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Post by notascooby on Feb 24, 2018 14:41:28 GMT
I emailed them. Apparently it is because although they were happy to take my money, they would give it back to the originating account if they follow money laundering
regulations and verify my identity. Sure enough this morning was an Equifax alert that they were doing a credit check. The wrong way round I would have thought.
There was only a few days between the deposit and withdrawal. Mainly because I found their website hard to work so gave up without investing.
My typo - should read working days.
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toast
Member of DD Central
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Post by toast on Mar 7, 2018 13:31:05 GMT
My experience:
Sun, Feb 25th, 18:00: Performed bank transfer
Tue, Feb 27th, 18:00: Credited to account (after call to customer service)
Thu, Mar 1st, 18:00: 50% matched
Tue, Mar 6th, 18:00: 100% matched
So two working days to credit account, plus an extra week to get (the relatively small) lump sum matched.
I don't perform transfers very regularly, so a couple of days to credit my account is not a real inconvenience, but I can't help to compare to MoneyThing where I just had my account credited in 2 minutes.
The estimated matching time reported "Next working day" at all times, but I appreciate that designing the algorithm behind that estimation is non-trivial. Throughout the week I did observe that interest payments were reinvested quickly. I understand that reinvestments take priority over new money, but was wondering if the interest reinvestment (minuscule chunk sizes) somehow delayed matching of the larger chunk sizes from my newly deposited lump sum? It could be pure coincidence but it felt like I got more new money matched on days when I had no interest to reinvest.
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Post by nesako on Mar 9, 2018 10:25:51 GMT
My experience: Sun, Feb 25th, 18:00: Performed bank transfer Tue, Feb 27th, 18:00: Credited to account (after call to customer service) Thu, Mar 1st, 18:00: 50% matched Tue, Mar 6th, 18:00: 100% matched So two working days to credit account, plus an extra week to get (the relatively small) lump sum matched. I don't perform transfers very regularly, so a couple of days to credit my account is not a real inconvenience, but I can't help to compare to MoneyThing where I just had my account credited in 2 minutes. The estimated matching time reported "Next working day" at all times, but I appreciate that designing the algorithm behind that estimation is non-trivial. Throughout the week I did observe that interest payments were reinvested quickly. I understand that reinvestments take priority over new money, but was wondering if the interest reinvestment (minuscule chunk sizes) somehow delayed matching of the larger chunk sizes from my newly deposited lump sum? It could be pure coincidence but it felt like I got more new money matched on days when I had no interest to reinvest. My deposits so far have all reached my account the next day (so deposit 9AM, get into account next day around same time). Currently there is quite a large investment queue for the New Money... people must be rushing in trying to maximise the ISA allowance before the end of the year. My last deposit on Wednesday got in the 600K queue and currently I am still behind by 500K, so only moved 50K / per day so far. Estimate says 4 days to match, but I believe it will be more like 10 looking at current speeds...
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Post by Matthew on Mar 9, 2018 12:51:18 GMT
My experience: Sun, Feb 25th, 18:00: Performed bank transfer Tue, Feb 27th, 18:00: Credited to account (after call to customer service) Thu, Mar 1st, 18:00: 50% matched Tue, Mar 6th, 18:00: 100% matched So two working days to credit account, plus an extra week to get (the relatively small) lump sum matched. I don't perform transfers very regularly, so a couple of days to credit my account is not a real inconvenience, but I can't help to compare to MoneyThing where I just had my account credited in 2 minutes. The estimated matching time reported "Next working day" at all times, but I appreciate that designing the algorithm behind that estimation is non-trivial. Throughout the week I did observe that interest payments were reinvested quickly. I understand that reinvestments take priority over new money, but was wondering if the interest reinvestment (minuscule chunk sizes) somehow delayed matching of the larger chunk sizes from my newly deposited lump sum? It could be pure coincidence but it felt like I got more new money matched on days when I had no interest to reinvest. The main problem with the estimated matching time is it doesn't deal appropriately with the impact of reinvested repayments, which always go to the top of the queue. This is most relevant around the start of the month as most borrowers like to change their repayment date to align with their payday (or just after). Seems like you've been hit with this looking at your funding date, though it's not directly related to the reinvestments on your own loans.
