dermot
Member of DD Central
Posts: 863 
Likes: 517
|
Post by dermot on Oct 5, 2016 9:45:31 GMT
Of course ten minutes after I posted that, my cash has shown up!!!
|
|
pauls
Posts: 68
Likes: 36
|
Post by pauls on Oct 5, 2016 16:27:27 GMT
Of course ten minutes after I posted that, my cash has shown up!!! Similarly my deposit yesterday appeared 10 minutes or so after that post. Todays deposit was rapid. Has something changed?
|
|
|
|
Post by stevefindlay on Oct 6, 2016 19:44:43 GMT
Of course ten minutes after I posted that, my cash has shown up!!! Similarly my deposit yesterday appeared 10 minutes or so after that post. Todays deposit was rapid. Has something changed? We normally process the bank feed at 11am and 5pm daily during the week. But sometimes more frequently than this. We are discussing with our bank if we can get an automatic, instantaneous feed, but sadly it doesn't appear to be straight forward. However, there is an open data initiative being explored in the banking community generally, and an instantaneous feed may be a by-product of this.
|
|
|
|
Post by propman on Nov 8, 2016 17:55:48 GMT
I am currently put off depositing more with BM as I do not wish my amount per loan to increase. I would be happy to double my investment if a 0.5% category was added.
I see that you are not taking the fees that are due to you due to cash drag leaving my return below the target. I do not see this as necessary. I assume that if & when I exit you would take all accrued fees, so this is of no use to me, while it must be an inconvenience to you. I realise that cash drag would increase if I were to lower my allocation per loan, so I would expect that you should not have access delayed to your share of income as a result of my choice. Pertsonally I think fees should be taken as a share of interest payments to align our interests.
- PM
|
|
|
|
Post by stevefindlay on Nov 23, 2016 9:44:17 GMT
I am currently put off depositing more with BM as I do not wish my amount per loan to increase. I would be happy to double my investment if a 0.5% category was added.
I see that you are not taking the fees that are due to you due to cash drag leaving my return below the target. I do not see this as necessary. I assume that if & when I exit you would take all accrued fees, so this is of no use to me, while it must be an inconvenience to you. I realise that cash drag would increase if I were to lower my allocation per loan, so I would expect that you should not have access delayed to your share of income as a result of my choice. Pertsonally I think fees should be taken as a share of interest payments to align our interests.
- PM - 0.5% category: This is coming, but for larger investors first (£25k+) - Fees: sadly we can't take fees as a share of interest income for regulatory / tax purposes. We also don't want to (and can't) take fees on uninvested cash, as this is akin to being a bank (charging fees on cash) and may requiring a banking license.
|
|
andyc
Posts: 18
Likes: 32
|
Post by andyc on Dec 8, 2016 14:18:41 GMT
'the first 16 digits of your driving licence' was altered to 'the first 16 characters of your driving licence' to avoid unnecessary confusion. Also, lodging funds (£1k min) shouldn't be mandatory. Some customers like to review the Web interface, dashboards, reports and information available before committing.
|
|
andyc
Posts: 18
Likes: 32
|
Post by andyc on Dec 8, 2016 15:14:35 GMT
Sorry for that pedantic outburst but some people worry about 6 decimal places and rounding errors but I worry about first impressions and the user experience :-)
Maybe I should balance things by saying that I have just dipped my toes into the water with BondMason to supplement accounts with RS, AC and MT. I like the BM model and a 1% fee is money well spent to get the loans qualified, diversification and someone else to be hitting F5 at 4pm as that novelty soon wore off for me. The real question is how quickly my initial investment gets fully invested and I suspect December may be a slow month but we'll see.
What I liked about BM was the Web site, the staff presence (helpful, informed replies) on here, screenshots of the dashboard/reporting interface and excellent TrustPilot reviews.
|
|
andyc
Posts: 18
Likes: 32
|
Post by andyc on Dec 8, 2016 16:44:16 GMT
Similarly my deposit yesterday appeared 10 minutes or so after that post. Todays deposit was rapid. Has something changed? We normally process the bank feed at 11am and 5pm daily during the week. But sometimes more frequently than this. We are discussing with our bank if we can get an automatic, instantaneous feed, but sadly it doesn't appear to be straight forward. However, there is an open data initiative being explored in the banking community generally, and an instantaneous feed may be a by-product of this. Thanks for the info Steve. However, in this day and age, that is surprising. My bank tells me it has initiated a Faster Payment and that BM has 'accepted' it. Unless I'd happened upon your explanation, I would be sitting there hitting 'F5' again. For four whole hours. I presume pulling the feed costs you money but surely you can poll hourly or bi-hourly. You block access to the newly opened account with a great banner proclaiming 'WE HAVEN'T RECEIVED YOUR FUNDS YET' as if it's somehow my fault when, all of the time, it's your (or your bank's) fault.
