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Post by lendinglawyer on Mar 24, 2017 16:13:34 GMT
Re the comments above "cash flow problems" and "earning interest", are either of those right? Cash on SS iss stored in a segregated client account so I don't think it should impact either cash flow or interest income...
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elliotn
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Post by elliotn on Mar 24, 2017 17:05:08 GMT
Re the comments above "cash flow problems" and "earning interest", are either of those right? Cash on SS iss stored in a segregated client account so I don't think it should impact either cash flow or interest income... The bank account holding client funds presumably offers some interest rate unless they managed to find a 0% account. (For example, on RS this interest was added to the PF.)
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 24, 2017 17:10:00 GMT
Re the comments above "cash flow problems" and "earning interest", are either of those right? Cash on SS iss stored in a segregated client account so I don't think it should impact either cash flow or interest income... The bank account holding client funds presumably offers some interest rate unless they managed to find a 0% account. On RS these funds were added to the PF. T&Cs are clear. Interest on client funds goes to Lendy (2.14) up to them whether the use it to fund PF (which is their money anyway) Eratic withdraw times arent new, been like that since the start. Had one on a Sun once.
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elliotn
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Post by elliotn on Mar 24, 2017 17:13:10 GMT
The bank account holding client funds presumably offers some interest rate unless they managed to find a 0% account. On RS these funds were added to the PF. T&Cs are clear. Interest on client funds goes to Lendy (2.14) up to them whether the use it to fund PF (which is their money anyway) Eratic withdraw times arent new, been like that since the start. Had one on a Sun once. I agree, it was lendinglawyer that assumed SS got no interest income from the client account - to which I disagreed. RS was merely offered up as an example as to how a platform may use this interest to their own needs.
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Post by lendinglawyer on Mar 24, 2017 17:28:02 GMT
Thanks both for clarifying. I find this slightly odd as at my firm our accounts and compliance people go stir crazy if we don't get client instructions as to where to send their pennies of interest on hundreds of millions held overnight! Maybe us lawyers are subject to stricter client money rules...
I also thought the cash flow comment sounded a bit alarmist. Like SS might be delaying withdrawals as some sort of working capital facility. Hopefully what was really meant was slow transaction processing.
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mikeh
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Post by mikeh on Mar 24, 2017 20:58:50 GMT
It seems to be generally accepted that the big fundshops like HL take the largest share of client money interest unless it has changed recently.
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Liz
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Post by Liz on Mar 27, 2017 12:25:29 GMT
Have they done a withdrawal today? I'm still waiting.
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fasty
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Post by fasty on Mar 27, 2017 12:33:45 GMT
Hotel California <reprise> ?
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pom
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Post by pom on Mar 27, 2017 13:28:57 GMT
I had an email at 8:09...glad I requested it yesterday now
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Liz
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Post by Liz on Mar 27, 2017 13:42:31 GMT
I had an email at 8:09...glad I requested it yesterday now [MOD: deleted] they are moving the goal posts again! I put my request in at around 9am. Why can't they at least do 3 withdrawals runs a day?
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Post by Companion Cube on Mar 27, 2017 20:17:56 GMT
I made a withdrawal today at 10:30. Just checked and there's still nothing arrived. I withdrew £14K for my flexible cash ISA. I'm so glad I decided to do it a bit early just to be safe.
For those of you who are thinking of parking £15K in a flexible ISA across the tax year boundary, you may want to consider the withdrawal lag as well as beating the masses in a selling frenzy.
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withnell
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Post by withnell on Mar 27, 2017 21:55:25 GMT
Withdrawals were done around 8am today - to my knowledge it's only over the last few weeks that the withdrawal run has been pushed back, I always used to get withdrawals around 8:30-9:00am
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Liz
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Post by Liz on Apr 12, 2017 9:08:14 GMT
Has anyone had a withdrawal today? I've been waiting over 25 hours  What can't they at least be consistent with the timing of withdrawals? Edit: Just gone in. |
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mikes1531
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Post by mikes1531 on Apr 12, 2017 20:57:58 GMT
<<redacted foul language>>, they are moving the goal posts again! I'm surprised that acronym got past the automated censoring. Perhaps it was posted before the censoring was implemented. We'll find out after I click the 'Post' button. PS: That one survived, so I guess it's not on the blacklist.
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Jeepers
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Post by Jeepers on Apr 15, 2017 20:50:05 GMT
Could you tell us when the next withdrawal run will be over Easter and what the cut off for requests will be? Paul64 savingstream |
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What can't they at least be consistent with the timing of withdrawals?
