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Post by savingstream on Jun 27, 2014 12:03:35 GMT
We are pleased to announce our new Instant Deposit method for the Saving Stream platform. You can now instantly credit your Saving Stream account on the Cashier > Deposit page and then conduct a follow up BACS transfer within the next 24 hours.
This has been implemented to allow investors to make rapid deposits, whilst at the same time removing GoCardless, who have unfortunately raised their fees to an unmaintainable level.
Please ensure that your follow up BACS transfer is made in good time, otherwise you risk having the deposit transaction and any associated investments cancelled. We will always attempt to contact the investor before cancelling a transaction.
If you have any issues with this new instant deposit facility, please do contact us.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Jun 27, 2014 12:08:47 GMT
Nice move, SS. I would think that very few savers would abuse this facility, and with your business model you certain have the backup resources to cover our deposits for a day or so.  |
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Jun 27, 2014 12:22:45 GMT
Well done to shimself for coming up with the suggestion ( his post is here) and thank you to SS for implementing it. It certainly sounds like a good way forward and I think that'll keep most of us happy. |
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Investor
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Post by Investor on Jun 27, 2014 14:43:32 GMT
Congratulations once again to savingstream for listening to the comments on the forum. This will certainly make a difference to deposit methods and the fight for loan parts on the lower priced loans. Could someone savingstream just confirm that the BACS payment details for this payment method are the same as they were beforehand, or whether the account number and sort code have changed. |
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Jun 27, 2014 14:55:24 GMT
I like it too & like the fact that we have now made 3-4 suggestions over the last few weeks & SS have followed up & instigated them or promised to do so soon. Keep up the good work SS |
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Post by savingstream on Jun 27, 2014 16:18:37 GMT
We can confirm that the BACS payment details along with each investor's unique reference number have not changed.
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Post by Duane Dibley on Jun 27, 2014 18:45:40 GMT
Once again well done SS on implementing a sensible and practical improvement.
On the similar subject of withdrawals could I suggest that like other sites they allow withdrawals only to a registered bank account or debit card rather than simply entering the details each time, which would prevent mistaken or fraudulent withdrawals.
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Post by mrclondon on Jun 30, 2014 21:31:19 GMT
savingstream - not sure how easy it would be to implement, but the dashboard would benefit from a new line showing the BACS funding deficit. This would serve as both a running total of deposits needing funding, and confirmation that funds have arrived safely. After the slew of loan parts appearing on the SM this afternoon, I now need to add up what I owe after multiple deposits (without making a mistake of course).
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shimself
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Post by shimself on Jun 30, 2014 21:41:10 GMT
savingstream - not sure how easy it would be to implement, but the dashboard would benefit from a new line showing the BACS funding deficit. This would serve as both a running total of deposits needing funding, and confirmation that funds have arrived safely. After the slew of loan parts appearing on the SM this afternoon, I now need to add up what I owe after multiple deposits (without making a mistake of course). Where is the SM please, I just went and looked for it but Not Found?
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Post by mrclondon on Jun 30, 2014 21:45:47 GMT
Where is the SM please, I just went and looked for it but Not Found? Thats because its one and the same as the primary market ! The Loans list just updates as loan sales are requested. However, I think using SM in posts makes it clearer as to what activity in the marketplace is being alluded to.
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Post by yorkshireman on Jul 1, 2014 9:25:46 GMT
I’m not impressed by the New Instant Deposit Method so far.
My wife transferred a token small amount from a bank account yesterday as a trial which has still to be credited to her SS account this morning, if this was to be repeated when you transfer a larger amount to cover a bid, would the bid fail?
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star dust
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Post by star dust on Jul 1, 2014 9:47:18 GMT
With the system at the moment I'm not sure you ever see the arrivals - the amount is already shown as credited on your statement. I'm in the same position as you and need to transfer the remainder soon which looks like it might have to be a leap of faith. That's why like mrclondon I too think SS should show amounts arriving, and a rolling balance so you know how much to send and that it's arrived. |
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Post by savingstream on Jul 1, 2014 9:56:01 GMT
I’m not impressed by the New Instant Deposit Method so far.
My wife transferred a token small amount from a bank account yesterday as a trial which has still to be credited to her SS account this morning, if this was to be repeated when you transfer a larger amount to cover a bid, would the bid fail?
Did your wife use the Cashier > Deposit page to inform SS of the deposit? Please use SS support email address to address any issues you have.
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Post by yorkshireman on Jul 1, 2014 10:00:51 GMT
No, this was a faster payment from the bank account, why should she have contacted SS?
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Post by savingstream on Jul 1, 2014 10:05:36 GMT
No, this was a faster payment from the bank account, why should she have contacted SS? Yes, the system relies on a user crediting their account using the Cashier > Deposit page in SS. This then auto credits a users account enabling them to make investments. A user can then make the corresponding BACS transfer in the next 24 hours and we run a daily job to reconcile the auto credits against actual BACS transfers. Can we ask that all account specific queries should be dealt with via Savig Stream's Contact Form or support email address rather than on a public forum.
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