|
|
|
|
Post by stevefindlay on Dec 8, 2016 21:37:17 GMT
We normally process the bank feed at 11am and 5pm daily during the week. But sometimes more frequently than this. We are discussing with our bank if we can get an automatic, instantaneous feed, but sadly it doesn't appear to be straight forward. However, there is an open data initiative being explored in the banking community generally, and an instantaneous feed may be a by-product of this. Thanks for the info Steve. However, in this day and age, that is surprising. My bank tells me it has initiated a Faster Payment and that BM has 'accepted' it. Unless I'd happened upon your explanation, I would be sitting there hitting 'F5' again. For four whole hours. I presume pulling the feed costs you money but surely you can poll hourly or bi-hourly. You block access to the newly opened account with a great banner proclaiming 'WE HAVEN'T RECEIVED YOUR FUNDS YET' as if it's somehow my fault when, all of the time, it's your (or your bank's) fault. Thank you for the feedback. We should probably change the language to 'We haven't processed your funds yet'. For initial payments, at our end we are also conducting Know Your Customer and Anti Money Laundering checks, which is why it's not as simple as just recognising a payment coming in. We do pride ourselves on being contactable though - we're happy to take a call or answer an email if you ever want to double check funds have been received immediately after sending.
|
|
|
|
Post by khampson on Dec 22, 2016 13:23:42 GMT
I would like to see BM introduce a system that would indicate how much demand their is for new investment so when my account is fully invested and I am wanting to invest more where my money is in the queue so I can plan deposits much better and avoiding having my money sat in my account earning 0%.
for instance I have had emails in the past telling me I am fully invested (rush of blood thinking we have turned a corner and loans are available), So I deposit more funds only for my account to continue to drop as loans are repaid, This is my only issue I have, I do have a home for my cash but I like it here, I want to put more cash into BM I withdraw it from other P2P platforms I use.
|
|
|
|
Post by stevefindlay on Dec 24, 2016 9:10:12 GMT
Wasn't there an indication that BM would be providing a downloadable statement by Christmas? By statement I mean a list of dated transactions (credits, debits, investments, interest paid, repayments, etc) as it applies to my account. I guess this isn't happening.  Monthly statements are coming. Soon...
|
|
|
|
Post by stevefindlay on Dec 24, 2016 9:11:24 GMT
I would like to see BM introduce a system that would indicate how much demand their is for new investment so when my account is fully invested and I am wanting to invest more where my money is in the queue so I can plan deposits much better and avoiding having my money sat in my account earning 0%. for instance I have had emails in the past telling me I am fully invested (rush of blood thinking we have turned a corner and loans are available), So I deposit more funds only for my account to continue to drop as loans are repaid, This is my only issue I have, I do have a home for my cash but I like it here, I want to put more cash into BM I withdraw it from other P2P platforms I use. We are working in a chart - both for your dashboard and for the site generally - which shows the allocation level and can hopefully provide a good indication of deployment rate.
|
|
|
|
Post by faeryl on Dec 26, 2016 16:19:54 GMT
That would be great. I am very keen on BM as it ticks all my boxes except for cash drag. Having an idea of time frame for allocation would help me make decisions on whether to run down balances held with other potentially under performing p2p companies and transfer them to BM.
|
|
shimself
Member of DD Central
Posts: 2,563
Likes: 1,171
|
Post by shimself on Jan 1, 2017 14:44:38 GMT
I'd like the ability to be able to run a (tax) report between arbitrary dates instantly on the web site. I understand this facility is currently available but only on request via email. Every client gets an automated tax statement at the tax year end. This appear on their dashboard as soon as the tax year is finished. If you've invested through a Corporate (and need different tax periods) then we currently do this for clients on an ad-hoc (request driven) basis. I like the self-service approach you've suggest. We'll add it to the list. Thanks My tax year ending yesterday I was just looking for this. OK This year I can use the one ending in April, but two comments about that - one it would be better as a pdf, and two it needs a date issued incorporated. And three - the fees shown aren't the same as shown on the dashboard, (I'll email support with specifics)
|
|
treeman
Member of DD Central
Posts: 1,026
Likes: 557
|
Post by treeman on Jan 1, 2017 15:25:10 GMT
Possibly a dumb question but I can't seem to find an answer ........... stevefindlay - when are the BM fees actually collected ? - my account shows all fees since I started as 'outstanding' and £0 as 'collected' ........... |
|
