Dot ComUnity Credit Union - ISA

Ed-1

MARTYM8` wrote: »

There were two emails - one which some people got on Thursday 5th (see here) and a different less detailed one sent out to me and others (who didn't it seems get the first one) on Friday 6th. And others have had nothing at all?

https://forums.moneysavingexpert.com/discussion/5169831

Very odd - why not send the same communication to everyone?

PS Who is Rob?!

Isn't he the rep who posts on here?

Steve_xx

Rob is a guy from Dot Community who has posted several times on this thread. He's been a bit quiet recently.

Joe_Bloggs

DotComUnity Centres request that all Branches invest £1,000.00 and IAP’s invest £500.00 into their Basic Share Account
http://www.dotcu.org.uk/creditunion/about-us/latest-news/2015/02/09/investment-encouraged/
J_B.

Steve3S13

scuse my ignorance what's an IAP?
And how does putting a hold on deposits increase the amount of cash they have
Sounds counter productive to me
Thank goodness we are covered up to £85k. I'm almost a year into my 5 year ISA..............looks like it may be a bumpy ride

Joe_Bloggs

From:- http://www.dotcu.org.uk/membership/
Branch Licence - £295.00 + VAT per annum
Information and Advice Point (IAP) Licence - £170.00 + VAT per annum
Set up Fees Apply

J_B.

Steve_xx

Joe_Bloggs wrote: »

DotComUnity Centres request that all Branches invest £1,000.00 and IAP’s invest £500.00 into their Basic Share Account
http://www.dotcu.org.uk/creditunion/about-us/latest-news/2015/02/09/investment-encouraged/
J_B.

There's something really ameteurish about this:

At this time we would also like to add that if you think that this may put some prospective IAP's off then we must ask – do we really wish to have them as part of the business if they are unwilling to contribute to it? Plus the funds remain their money so where is the negative?

Archi_Bald

I had my Statement Of Account in the post this morning, together with 2 "Dear Member" letters (on very expensive looking paper), one signed by Rob Cook (the guy who used to post here) and one signed by the General Secretary, Richard Nichols.

Nothing really unexpected, and no dividend, on the statement. Lots of words in those letters, none of which tell us much we didn't already know, and most of which are literally impossible to make any sense of. I did sense a generally downbeat message between the lines, but I might be wrong.

One thing from the Rob Cook letter that is interesting, to say the least:

Finally, to end on some good news(*), you will notice in your annual statement that a dividend of 3% has been applied to your Basic Shares for last year

errrm, no, Rob. I noticed that no dividend has been applied. Not that 3% of £5 is a lot but please don't say a dividend has been applied when it has not.

*does he mean to say that most of his letter was bad news?

Another classic is in the Richard Nichols letter:

Please remember your Basic Shares are always "yours". Although they cannot be withdrawn, they are transferable to another member or to a "Trust Fund" provided by the DotComUnity Centres CIC. This is to guarantee that any Credit Union member can "cash in" their shares at any time, by transferring them to the "Trust", should they wish to leave the Credit Union

Anyone understand what this means? Why are yours, Trust Fund, Trust and cash in in quotes? Is my Basic Shares money my money or not, and can I get it back when I want to leave?

I think they are also suggesting that we deposit at least another £5 into our Basic Share account but it's all very confusing and I will deposit nothing further. I'll probably also take my cash out on the anniversary of my ISA in April. Their communication is just too awful.

Just to add: I am not losing my cool because the FSCS still protects my money.

Steve_xx

It's all too Laissez-faire for my liking. I think you're right to withdraw your ISA come April. The thing is wholly unprofessional. Their website has always been a dogs dinner and the fact that they had to be constantly corrected grammatically just doesn't cut it for me.

As you say, no need to panic due the FSCS protection afforded. But, nevertheless it's a tad concerning to say the least.

darren72

It all sounds very worrying to me - After this long wait.

If that was the good news, what was all the bad news !??

Steve3S13

I'm in for a 5 year NISA. I won't be putting any more money in but as long as I'm covered by FSCS protection I shall wait it out but keep an eye on the situation. If I pull out now I'll loose a years interest