Dot ComUnity Credit Union - ISA

tk200

MARTYM8` wrote: »

Re your First Direct application did you simply pay your cheque into your FD current account - and they did the transfer from that (following you applying by phone and completing an ISA transfer form and posting it)? How long did it take - and are they backdating the interest to 14 May or your application date.

If I don't hear back from NW by Tuesday I may just give up - and try FD instead!

Sorry - can't help on the last point!

When I initially called up I was told I could pay my cheque into my current account at an HSBC branch and then do a transfer to my ISA. To try and avoid any potential issues with the transfer, however, I opened the ISA online and then posted the ISA transfer form with the cheque and statement. It took a couple of days, and a few telephone calls, from them receiving the transfer forms to crediting my ISA, but the interest is being backdated to 15 May which is the date on the FSCS cheque - I suspect you wouldn't get that if the cheque had been paid into a current account first.

FOREVER21

Letter received from Barclays this pm, they will accept a cheque from my personal current account for transfer to my ISA.

I see they have mentioned the time limit for making the deposit and the fact that it can only be by way of a single payment.Obviously someone there has read the HMRC guidelines at long last.

Great that the sorry saga of DotCom Unity can finally be laid to rest for me.
Whilst grateful for the extra % interest DotCom gave over other ISA providers, would I go through all the hassle again for the small gain? I think not, but perhaps other true MSE followers would disagree!

Good luck to those of you still awaiting closure.

masonic

FOREVER21 wrote: »

Letter received from Barclays this pm, they will accept a cheque from my personal current account for transfer to my ISA.

I see they have mentioned the time limit for making the deposit and the fact that it can only be by way of a single payment.Obviously someone there has read the HMRC guidelines at long last.

Let's hope some of the others follow suit, but at least this gives those who followed FSCS advice and banked the cheque an option.

colsten

Very nice feature article on today's front page of The Sunday Times Money section about the entire drama.

As I get my Sunday Times free in paper version (love a paper-paper on a Sunday!) on my Waitrose card, I am not paying for the online version of the Sunday Times so I can't post the URL. Anyone more digital than me could probably post the URL but it will only be accessible to subscribers. I also can't easily scan the article as my scanner only does A4, and this is a broadsheet page. And goodness knows what copyrights I would break by posting a scan.

Interesting is that the Sunday Times were told by the PRA that we should have been told by the credit union that we would have had, subject to PRA agreement, access to our funds in an emergency throughout the 'voluntary restriction' period. Neither the credit union nor the PRA ever told us about this, nor does the notice on the FCA website say anything about it, and I am disgusted about that. I wouldn't have exercised this option myself but I detest being treated like an imbecile.

As an interesting aside: according to the Sunday Times/FSCS/Association of British Credit Unions, 5 credit unions have failed in 2014, and 4 in 2015 to date. I'd already concluded that my time with credit unions is over and done with for good after the Dotcon experience, and this information just re-inforces my resolve. We seem to be stuck with banks and building societies but at least we have a fair chance that we wouldn't get strung along for months on end if one of them got into trouble. (Famous last words).

Anyone wanting to share/air their experience, the Sunday Times says

Do you save with a credit union? Have you tried to claim compensation from the FSCS? How easy was it?
Email: money@sundaytimes.co.uk

MARTYM8`

colsten wrote: »

Very nice feature article on today's front page of The Sunday Times Money section about the entire drama.

As I get my Sunday Times free in paper version (love a paper-paper on a Sunday!) on my Waitrose card, I am not paying for the online version of the Sunday Times so I can't post the URL. Anyone more digital than me could probably post the URL but it will only be accessible to subscribers. I also can't easily scan the article as my scanner only does A4, and this is a broadsheet page. And goodness knows what copyrights I would break by posting a scan.

Anyone wanting to share/air their experience, the Sunday Times says

Yes - congratulations to the person who contacted the paper and encouraged them to write this article.

You can view the free extract - which includes part of the article here.

http://www.thesundaytimes.co.uk/sto/business/money/savings/article1562117.ece

I think the big battle now is people actually trying to pay their FSCS into another ISA - and the fact that many of our major financial institutions seem to have no idea about the new FSCS procedures relating to ISAs when a provider goes into administration. Hopefully someone at Nationwide will read this article - and sort out their processes!

colsten

MARTYM8` wrote: »

I think the big battle now is people actually trying to pay their FSCS into another ISA - and the fact that many of our major financial institutions seem to have no idea about the new FSCS procedures relating to ISAs when a provider goes into administration. Hopefully someone at Nationwide will read this article - and sort out their processes!

Anyone still struggling with getting their FSCS cheque into an ISA could consider writing to the Sunday Times who I am sure could help them by contacting the ISA provider.

gwapenut

I think I've found the full text of the Sunday times article via my library's website....

http://go.galegroup.com/ps/retrieve.do?sgHitCountType=None&sort=DA-SORT&docType=Article&prodId=STND&tabID=T004&searchId=R2&resultListType=RESULT_LIST&searchType=BasicSearchForm&contentSegment=&currentPosition=1&searchResultsType=SingleTab&inPS=true&userGroupName=surttda&docId=GALE%7CA415693006&contentSet=GALE%7CA415693006

EDIT: Link doesn't work unless you're logged in to your local library. I found it under Online Resources / Custom Newspapers for my library:

Custom Newspapers
Access to 2,500 titles (including The Daily Telegraph, The Economist, Financial Times, The Guardian, Independent, Daily Mail, The Mirror, The Times and The Observer) in the library and from home.

MARTYM8`

gwapenut wrote: »

I think I've found the full text of the Sunday times article via my library's website....

http://go.galegroup.com/ps/retrieve.do?sgHitCountType=None&sort=DA-SORT&docType=Article&prodId=STND&tabID=T004&searchId=R2&resultListType=RESULT_LIST&searchType=BasicSearchForm&contentSegment=&currentPosition=1&searchResultsType=SingleTab&inPS=true&userGroupName=surttda&docId=GALE%7CA415693006&contentSet=GALE%7CA415693006

Thanks for this - unfortunately the link doesn't work as you need a login for Infotrac newstand?

gwapenut

Sorry about that, I wasn't aware I was still logged in to my local library's website. It seems the link only works when you follow it from a logged in session on your local library.

Well worth joining your local library again if you're one of those people who hasn't been in years ... lots of free modern latest-release ebooks to download was the reason I did!

darren72

It is strange how DotComUnity only rebranded themselves as 'Enterprise' towards the end, and now they are distancing themselves further...

See:

http://www.dotcu.org.uk/ourcomunity/news/2015/06/01/enterprise-the-business-credit-union/