|
|
Post by savingstream on Jul 1, 2014 10:06:12 GMT
I can confirm we have added a BACS funding deficit total to the Overview page.
|
|
|
|
Post by Come_on_Grandad on Jul 1, 2014 10:09:40 GMT
I can confirm we have added a BACS funding deficit total to the Overview page. OK. That's good. But can you note against it the time that you last ran your daily reconciliation ... that way we'll know not to panic, yet.
|
|
alison
Member of DD Central
Sanctuary!!
Posts: 356 
Likes: 99
|
Post by alison on Jul 1, 2014 10:09:44 GMT
I can confirm we have added a BACS funding deficit total to the Overview page. Very impressed. I might have to give you a Like for this!!
|
|
markr
Member of DD Central
Posts: 766 
Likes: 426
|
Post by markr on Jul 1, 2014 10:18:42 GMT
Eeeeeep, just done an instant deposit and gone to do the transfer and I've left my little banking widget thingy at home so can't set up a new recipient. Hope I remember to do it tonight and it gets there in time!
|
|
|
|
Post by yorkshireman on Jul 1, 2014 10:53:43 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. I’d be delighted to use the contact form or support email address rather than a public forum but where are they? I might not be the most computer savvy individual but I cannot see either of them on the SS website, neither can I see my wife’s money although I see that monthly interest has been credited.
|
|
|
|
Post by yorkshireman on Jul 1, 2014 10:58:08 GMT
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. I’d be delighted to use the contact form or support email address rather than a public forum but where are they? I might not be the most computer savvy individual but I cannot see either of them on the SS website, neither can I see my wife’s money although I see that monthly interest has been credited. I can see it now that I’ve logged out of the SS site, a bit silly to only be able to see the "contact us" link on the home page when you are logged out methinks.
|
|
|
|
Post by yorkshireman on Jul 25, 2014 10:30:21 GMT
I’m less than impressed with SS as a result of events this week.
On Monday evening my wife transferred a small sum by faster payment direct from a bank account rather than by auto deposit.
As this had not been credited to her account by yesterday morning she emailed SS and finally got a response this morning asking if she had used auto deposit and then telling her that you can auto credit your own account for instant investment and then make a follow up BACS transfer, in other words not answering the original question of where is the money.
I fail to see the difference between making a BACS transfer after using auto deposit and the way we have made a BACS deposit, either way Saving Stream has to receive the money and allocate it accordingly and has failed to do so.
To compound matters I have been trying to contact SS by phone for nearly an hour and simply been put through to voicemail. All in all a very unprofessional and unsatisfactory state of affairs for a FCA regulated company handling other people’s money.
|
|
|
|
Post by mrclondon on Jul 25, 2014 12:40:09 GMT
I’m less than impressed with SS as a result of events this week.
On Monday evening my wife transferred a small sum by faster payment direct from a bank account rather than by auto deposit.
As this had not been credited to her account by yesterday morning she emailed SS and finally got a response this morning asking if she had used auto deposit and then telling her that you can auto credit your own account for instant investment and then make a follow up BACS transfer, in other words not answering the original question of where is the money.
I fail to see the difference between making a BACS transfer after using auto deposit and the way we have made a BACS deposit, either way Saving Stream has to receive the money and allocate it accordingly and has failed to do so.
To compound matters I have been trying to contact SS by phone for nearly an hour and simply been put through to voicemail. All in all a very unprofessional and unsatisfactory state of affairs for a FCA regulated company handling other people’s money.
the current deposit mechanism is a two stage process, both of which need to be done by you, but they can be done in either order: a) make a BACS transfer to SS b) goto the Cashier / Deposit page of your account on the SS website and tell the website how much you have sent / are about to send by BACS. Step b) increases your account balance immediately by the figure you enter. The money reconciliation happens in the background once a day (roughly). SS are a 2 man band (I believe) so it can take a few hours to get a response, but they are normally very helpful when they do pick up messages.
|
|
star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
|
Post by star dust on Jul 25, 2014 12:47:48 GMT
I wonder if Friday is sailing day (well especially in this weather!). I made my first ever withdrawal last Friday fully expecting a FP as indicated by posters previous experiences here, and despite emailing I got no response until the funds arrived FP first thing Monday. I suspect some part of their banking system is still done manually.
|
|
|
|
Post by savingstream on Jul 25, 2014 12:48:33 GMT
The delay was due to there not being a corresponding auto-credit on the account.
The deposit method on the Cashier-> Deposit page was not followed and thus the delay occurred.
We would request that the standard deposit procedure be followed to avoid this potential delay.
|
|
|
|
Post by yorkshireman on Jul 25, 2014 14:05:46 GMT
Thanks to mrclondon and saving stream for clarifying things.
And the money has arrived! 
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Jul 25, 2014 14:36:13 GMT
the current deposit mechanism is a two stage process, both of which need to be done by you, but they can be done in either order: a) make a BACS transfer to SS b) goto the Cashier / Deposit page of your account on the SS website and tell the website how much you have sent / are about to send by BACS. Step b) increases your account balance immediately by the figure you enter. The money reconciliation happens in the background once a day (roughly). One word of warning... Try to avoid depositing less than £100. I had a small balance in my account and decided to bring it up to £100 so I could buy a part in the Aftermarket if something I was interested in became available. I made the BACS transfer and then tried to tell the website I had done that -- only to find that the system won't accept a deposit notification of less than £100, so my balance remained at the previous low level. I emailed SS and they sorted it out promptly, but I really don't see why deposits of small amounts can't be notified in the normal way.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
|
Post by ilmoro on Sept 19, 2014 15:48:37 GMT
savingstream. It is my understanding that there are new FCA rules coming into effect 1 October on client money funding. Do these affect the instant deposit method?
|
|
elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
|
Post by elliotn on Feb 14, 2017 8:01:40 GMT
We identified an issue where a seller sucessfully sells their loan part, but to a buyer who has funded their account via GoCardless and the funds haven't cleared into SS account yet. This means that if the seller requests a withdrawal there would be a delay in processing this withdrawal until the buyer's funds clear from GoCardless. 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... This has been implemented to allow investors to make rapid deposits... If you have any issues with this new instant deposit facility, please do contact us. Hi SS, given the change in SM to cleared fund purchases only can you please update us on how your plans are progressing on instant or more rapidly reconciled deposits for 1st March, thanks.
|
|
sl75
Posts: 2,092
Likes: 1,245
|
Post by sl75 on Feb 14, 2017 12:49:03 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. Where do I find this "instant deposit" option? All I can see is the regular bank details for a non-instant deposit. Edit: Oops - on re-reading noticed that for some reason elliotn had resurrected an ancient thread about a facility that was presumably discontinued ages ago, in order to ask about a different facility that would be useful to have now... also explains why I was doing a double-take about references to BACS, when we should be able to use Faster Payments now.
|
|
