Dot ComUnity Credit Union - ISA

darren72

Archi_Bald wrote: »

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 that just adds to any confusion. Dotcommunity have already told us previously that we can cash these in at anytime, so not sure why they are confusing matters with that statement.

Steve_xx

darren72 wrote: »

Dotcommunity have already told us previously that we can cash these in at anytime, so not sure why they are confusing matters with that statement.

The problem is that DotCommunity aren't sure what they're saying, it seems!

MARTYM8`

My big concern is that there seem to be no legal terms and conditions written down for their ISA – or any other account. I merely have a leaflet print out from last April downloaded from their website to confirm that the account is paying 3% fixed for one year - its totally unclear however what happens when the year is up and if/how I can access my funds as nothing is written down.

I assume the dividend paid now was as previously indicated for 2013-14 and not for 2014-15 so won’t apply to anyone who opened an account post 1 April 2014 – they will however get a dividend for 2014-15 in due course. However don’t organisations normally prepare their unaudited accounts first – to know how much they can afford to pay?!

Sure it will all be fine – but if you are going to issue ISAs and savings accounts its usual a good idea to actually have some savings account terms and conditions. Even very small local building societies have those - in great detail.

FOREVER21

MARTYM8` wrote: »

My big concern is that there seem to be no legal terms and conditions written down for their ISA – or any other account. I merely have a leaflet print out from last April downloaded from their website to confirm that the account is paying 3% fixed for one year - its totally unclear however what happens when the year is up and if/how I can access my funds as nothing is written down.

I assume the dividend paid now was as previously indicated for 2013-14 and not for 2014-15 so won’t apply to anyone who opened an account post 1 April 2014 – they will however get a dividend for 2014-15 in due course. However don’t organisations normally prepare their unaudited accounts first – to know how much they can afford to pay?!

Sure it will all be fine – but if you are going to issue ISAs and savings accounts its usual a good idea to actually have some savings account terms and conditions. Even very small local building societies have those - in great detail.

Like you all I had was a copy of the original sheet giving very few details other than what you mention.
However I e-mailed them in Jan and got a reply from the operations director advising that withdrawals are permitted either with 90days notice or in lieu of notice loss of 90 days interest on amounts withdrawn/ moved.

This was in respect of their 1 year fixed rate Isa.

Steve_xx

I think it is an appropriate time for the guy Rob from DotCommunity to comment further on here and address some of the issues raised. I note that he's been absent from here for many weeks now.

Steve3S13

good idea but how can we make him answer here?
Will have to search for a better ISA come April as I'm not risking any more cash with these guys, that's if I was even allowed to make a deposit with them

Steve_xx

Steve3S13 wrote: »

good idea but how can we make him answer here?
Will have to search for a better ISA come April as I'm not risking any more cash with these guys, that's if I was even allowed to make a deposit with them

You can only hope that he will come on here and answer the points raised.

I agree with you in that I wouldn't feel happy at using this company. But, keeping it in perspective the reality is that you are protected under the FSCS. So that does provide a good deal of comfort. I'm sure that they will be suffering substantial withdrawals at the first anniversary. You have to wonder how they'll cope with that.

On the other hand they may be able to allay your concerns between now and then and you may choose to leave things as is.

Steve3S13

Posted on FaceBook on the 17th

We are delighted to say that a new web site is about to be launched that will be much clearer and easier to use, simple interaction, products explained in an easy to read format and a clear guide in how you should proceed.

trenchwars

How do I deposit the extra £5 into my basic share account?
I can't remember what the instructions were for adding money to the account.

Steve3S13

When I send them money I just do a payment from my bank account (online) then send them an e-mail saying I made the deposit and ask them to credit whichever account I want the money to go to