dermot
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Post by dermot on Sept 30, 2016 18:30:02 GMT
I requested a cash withdrawal at 11-35 on Thursday morning and received the email confirmation almost immediately, so was expecting cash in my bank some time today.
As at 7-30pm Friday, no cash.
I'm correct in thinking that withdraw requests made before mid day are actioned overnight for payment by end of day, am I not?
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Post by mrclondon on Sept 30, 2016 19:23:47 GMT
Nope, the payments are normally credited overnight 24+ hours after the withdrawal request
So a withdrawal request made (and acknowledged) on a Monday is processed on Tuesday, and credited in the small hours of Wednesday
and a withdrawal request made (and acknowledged) on a Thursday is processed on Friday, and credited in the small hours of Saturday
There must be a cut off time to achieve next day crediting of funds but it is MUCH earlier than the 12 noon you suggest ( I've made a withdrawal request at 1am Tuesday and had the funds credited small hours of Wednesday)
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jonah
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Post by jonah on Sept 30, 2016 19:24:01 GMT
I thought it was the end of the next day.... but I admit to being quite ignorant there. Contact customer services maybe?
edit: crossed with the more knowledgable MrC
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dermot
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Post by dermot on Sept 30, 2016 20:20:18 GMT
Nope, the payments are normally credited overnight 24+ hours after the withdrawal request So a withdrawal request made (and acknowledged) on a Monday is processed on Tuesday, and credited in the small hours of Wednesday and a withdrawal request made (and acknowledged) on a Thursday is processed on Friday, and credited in the small hours of Saturday There must be a cut off time to achieve next day crediting of funds but it is MUCH earlier than the 12 noon you suggest ( I've made a withdrawal request at 1am Tuesday and had the funds credited small hours of Wednesday) OK, thanks for the info. I thought I'd seen another thread sometime that led me astray.
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dermot
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Post by dermot on Sept 30, 2016 20:30:30 GMT
Nope, the payments are normally credited overnight 24+ hours after the withdrawal request So a withdrawal request made (and acknowledged) on a Monday is processed on Tuesday, and credited in the small hours of Wednesday and a withdrawal request made (and acknowledged) on a Thursday is processed on Friday, and credited in the small hours of Saturday There must be a cut off time to achieve next day crediting of funds but it is MUCH earlier than the 12 noon you suggest ( I've made a withdrawal request at 1am Tuesday and had the funds credited small hours of Wednesday) This was the thread that I had seen, so I assumed that if my submission was before noon, it should have arrived today. p2pindependentforum.com/post/140677/thread
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SteveT
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Post by SteveT on Sept 30, 2016 20:45:08 GMT
I was caught out the same way with a withdrawal made yesterday morning, so either I was wrong (rather likely) or it used to be better than it is now.
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dermot
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Post by dermot on Sept 30, 2016 21:50:42 GMT
Then let us see what tomorrow brings ...
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Post by pepperpot on Oct 5, 2016 0:37:22 GMT
I made a withdrawal at c11am on Monday 3rd and was in my bank Tuesday 4th, so I'm still working to the 12noon cut off theory for next day arrival. (during the week)
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sl75
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Post by sl75 on Oct 5, 2016 13:59:30 GMT
I made a withdrawal at c11am on Monday 3rd and was in my bank Tuesday 4th, so I'm still working to the 12noon cut off theory for next day arrival. (during the week) Conversely, I made a withdrawal at c. 2pm on Friday, and AC sat on the money until Tuesday morning. Thankfully I had a contingency plan in place to source funds at short notice on Monday morning when I found I was about to be overdrawn. It makes a mockery of half the "clever" stuff that AC's systems do (calculating interest to the precise second, and to infinitessimal precision), when they're then going to sit on the money, not paying any interest, until someone can be bothered to initiate the pending withdrawals. If AC are going to delay withdrawals by so long, why not show it on the website as a "pending withdrawal" (rather than as a withdrawal that's already occurred), and allow us to continue to receive interest on the funds swept into the QAA until they can be bothered to process it?
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Post by pepperpot on Oct 5, 2016 14:30:30 GMT
That's fair enough I guess, but the next cut off after 2pm Fri is 12noon Mon, with receipt on Tues.
Just knowing how it's set up is half the battle, I aim to only move funds Mon-Wed (Thurs has a chance) to minimise lags. Otherwise I resign myself to leaving it in QAA till c11am Mon and look to fulfil any shorter term need from elsewhere. A float available for P2P greasing/opportunity pouncing is a must in my book.
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JamesFrance
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Post by JamesFrance on Oct 5, 2016 15:53:54 GMT
Since Assetz still do not send emails when loans are repaid and it also takes time to action withdrawals, it is easy to have funds not earning for a while, whereas there are many competitors which allow you to make a loan elsewhere the same day as a loan is repaid and there is nothing suitable to invest in here.
More efficiency would generate goodwill rather than annoyance.
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adrianc
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Post by adrianc on Oct 5, 2016 16:18:20 GMT
Since Assetz still do not send emails when loans are repaid and it also takes time to action withdrawals, it is easy to have funds not earning for a while, whereas there are many competitors which allow you to make a loan elsewhere the same day as a loan is repaid and there is nothing suitable to invest in here. More efficiency would generate goodwill rather than annoyance. If you have some Buy instructions set up, then the money'll get put straight to use when the bits you want become available.
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JamesFrance
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Post by JamesFrance on Oct 5, 2016 16:44:56 GMT
If you have some Buy instructions set up, then the money'll get put straight to use when the bits you want become available. I have many of those but there is rarely anything suitable available since the mass accounts appeared.
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sl75
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Post by sl75 on Oct 7, 2016 7:48:42 GMT
That's fair enough I guess, but the next cut off after 2pm Fri is 12noon Mon, with receipt on Tues. Just knowing how it's set up is half the battle, I aim to only move funds Mon-Wed (Thurs has a chance) to minimise lags. Otherwise I resign myself to leaving it in QAA till c11am Mon and look to fulfil any shorter term need from elsewhere. A float available for P2P greasing/opportunity pouncing is a must in my book. The website explicitly says on the confirmation screen: "Your request has been submitted and it will be processed as soon as possible." Faster Payments allow funds to be transferred within the space of a few seconds (although banks officially quote 2 hours, presumably in case they need to temporarily hold them for extra manual verification), 24 hours a day, 7 days a week. Given that, "as soon as possible" does not mean "we'll wait around for another working day, and then arbitrarily delay the withdrawal until the following working day". The page on which you initiate a withdrawal goes into some detail about how incoming payments can be processed within an hour, but gives no indication whatsoever about the long delay when withdrawing cash... it does not seem unreasonable to me to expect withdrawals to occur within a similar 1 hour time limit. Following a recent change (paid off mortgage that I'd previously been offsetting against), I had been hoping to use the QAA for funds that I wanted to be able to access quickly. It is clearly not fit for that purpose at present.
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jonah
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Post by jonah on Oct 7, 2016 9:12:27 GMT
sl75 whilst I agree with your main point (cash leaving AC during the same day if requested before a cut off time) the faster payments system doesn't guarantee 2hrs or same day even. It has a target for next business day. The vast majority of payments are seconds and I think there is an SLA for 2hrs but I don't think there is a formal target beyond next business day. Obviously most banks massively exceed that target most of the time.
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