Dot ComUnity Credit Union - ISA

masonic

someone wrote: »

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

It isn't, but there is the possibility of receiving some compensation in the unlikely event there is any money left over after the directors and other preferred creditors are paid off. Perhaps the letter relates to that?

Peperami

I have just received my cheque from the FSCS and also a statement and letter from EBCU administrators.


The FSCS letter says please read the important notes overleaf before you bank the cheque. There is nothing on the back!!!


Also the EBCU letter says to take the statement to your new provider in order to keep the ISA wrapper yet the only statement enclosed is for the £5 share account.


I knew it wouldn't go smoothly.

gwapenut

Likewise for me. I presume the cheque is useless for ISA purposes without the final statement.

colsten

Same here. Unbelievable incompetence.

Ref the statement: you need to email ebcu@corkgully.com as they will not talk about the issue on the phone.

Ref the 'notes overleaf' on the FSCS letter: When I called them, I was told there weren't any notes. Hello, anybody home, that's what I was calling about!!! They have no explanation why they say we should read notes hat they don't provide. I am told they will send me another letter but I am not holding my breath.

gwapenut

I've just received a response to my email:
Your final ISA statement is in the post and should be with you either today or tomorrow.

EDIT I've advised them that other members are affected too, so hopefully there's no need for everyone to email them unless they've not received anything by the end of the week.

The "TODAY" or tomorrow implies that they were sent as separate letters ... has anyone received their ISA statement today under separate cover?

colsten

Had the same reply from Cork Gully. Let's see what tomorrow brings. If I had the time to go into town today, I would try to bank my cheque by showing the old DCU ISA statements I have. But as it is, I can't do it before tomorrow anyway. Anyone else tried to get their cheque into an ISA yet?

gwapenut

Does anyone know, if for safety I were to pay the cheque into a branch of a local bank who were willing to accept it without the proper FSCS ISA declaration, how long it would be before I could transfer that money away to my preferred but incompetent ISA manager?

I don't fancy posting a cheque off to a bunch of fools when it is missing a proper covering letter from the FSCS stating that it is ISA money.

eg. Santander state for current accounts that a cheque paid in on Monday can be withdrawn on Friday and I cna be sure it won't bounce on the following Wednesday. That is for their current account.

Do clearance rules differ for ISAs, and from what date can it be transferred? Is it the date they let me withdraw it as for a current account, or the date they can be sure it's not going to bounce (despite FSCS status)?

My problem is I can only deposit until the end of May ....

pafpcg

We received this morning our cheques from FSCS and the letters from the administrators but with Statements of Account which listed only the Basic Share Account. (My theory is that once the administrators sent the ISA funds to FSCS, the ISA accounts would close automatically leaving only the Basic account in the EBCU system to be displayed on the statement.) Interest had been added to the capital (and from a quick calculation, a little more than the 3% expected for the six months it was deposited!)

We took the cheques, letters and a DotCom Statement from February round to our local Nationwide branch and after a very helpful member of staff spent over an hour on the phone with the ISA section in Nationwide head office, we've each opened new Flexclusive ISAs by transferring-in the cheques. Success!

Is anyone on here now going to start speculating on the financial health of the Nationwide?

Nednats

Peperami wrote: »

I have just received my cheque from the FSCS and also a statement and letter from EBCU administrators.


The FSCS letter says please read the important notes overleaf before you bank the cheque. There is nothing on the back!!!


Also the EBCU letter says to take the statement to your new provider in order to keep the ISA wrapper yet the only statement enclosed is for the £5 share account.


I knew it wouldn't go smoothly.

Same here. No Statement for the ISA but one for share account

LastbutFast

Just received a letter of compensation from fscs including a cheque, which appears to combine my isa + interest AND the £5 basic account deposit. Also had a letter from the Administrators with only a statement for the basic account. Have emailed them regarding the isa statement but frankly I am so fed up with this whole affair I am think I may just forego my isa allowance for last year and deposit the cheque into my current account. It's been a salutory lesson and on reflection I won't be going 'off piste' with my future cash isa investments. I wish all others who are due their compensation the very best and my sincere thanks to all posters who contributed to this helpful forum.
Administrators have replied to my email stating I should receive my isa statement within 2 days and apologising for any inconvenience. I would have hoped that the isa component would have had a protective wrapper to ensure it was treated as a transfer to a new provider?