Dot ComUnity Credit Union - ISA

gwapenut

I keep thinking back to that optimistic poster and wondering whether mse should be checking their ip address for Bournemouth links, because if it were dcu then that's quite a serious beach of trust in trying to get significant extra funds into a dying organisation, and should possibly be investigated.

I'm also hoping the person who wanted to topup their isa either didn't put it into that dodgy holding account of unspecified fscs protection, or is getting all their money back.

EDIT I believe the poster who donated a switching bonus was genuine. Sorry to be so suspicious

masonic

In a way I hope it was someone with links to the credit union, because the alternative is that they were a misguided punter who has thrown away £150.

No doubt if it was a stooge, they will have covered their tracks well enough not to have posted through a company internet connection.

gwapenut

I've just had a quick look and i think they've shown genuine forum activity since. I believe it is just someone with more generous community spirit than myself, so i apologise for being cynical

MikeyH

gwapenut wrote: »

I keep thinking back to that optimistic poster and wondering whether mse should be checking their ip address for Bournemouth links, because if it were dcu then that's quite a serious beach of trust in trying to get significant extra funds into a dying organisation, and should possibly be investigated.

I'm not sure what the advantage would be of trying to get in significant extra funds. If anything it looks like their failure could have been because they had way too much on deposit to maintain their capital position and trying to get in extra on deposit would not have helped them at all. What is the suspicion you had here?

gwapenut

Getting people to add money to their formerly £5 basic share accounts, which can never be withdrawn, increases their reserves. I think this was one of the elements of their masterplan for meeting reserves ratios.

Archi_Bald

gwapenut wrote: »

I think this was one of the elements of their masterplan for meeting reserves ratios.

It sure was, going by the letters they sent to at least some of us. Like the one from the General Secretary dated 12 February 2015, where he is begging for completely unsecured deposits:

We also recognise that the explosive growth seen throughout 2014 is likely to continue and that the Credit Union will soon reach another regulatory milestone. Therefore I would personally like to encourage you, individually, to support your Credit Union to ensure that it alway remains as strong as it can be. I understand that the Credit Union is increasing the minimum it asks its member account holders to hold in their Basic Share Account from £5 to £10.

However, if you are able to do so, we would appreciate you holding an extra amount of say £100 plus in your Basic Share Account, and if you are a business member maybe £1,000 plus.

Followed by

In addition, for those members, especially our business members with larger sums to invest, the Credit Union offers a range of "Local Community Bonds" with interest rates of up to 5% p.a.

Rob Cook, at times figuring as the CEO and/or IT and Marketing Manager, followed this up on the same day with a reminder that "members can hold up to £100,000" in the Basic Share Account "whilst remaining fully eligible for all future dividend payments".

It's almost beyond belief.

Gizmo70

Hopefully most people managed to get screenshots of their statement as the members' portal now appears to have been removed.

Archi_Bald

The FAQ on the EBCU web page suggests that the Administrators will send us final statements.

The final statement to be sent to you by the administrators should be sufficient for this purpose.

Imma_Number

I got a compensation letter today for my Basic account. I wondering if the fuel cost to the nearest Post Office is worth it for £5 :j

someone

I thought the basic account was not covered by the FSCS?