Monday early morning according to the next working day rule. So FC is already now (nothing arrived) late for two full working days (a full day of Monday and a full day of Tuesday). Even withdrawals made yesterday (Monday) should have arrived today... The only campaign I am making is for efficient companies maintaining high standards and happy customers all round. Some companies do satisfy these criteria. FC clearly not, and this is because at the moment, we, small lenders, are just nuisance for them. Their only real customers now are institutionals... everyonelse can wait and wait and wait. FC have consistently got your money to you 2 days faster than they claim to (after 1 working day rather than 3) for several weeks, and rather than commending them for over-delivering on their service on all those other occasions, you complain when it actually takes as long as they explicitly tell you it was going to take? You react as though FC had explicitly promised a next-day-delivery service, when they have never offered anything of the sort. Any problem resulting from your assumption that funds would arrive next day would be of your own making (just like someone who sends urgent documents by regular first class post because "it usually gets there next day", rather than paying for special delivery or a courier to receive the guarantee of next-day delivery). ISTM that the 3 day estimate gives them time to recover from a failed payment run (or even revert to BACS if their access to the FP system is interrupted) whilst still keeping within the terms promised. Traditional wisdom suggests that under-promising and over-delivering should keep customers happy, as they feel they're getting "something extra". It seems that in this case, it instead gives you a sense of entitlement to that "over-delivered" service. FC Overdelivering??? I think you are dreaming a company that is not here. FT was officially launched on 27 May 2008 and it ensures almost immediate transfers between accounts. FC adopted it with many years of delay and is welcome, but talking about overdelivering for adopting technology almost 10 years old used by almost any financial institution in the country is excessive. FC themselves considered the next day withdrawal payment part of their current expected service, otherwise they would not have bothered to put an note on their web site today, apologising because Friday (and later) withdrawals had been missed... Will see how long it takes to sort the problems out, but from what I see at present they simply cannot care less of customers' money and requests (they still have not answered my 3 customer support requests and have not applied any 'emergency' manual withdrawing procedure).
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sl75
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Post by sl75 on Mar 15, 2016 16:23:09 GMT
FC Overdelivering??? I think you are dreaming a company that is not here. You state yourself that they've overdelivered in terms of withdrawal times so consistently that you assumed this to be the new level of service you could rely upon to the extent of using it to fund other "urgent payments". (Zopa, by comparison, still have 3 day withdrawals as stated, and are NOT overdelivering in this aspect of their service). FC themselves considered the next day withdrawal payment part of their current expected service, otherwise they would not have bothered to put an note on their web site today, apologising because Friday (and later) withdrawals had been missed... That seems to me merely an acknowledgement of a delay compared to the service that many customers had become accustomed to. FC themselves clearly do not consider a next day withdrawal payment part of their promised service (even if it's a level of service some customers may have come to expect), as Rachel's reply to your similar complaint on the other forum clearly indicates.
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