sl75
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Post by sl75 on Oct 7, 2016 9:37:02 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. From www.fasterpayments.org.uk/faqs (my emphasis): Even by the absolute minimum standard required by the Faster Payments service (end of next working day), AC have delayed it by a further night.
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capucino
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Post by capucino on Oct 7, 2016 10:18:07 GMT
Agreed, this is really a big let down and made me invest less with AC
SS manage to make same day transfers, why can't AC?
AC silence on this issue is quite telling.
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Post by pepperpot on Oct 7, 2016 12:12:24 GMT
It's not outside the realms of normality in P2P, I missed the cut off yesterday for a withdrawal from FC (5.30pm) that I'd hoped to replenish my float with and as it's not turned up this morning, it'll be Monday now. A delay not too dissimilar to 2pm Friday arriving the following Tues. Withdrawal times on MT for eg. are excellent, however I think it's probably all done manually and with growth might also get automated in a similar fashion. Only when platforms reach a size where the cost of real time transactions is not prohibitive will we see improvement (FC aren't there yet).
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sl75
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Post by sl75 on Oct 7, 2016 14:23:52 GMT
It's not outside the realms of normality in P2P, I missed the cut off yesterday for a withdrawal from FC (5.30pm) that I'd hoped to replenish my float with and as it's not turned up this morning, it'll be Monday now. A delay not too dissimilar to 2pm Friday arriving the following Tues. Withdrawal times on MT for eg. are excellent, however I think it's probably all done manually and with growth might also get automated in a similar fashion. Only when platforms reach a size where the cost of real time transactions is not prohibitive will we see improvement (FC aren't there yet). I'm not aware of any other P2P provider with an account that claims to be able to provide you with "immediate access to your cash, in normal market conditions". For example, FC's withdrawal page explicitly states that "Withdrawals can take up to 3 working days to reach your account.", and so that's the standard that FC should be judged against (I've often found them much faster, e.g. next working day). However, as AC have promised "immediate access to your cash, in normal market conditions", that's the standard that AC should be held to.
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Post by pepperpot on Oct 7, 2016 14:50:31 GMT
sl75 has a point there andrewholgate. Re-jig of the wording surrounding the accounts?
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JamesFrance
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Port Grimaud 1974
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Post by JamesFrance on Oct 7, 2016 16:20:27 GMT
Prompt action on withdrawal requests would be better.
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Post by andrewholgate on Oct 10, 2016 8:05:42 GMT
Noted.
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dermot
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Post by dermot on Oct 10, 2016 11:07:30 GMT
So long as it is clear what the timescale is, I'd be happy - what initially prompted this thread was that, unlike many other platforms, AC requires me to enter bank details manually each time I make a withdrawal, so I pay closer attention to transfers in case I've made a cockup of the numbers during entry.... In practice, andrewholgate , what I'd *really* like to see is a sweep mechanism that just took all interest, and pushed it automatically to my bank account at weekly or monthly intervals as RS can do, while leaving any capital returned to be reinvested. For those of us reaching the stage in life where income supplementation is the aim, the convenience of automated payments is very attractive. This convenience is the main reason why I continue to keep a large chunk of cash in RS, even though rates have been falling somewhat of late. (But I feel I may have mentioned this notion once or twice before - and on several platforms....)
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sl75
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Post by sl75 on Oct 12, 2016 10:48:42 GMT
[Thought I'd already posted this a couple of days ago, but apparently not...]
Credit where credit is due - the withdrawal I initiated on Friday morning arrived in my bank on Saturday morning, so I didn't spend the weekend wondering whether the credit card payment being made by Direct Debit on Monday morning would be covered or not.
If same-day withdrawals have a cost associated with them (either because AC's bank charges more for them, or because of the additional "churn" it would generate), perhaps AC could pass on that cost to those who require a same-day service (it'd presumably be substantially cheaper than the £6 service charge that my bank makes for using the arranged overdraft facility).
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bababill
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Post by bababill on Oct 14, 2016 11:25:14 GMT
Yesterday I missed the 'supposed' 12 noon cut-off because I was fumbling around looking for my account number... Hate how you have to fill in account details each time.. Anyhow, I finally pressed the submit button at 12:02pm. Funds received in my account today less then 24 hours later.  |
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mikes1531
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Post by mikes1531 on Oct 14, 2016 18:40:35 GMT
... Hate how you have to fill in account details each time. That sounds like a recipe for a fat finger disaster. Or, if you prefer, an accident waiting to happen.
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n
Member of DD Central
Yet another Nick
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Post by n on Oct 15, 2016 9:26:04 GMT
... Hate how you have to fill in account details each time. That sounds like a recipe for a fat finger disaster. Or, if you prefer, an accident waiting to happen. I always copy & paste from my spreadsheet to avoid typos.
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kermie
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Post by kermie on Oct 15, 2016 10:06:57 GMT
... Hate how you have to fill in account details each time. That sounds like a recipe for a fat finger disaster. Or, if you prefer, an accident waiting to happen. AC double check the details (I know, in a bit of a confused rush, I entered the name of my bank once instead of my own name). But the mistake added a day or two since I had to re-submit it once I was told the details were wrong. Not sure if AC cross-check against those on record (i.e. from previous deposits) or by looking up the data with the banks or some other service, in either case they can't send the money to any old account you tell them due to money laundering concerns.
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Post by Icarus Unleashed on Oct 21, 2016 17:08:47 GMT
Of the platforms that I invest in AC is the slowest at processing withdrawals (which is unfortunate given the innovative and relatively liquid financing solution that is the QAA). If AC could boost the withdrawal speed so that they are closer to 'best in class' platforms MT and CL then that would be much appreciated.
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kaya
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Post by kaya on Dec 20, 2016 16:32:36 GMT
For a p2p company that generally comes across as being very professional, the withdrawal times are still rather amateurish. They are one of the slowest around.
A big improvement across the board would be automated withdrawal processes, just like the banks. I believe Propertymoose has this feature in place, correct me if I am wrong.
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