Dot ComUnity Credit Union - ISA

darren72

trenchwars wrote: »

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.

They have said that deposits/withdrawals are currently suspended, so I wouldn't add anything to any account just yet.....

MARTYM8`

I got my statement - and the two letters yesterday. Why two letters - and not one?

Also the tone of the letters is very technical in focus. Do they realise they are writing to members of the public/small firms with savings accounts and investments and loans with them - not accountants or their external auditors?

No mention of anything to do with reopening accounts for deposits/withdrawals - something which we are all interested to know.

Also as mentioned the letter refers to this extra £5 required to top up your basic share account - when are we supposed to do this by, how do we do it and what happens if we don't. No explanation at all of that process.

The letter also says the dividend is set out on the statement - but no dividend is shown. I don't mind and its a small sum if at all - but it just adds to the confusion!

Perhaps the new website will explain it all!? The current one still has the headline 'open and account that counts' and below that says you can't open an account. I know they are a small operation - but please!

http://www.dotcu.org.uk/creditunion/

Archi_Bald

trenchwars wrote: »

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.

Why do you want to deposit additional money, if even only a fiver?

Steve3S13

I would not have minded upping my £5 to £10 but let's have some fair play here. Still in the back of my mind is that these guys are about to go down.
And they are still posting on facebook to open accounts with them. Last one was yesterday. Even though we know it's impossible

Archi_Bald

May be it's time we started asking the FSCS (and/or the FCA/PRA) whether we should be concerned with the clearly amateurish management of our accounts.

Porcupine

I wasn't so keen on the tone of this bit:

DotComUnity_letter wrote:

In practice, however, despite all the good intentions, UK Credit Unions remain crippled by out of date rules, reporting requirements and restrictive legislation. These issues have been felt most acutely by DotComUnity Credit Union due to our amazing success and growth.

That may well be the case, but 'it would be great except for all those pesky rules' isn't a good line to take if those rules are to protect your depositors from your (potential) mismanagement.

(I have no idea if that's the rules they're talking about, they don't specify)

Steve3S13

Archi_Bald wrote: »

May be it's time we started asking the FSCS (and/or the FCA/PRA) whether we should be concerned with the clearly amateurish management of our accounts.

Yep I'm up for this. how shall we proceed
Steve

MARTYM8`

My ISA matures in a couple of months - but I certainly think we need more answers.

Anyone going to take up their offer of paying up to £100,000 into your basic share account - having read the Dot community letter from Mr Nichols again I see they do explain how you can do that. They want you to 'pay as much into your basic share account as you feel comfortable with.'

However the letter says 'your basic shares are always yours although they can not be withdrawn'. A bit like their ISA and other savings accounts then.:D Although you can transfer them to another member or a trust fund - not sure how though?

Would you give £100,000 to an organisation that for over a month has denied their depositors (individuals, small firms and voluntary bodies) the ability to withdraw their savings and ISA deposits due to cashflow/regulatory issues - and still wont say when they will be available or you can pay in more funds?

Sorry - but they are stretching credibility here. Its a tough choice - investing in some Greek government bonds might also be a good investment.

Joe_Bloggs

Porcupine quoted:-

Quote: Originally Posted by DotComUnity letter
In practice, however, despite all the good intentions, UK Credit Unions remain crippled by out of date rules, reporting requirements and restrictive legislation. These issues have been felt most acutely by DotComUnity Credit Union due to our amazing success and growth.

The PRUdential Regulation Authority has its viewpoint/responsibility for Credit Union supervision:-
http://www.bankofengland.co.uk/pra/Pages/supervision/creditunions/default.aspx

They can move the goal posts and change the rules of the game.
I suspect this credit union is in their supervised sin bin for now.

J_B.

MARTYM8`

Joe_Bloggs wrote: »

Porcupine quoted:-



The PRUdential Regulation Authority has its viewpoint/responsibility for Credit Union supervision:-
http://www.bankofengland.co.uk/pra/Pages/supervision/creditunions/default.aspx

They can move the goal posts and change the rules of the game.
I suspect this credit union is in their supervised sin bin for now.

J_B.

You might be right there - they are not a bank. But they do have principals?!

http://www.dotcu.org.uk/creditunion/

"The time has come for a major change in the way we all manage our money. Banking has become a dirty word and it is time to remove the greed and refocus on the principals and truths of banking in order to restore trust and recapture the true value of community."