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r00lish67
Member of DD Central
Posts: 2,692 
Likes: 4,048
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Post by r00lish67 on Apr 5, 2018 10:05:40 GMT
Matthew 2 suggested improvements for LW: 1) If 24-hr deposit automation is not an option in the near term, then can LW implement a "deposits received by xpm will be credit same day, or after xpm next working day" clear policy, just so we know what to expect? The deposit times seem really inconsistent, which is quite a turn off for investors I think. 2) Please, please - stop sending your 'check out our high rates' regular e-mails on Friday afternoons! Unless you're going to significantly address 1) , then you're sending an email prompting people to act to their disadvantage by depositing at a day and time when they definitely won't get their money until at least Monday PM. Especially relevant if rates are decreasing in the following week, where you're just advertising the fact that it's now too late to take advantage. These 2 points aside, I have recently increased my investment, so otherwise am happy 
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Post by Matthew on Apr 5, 2018 12:03:19 GMT
Matthew 2 suggested improvements for LW: 1) If 24-hr deposit automation is not an option in the near term, then can LW implement a "deposits received by xpm will be credit same day, or after xpm next working day" clear policy, just so we know what to expect? The deposit times seem really inconsistent, which is quite a turn off for investors I think. 2) Please, please - stop sending your 'check out our high rates' regular e-mails on Friday afternoons! Unless you're going to significantly address 1) , then you're sending an email prompting people to act to their disadvantage by depositing at a day and time when they definitely won't get their money until at least Monday PM. Especially relevant if rates are decreasing in the following week, where you're just advertising the fact that it's now too late to take advantage. These 2 points aside, I have recently increased my investment, so otherwise am happy Hi r00lish67Thanks for the feedback. 1) Automated deposits will be introduced either end of April or start of May - anything received by us before 6pm will be credited overnight, anything after 6pm will be credited overnight one day later. This isn't exactly where we'd like it to be and we are looking at some other solutions which would provide instant credits, but we're somewhat constrained by the infrastructure provided by our existing bank and the FCA's client money rules. Please accept my apologies for inconsistent deposit times - I appreciate this is frustrating for investors. 2) As we're always advising of next week's rates, it should only be an issue when rates are reducing as you may not be able to make an offer before Monday - in which case I agree we could make that clearer, so apologies. It is still important for us to advise of next week's reducing rates though as you may wish to cancel existing offers or not add additional funds. Cheers
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r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
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Post by r00lish67 on Apr 5, 2018 12:41:21 GMT
Matthew 2 suggested improvements for LW: 1) If 24-hr deposit automation is not an option in the near term, then can LW implement a "deposits received by xpm will be credit same day, or after xpm next working day" clear policy, just so we know what to expect? The deposit times seem really inconsistent, which is quite a turn off for investors I think. 2) Please, please - stop sending your 'check out our high rates' regular e-mails on Friday afternoons! Unless you're going to significantly address 1) , then you're sending an email prompting people to act to their disadvantage by depositing at a day and time when they definitely won't get their money until at least Monday PM. Especially relevant if rates are decreasing in the following week, where you're just advertising the fact that it's now too late to take advantage. These 2 points aside, I have recently increased my investment, so otherwise am happy Hi r00lish67 Thanks for the feedback. 1) Automated deposits will be introduced either end of April or start of May - anything received by us before 6pm will be credited overnight, anything after 6pm will be credited overnight one day later. This isn't exactly where we'd like it to be and we are looking at some other solutions which would provide instant credits, but we're somewhat constrained by the infrastructure provided by our existing bank and the FCA's client money rules. Please accept my apologies for inconsistent deposit times - I appreciate this is frustrating for investors. 2) As we're always advising of next week's rates, it should only be an issue when rates are reducing as you may not be able to make an offer before Monday - in which case I agree we could make that clearer, so apologies. It is still important for us to advise of next week's reducing rates though as you may wish to cancel existing offers or not add additional funds. Cheers Thanks for the response, Matthew . Re: point 2, to persist a bit... With the e-mail being sent at a time when investors can't actually invest, IMV you create these scenarios: 1) If rates are going up next week, then no-one will want to invest more funds now (not that they'd be able to anyway), but they also will hang on to loose funds in their account. Not good for you. 2) If rates are going down next week, then some people will want to invest now, but won't be able to and may not feel inclined to accept the lower rate next week. Not good for either party. 3) For investors that know there's no point trying to deposit on Friday, you risk them simply forgetting about that 'good rate they saw in the email from LW last Friday' by the time Monday comes around. Not good for either party. 4) For investors that don't know there's no point trying to deposit on Friday, they may immediately send over some dosh only to find that it won't appear until next week. Not good for them, and probably not good for you as you'll encourage more CS 'where's my deposit' enquiries. Due to the above, I'd suggest it'd be better for all if you were to send the e-mail advising of the new rates early on Monday morning. It'd just be a small improvement to make the LW experience a bit more investor-centric, whilst not costing anything further from yourselves, in my view.
