Investboy
Member of DD Central
Trying to recover from P2P revolution
Posts: 564
Likes: 201
|
Post by Investboy on Mar 10, 2017 12:25:38 GMT
A bank run is a different thing and quite scary. Yeah agree. Before clicking on this thread I thought someone is suggesting: a) selling all our loans on SM or b) running to our banks and withdrawing all the money I'd rather use term "deposits crediting/reconciliation" than "bank run"
|
|
bernard
Member of DD Central
Posts: 66
Likes: 24
|
Post by bernard on Mar 10, 2017 12:44:46 GMT
Me too. Deposits made yday afternoon not credited yet. Deposits made yday morning credit within hours.
In my mind this starts to raise flags about the segregation of funding for SS client accounts. Were this a one off, I could ignore it. However I have noticed a distinct pattern. Every time that SS are in a position where there own float is 'tested' (such as now, with part of a new loan funding and partly covering the gap between allocations on the new loan who have not yet resolved a negative balance), they are slow at recognising deposits to my account. I might add that my account is not in deficit. Clearly if funds were properly segregated by client there should be no issue in recognising a client deposit. However the linkage of the phenomenon to the SS float is making me suspect, somewhat uneasily, that there is some comingling between and across client and SS own funds. I do wonder whether people with a negative balance are getting deposits recognised, whereas people with a positive balance are not getting recognised as their funds are essentially covering someone else's negative balance or the SS float and therefore the funds aren't available to be allocated to one's own account until that is covered. I was under the impression that funds were supposed to be segregated per client account, but maybe I am wrong. Anyone know what the correct legal situation is? (of course, many a time have clients lost money because the correct legal segregation rules were being ignored, but at least we can start with what the situation is supposed to be ...)
|
|
|
Post by barberbookie on Mar 10, 2017 12:51:40 GMT
Me too. Deposits made yday afternoon not credited yet. Deposits made yday morning credit within hours. In my mind this starts to raise flags about the segregation of funding for SS client accounts. Were this a one off, I could ignore it. However I have noticed a distinct pattern. Every time that SS are in a position where there own float is 'tested' (such as now, with part of a new loan funding and partly covering the gap between allocations on the new loan who have not yet resolved a negative balance), they are slow at recognising deposits to my account. I might add that my account is not in deficit. Clearly if funds were properly segregated by client there should be no issue in recognising a client deposit. However the linkage of the phenomenon to the SS float is making me suspect, somewhat uneasily, that there is some comingling between and across client and SS own funds. I do wonder whether people with a negative balance are getting deposits recognised, whereas people with a positive balance are not getting recognised as their funds are essentially covering someone else's negative balance or the SS float and therefore the funds aren't available to be allocated to one's own account until that is covered. I was under the impression that funds were supposed to be segregated per client account, but maybe I am wrong. Anyone know what the correct legal situation is? (of course, many a time have clients lost money because the correct legal segregation rules were being ignored, but at least we can start with what the situation is supposed to be ...) You seem to have raised a good point and i can confirm that my deposit that was sent around 3pm yesterday was credited at 830am and i am still in a negative balance.
|
|
jomantha
Member of DD Central
Posts: 177
Likes: 63
|
Post by jomantha on Mar 10, 2017 13:02:36 GMT
I have just thrown £10 in to see how long it takes - Ill let you know.
|
|
|
Post by onion12 on Mar 10, 2017 13:04:59 GMT
I don't get why they don't pay someone to deal with the deposit&withdrawl, FULL TIME it's not like there not making enough money and it is a big part of the system for smooth running platform and if you don't mind checking out bound I have some waiting in that direction
|
|
bernard
Member of DD Central
Posts: 66
Likes: 24
|
Post by bernard on Mar 10, 2017 13:08:28 GMT
The claimed situation on the website is "Unallocated investor funds are held by us in trust on your behalf in a segregated client bank account so that it does not form part of our assets and would not be available to creditors in the event of our insolvency." However that raises the question of the status of funds that have been deposited but not yet credited to your account doesn't it? Could they technically not yet be 'unallocated investor funds'?
