Dot ComUnity Credit Union - ISA

Zanderman

codetown wrote: »

This section has been "offline" (formally under construction) at least from the 2 July (evening) to today 7 July. I find this extremely unprofessional at very least. There was no reason to put up an under construction page until the new page was ready to be put online..

This, added to the lack on answers to email communication, is pushing me out when I was ready to put quite a bit of money on their accounts...

Yes, it is frustrating - I've been checking it daily too - and, as you say, it was probably unnecessary to remove the old info, as the old info would, unless it's being withdrawn, still suffice until the update.

I'm just hoping whatever appears will have full info, T&C and application procedures - as I'm still tempted by their top rate, but won't be convinced until I see it spelt out a little better.

(And, in case anyone thinks I'm asking too much of a small outfit, I'm not expecting a slick website, just one with all the info laid out and available)

Archi_Bald

Bad show from DCU, I agree. :-(

Though you can get all the details from them over the phone or per email.

Steve_xx

Archi_Bald wrote: »

Bad show from DCU, I agree. :-(

Though you can get all the details from them over the phone or per email.

I mean it's a pretty good deal by todays standards, but there is just something about it that makes me feel slightly uneasy. It shouldn't be the case since it's covered by the FSCS, but somehow it just does.

Archi_Bald

As I don't need my ISA cash with any urgency, and as I have full confidence in the FSCS, I am not losing any sleep over having money with them. Apart from their website, they seem to know what they are doing.

Have you seen some of the other CU websites? Compared with most of them, DCU looks positively professional.

Steve_xx

No I haven't looked at other sites. I did Google their address because I wanted to see where they operated from. It does look like a very small outfit, operating from some joint offices I think. Not that that should be a problem etc.
I just wonder how they might handle huge deposits of cash if they suddenly have a an influx of it from MSE folk. Would it make them frivolous in their lending regime due to the fact that they might have more in their coffers than they know what to do with? They'd need to lend it out sharpish so that they could start earning interest to pay us with.
I guess the thing will be OK and will the protection of the FSCS there should be no real concern. But as I said, somehow there is a concern and a feeling of slight unease.

MRMX9

I notice there is a new message on the ISA section of their website today. I presume they mean they are temporarily suspending the opening of new ISA accounts – rather than suspending existing ones!

Its possible they may have been deluged with applications – which is what I feared might happen once more people found out they were paying nearly double the interest of the supposed current one year fixed rate ‘best buy’.

http://www.dotcu.org.uk/creditunion/savings/isa.html

"New Cash ISA Limits go live on 1st July 2014

We/'ve had to suspend our ISAs for the timebeing, Keep an eye on the website and Social Media to know when they are re-opening.

In the meantime, for information please call us on the telephone number in the top right corner of the page if you have any questions.".

Steve_xx

MRMX9 wrote: »

I notice there is a new message on the ISA section of their website today. I presume they mean they are temporarily suspending the opening of new ISA accounts – rather than suspending existing ones!

Its possible they may have been deluged with applications – which is what I feared might happen once more people found out they were paying nearly double the interest of the supposed current one year fixed rate ‘best buy’.

http://www.dotcu.org.uk/creditunion/savings/isa.html

"New Cash ISA Limits go live on 1st July 2014

We/'ve had to suspend our ISAs for the timebeing, Keep an eye on the website and Social Media to know when they are re-opening.

In the meantime, for information please call us on the telephone number in the top right corner of the page if you have any questions.".

That's probably a very sensible thing to do if they are deluged with applications. They are obviously being very respnsible about the amount of cash they take in. I think that has to be a good thing.

DotComUnity

Good Morning Everyone,


Sorry for the delay in responding to your questions and concerns over the Cash ISA with DotComUnity Credit Union.


As some of you feared, the change in rules for ISAs and the increase to £15,000 sparked huge volumes of uptake on the ISA and Enquiries.


As previously mentioned, we are a contiously developing Credit Union, putting ourselves at the forefront of the Credit Union movement, but in doing so, must ensure that we maintain our personal approach and ensure we support our new and existing members to the highest levels.


We are at a stage where expansion is taking place, through DotComUnity we are within the next week or so moving to new dedicated offices, increasing our staffing to work with the Credit Union and the other Member Benefits and Membership platform that we offer.


To summarise, we have had to put a hold on further ISAs on a temporary basis, to ensure we process the ones we have and to deal accurately with the enquiries we already have in place.


Please contact us directly if you are interested in the products and service or further information about the ISAs, following our AGM at the end of July, we are also looking to offer a wider variety of products and services to continue to boost the development of the Credit Union in a safe, secure and balanced way.


Kind Regards

Rob

DotComUnity

hgt wrote: »

I believe DotComUnity have a scheme whereby organisations can act as a branch for them. So I think that's all this means. In fact as far as I'm concerned it's a good thing as in my opinion the more people who save / borrow with DotComUnity - the more it helps them grow and (hopefully) become more stable.

DotComUnity Centres CIC offers a Membership Platform and Branch Network supporting Individuals, Businesses and Communities throughout the UK to work with Social and financial Inclusion.


As part of this, DotCOmUnity Centres is developing a Branch Network to promote all the member benefits of DotComUnity including DotComUnity Credit Union.


Members have the choice, they may become a member to access Payroll Services, Student Services or even access to Energy Advice, however we can also create and tailor Credit Union products to achieve Social and Financial Inclusion.


DEAC using there name as DEAC Money are working to eradicate Fuel Poverty and as such have helped identify a need to support individuals to access affordable loans where previous Grand Funding has dried up.


Hope this explains.


Kind Regards


Rob

DotComUnity

Steve_xx wrote: »

What you say is largely true. However, it is a relatively small outfit by the sounds of things and so it is easy to see how a sudden influx of money might actually upset their business model in the short to medium term. Should they become awash with cash they might venture recklessly like the banks did. That would be disasterous for them as an entity.

It's a very interesting proposition and I'd like to see it working well for a year or two really.

We are continuously growing, and always looking to ensure the books balance, getting millions in ISA money is no good if you don't have the method of lending it out to cover the costs required.


We have a balanced product range, and look at new communities that we wan work with if they have a need and a want to help themselves.


Kind Regards


Rob