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Post by Matthew on Apr 5, 2018 12:55:16 GMT
Hi r00lish67 Thanks for the feedback. 1) Automated deposits will be introduced either end of April or start of May - anything received by us before 6pm will be credited overnight, anything after 6pm will be credited overnight one day later. This isn't exactly where we'd like it to be and we are looking at some other solutions which would provide instant credits, but we're somewhat constrained by the infrastructure provided by our existing bank and the FCA's client money rules. Please accept my apologies for inconsistent deposit times - I appreciate this is frustrating for investors. 2) As we're always advising of next week's rates, it should only be an issue when rates are reducing as you may not be able to make an offer before Monday - in which case I agree we could make that clearer, so apologies. It is still important for us to advise of next week's reducing rates though as you may wish to cancel existing offers or not add additional funds. Cheers Thanks for the response, Matthew . Re: point 2, I'd really have a further think about it. With the e-mail being sent at a time when investors can't actually invest, IMV you create these scenarios: 1) If rates are going up next week, then no-one will want to invest more funds now (not that they'd be able to anyway), but they also will hang on to loose funds in their account. Not good for you. 2) If rates are going down next week, then some people will want to invest now, but won't be able to and may not feel inclined to accept the lower rate next week. Not good for either party. 3) For investors that know there's no point trying to deposit on Friday, you risk them simply forgetting about that 'good rate they saw in the email from LW last Friday' by the time Monday comes around. Not good for either party. 4) For investors that don't know there's no point trying to deposit on Friday, they may immediately send over some dosh only to find that it won't appear until next week. Not good for them, and probably not good for you as you'll encourage more CS 'where's my deposit' enquiries. Due to the above, I'd suggest it'd be better for all if you were to send the e-mail advising of the new rates early on Monday morning. It'd just be a small improvement to make the LW experience a bit more investor-centric, whilst not costing anything further from yourselves, in my view. I agree with all points above, very well made. Although for point 3, those investors would presumably still fund on a Friday in the knowledge it would likely be credited Monday. My only challenge to the above would be that since the new rates are applied at midnight on the Sunday, if we only inform investors on Monday morning it may already be too late for them to cancel existing offers/automated reinvestments if they don't like the new rates. They may get matched to loans on Monday morning at the new, lower rates, and would be pretty miffed they weren't warned this would be the case beforehand. Any thoughts on satisfying points 1-4 above but also this additional issue?
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r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
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Post by r00lish67 on Apr 5, 2018 13:20:15 GMT
I agree with all points above, very well made. Although for point 3, those investors would presumably still fund on a Friday in the knowledge it would likely be credited Monday. My only challenge to the above would be that since the new rates are applied at midnight on the Sunday, if we only inform investors on Monday morning it may already be too late for them to cancel existing offers/automated reinvestments if they don't like the new rates. They may get matched to loans on Monday morning at the new, lower rates, and would be pretty miffed they weren't warned this would be the case beforehand. Any thoughts on satisfying points 1-4 above but also this additional issue? Hmm, yes, that's a bit of a fly in the ointment. Re: existing offers that are yet to be matched, would it be feasible to honour the rate that the investor offered at, even if the rate subsequently went down before it was fully matched? Of course, if the rates were going up, doing so would slightly disadvantage the investor. The ideal in that scenario would be for LW to make it a win-win for investors by increasing their offer rate to the new level if it's yet to be matched. Re: automatic reinvestments, that's be a bit more tricky. LW could make the rate change apply from the Tuesday, thereby allowing investors to have the chance to cancel their re-investments if they wanted to. But, I do see that both of the above would cost money and potentially require code changes, so not an ideal solution to a minor inconvenience. I guess the best answer is to avoid changing it entirely and find a way for deposits to be processed 24/7 Thanks for the brain teaser, better than a crossword for keeping the grey cells going!
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Post by Matthew on Apr 5, 2018 14:12:49 GMT
I agree with all points above, very well made. Although for point 3, those investors would presumably still fund on a Friday in the knowledge it would likely be credited Monday. My only challenge to the above would be that since the new rates are applied at midnight on the Sunday, if we only inform investors on Monday morning it may already be too late for them to cancel existing offers/automated reinvestments if they don't like the new rates. They may get matched to loans on Monday morning at the new, lower rates, and would be pretty miffed they weren't warned this would be the case beforehand. Any thoughts on satisfying points 1-4 above but also this additional issue? Hmm, yes, that's a bit of a fly in the ointment. Re: existing offers that are yet to be matched, would it be feasible to honour the rate that the investor offered at, even if the rate subsequently went down before it was fully matched? Of course, if the rates were going up, doing so would slightly disadvantage the investor. The ideal in that scenario would be for LW to make it a win-win for investors by increasing their offer rate to the new level if it's yet to be matched. Re: automatic reinvestments, that's be a bit more tricky. LW could make the rate change apply from the Tuesday, thereby allowing investors to have the chance to cancel their re-investments if they wanted to. But, I do see that both of the above would cost money and potentially require code changes, so not an ideal solution to a minor inconvenience. I guess the best answer is to avoid changing it entirely and find a way for deposits to be processed 24/7 Thanks for the brain teaser, better than a crossword for keeping the grey cells going! The main challenge to honouring the rate the investor offered at is that currently one lender rate is applied to all participating lenders on each loan, based on the date of allocation. If we honoured the rate applicable on each investor's offer date, we'd have to allow for different lender rates for different chunks on the same loan, which would require some thought and would likely introduce some complexities to the code, particularly around the calculation and distribution of interest payments. I think the perfect solution is instant account funding which is something that is high up on my agenda. I'll of course keep you posted on this as progress is made.
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