In addition, they often use the excuse of doing the 'processing run'. Not clear that that excuse holds much water when some payments have been processed, some not. Having a batch run would lead to all or none of the payments being credited, not a mish mash between the two. Bad smell around SS towers.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Mar 10, 2017 13:30:16 GMT
The apparent situation where a considerable number of deposits are being processed out of order suggests to me that SS do not have a competent team in their office. Worrying, in regard to what else might be less than efficiently managed. (I deposited cash Thursday morning and it was dealt with by early afternoon).
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,871
Likes: 11,097
|
Post by ilmoro on Mar 10, 2017 13:35:34 GMT
The claimed situation on the website is "Unallocated investor funds are held by us in trust on your behalf in a segregated client bank account so that it does not form part of our assets and would not be available to creditors in the event of our insolvency." However that raises the question of the status of funds that have been deposited but not yet credited to your account doesn't it? Could they technically not yet be 'unallocated investor funds'? In addition, they often use the excuse of doing the 'processing run'. Not clear that that excuse holds much water when some payments have been processed, some not. Having a batch run would lead to all or none of the payments being credited, not a mish mash between the two. Bad smell around SS towers. No, client money is client money and its in a separate client account. SS have been very clear they abide by CM rules. It will be a 'pooled account' so the banking run is designating ownership of the funds to specific SS accounts. God knows how many transactions they are having to reconcile to cover the potential sums of money coming in.
|
|
|
Post by barberbookie on Mar 10, 2017 13:46:41 GMT
I don't get why they don't pay someone to deal with the deposit&withdrawl, FULL TIME it's not like there not making enough money and it is a big part of the system for smooth running platform and if you don't mind checking out bound I have some waiting in that direction From another thread: Employ an office clerk. Pay him £7.90 an hour to sit in front of his monitor clicking refresh every 5 seconds waiting for funds to appear via faster payment into saving streams bank account. Job done. Simply not good enough Whats the reason why funds cant be credited within a reasonable time frame like most organisations are able to do so in 2017.
|
|
|
Post by barberbookie on Mar 10, 2017 13:53:30 GMT
I have just thrown £10 in to see how long it takes - Ill let you know. Let us know if you get it credited today. Is your account in a negative state?
|
|
|
Post by barberbookie on Mar 10, 2017 13:57:01 GMT
Re the question of prioritising the reconciliation of those in negative balance, I was £1200 negative, and my deposit went through shortly before 11 am, about 14 hours after being made. It is an interesting question. Having just looked at the SM, I am guessing there is still a backlog of deposits as tasty loans are sitting there teasing us. I am hoping there still is a backlog , a massive one at that or we could all be stuck in this for quite a while. Things certainly have changed around here.
|
|
duck
Member of DD Central
Posts: 2,585
Likes: 5,740
|
Post by duck on Mar 10, 2017 14:03:31 GMT
Wow! I paid off my debits (2 accounts) just before 5pm yesterday. Added further cash to both accounts just before 8.30 this morning, invested it all by 9am. Reading all the posts in this thread makes me realise I have been 'randomly lucky'
|
|
lobster
Member of DD Central
Posts: 636
Likes: 467
|
Post by lobster on Mar 10, 2017 14:10:46 GMT
Re the question of prioritising the reconciliation of those in negative balance, I was £1200 negative, and my deposit went through shortly before 11 am, about 14 hours after being made. It is an interesting question. Having just looked at the SM, I am guessing there is still a backlog of deposits as tasty loans are sitting there teasing us. OK, well on this same theme, deposits were made at 3.30pm yesterday into my account and my wife's account. Both accounts had positive balances, but neither account has yet been credited ?? BUT .. further deposits into our SS accounts were made at about 0630 early this morning, and both these deposits HAVE been credited ? (but still no sign of yesterday's deposits) Not sure whether the "positive balance" issue is a red herring or not ? In any case, please sort this out savingstream / Paul64
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on Mar 10, 2017 14:30:54 GMT
Paul64, we have been promised better communication from SS for months and it is still sorely lacking. Instead of writing lengthy but vacuous emails about TV schedules (quote below), I expect most investors would prefer real communication when problems happen. Anything from you stating that you are aware of the problem, your team is working on it and some kind of ETA for resolution would be preferable to what we've had so far.
|
|
jomantha
Member of DD Central
Posts: 177
Likes: 63
|
Post by jomantha on Mar 10, 2017 14:34:13 GMT
I have just thrown £10 in to see how long it takes - Ill let you know. Let us know if you get it credited today. Is your account in a negative state? I will and yes it is.
|
|