Dot ComUnity Credit Union - ISA

MARTYM8`

Forti wrote: »

This appears, however, to contradict the latest letter encouraging us to make additional deposits. This is why I think we need to contact them and get clarification.

You will note that they are not asking you to deposit funds in an ISA or a savings account - but in the basic share account - and are asking for people to pay in up to £100k. Those basic share account funds - as has been stated in their letter - can never be withdrawn but can be transferred to another member or to some trust. They do promise a dividend has been paid in the letter - but I never received a dividend and I am not the only one it seems as per this forum despite the letter saying so. So they may claim to pay a dividend but that doesn't mean you get one!

That's the issue - they are asking you to buy shares in effect in the business - not invest savings - a big difference!

I have tried to find accounts on their website(s) - but I cannot - which is also concerning.

Similarly they seem to have no terms and conditions for their savings accounts online - nor have they been sent to those opening ISAs. So bar the flyer promising the ISA rates there is no evidence anywhere of what rates are being paid and on what terms. People assume funds can be withdrawn with 90 days loss of interest - but that's merely on a flyer (which has no legal basis) or on a webpage that was taken down months ago.

Our funds are being lent out to small businesses/voluntary groups who perform excellent work - but if the savings side lacks legal documentation/terms and conditions you must wonder how robust their loan agreements are?

You also have some members getting letters and emails informing them that withdrawals cannot be made temporarily for a few weeks - while others remain oblivious. And the official letters we got last week say nothing at all about this.

It may all be fine - but I would just like them to be more honest and upfront because the communication at present with members is totally unsatisfactory. We just need some answers on these issues. And sadly if we don't get them soon we may need to approach the regulators as has been suggested.

MARTYM8`

Porcupine wrote: »

I can't seem to find any mention of AGMs or accounts anywhere - anyone know how this works in credit unions? There are no accounts at Companies House for instance, and the Mutuals Public Register only has 'changes of rules' documents (last 2012).

Credit unions do of course produce accounts - and most make them clearly available on their website. Here are the Londoncommunity credit union's accounts for 2013-14 as an example.

http://londoncu.co.uk/downloads/LCCUAnnualReport2014.pdf

and the North London CU's

http://www.northlondoncreditunion.com/accounts-and-reporting/

No mention anywhere of accounts on the DC site!

masonic

I've been lurking in this thread for a while now watching this story unfold. I feel sorry for those who have tied up money here - I can remember being caught up in the Icesave fiasco and the uncertainty surrounding it was not pleasant. I just wanted to caution people against paying money into this basic share account. Whatever your view about the financial state and future of this company, in this instance you shouldn't give them any money that you cannot afford to lose.

From their website: "Deposits held in your Basic Share Account are not protected by the Financial Services Compensation Scheme (FSCS)"

FOREVER21

MARTYM8


With regard the 90 days notice please see my post # 305

I have taken a hard copy of this just incase!

However I agree completely about the poor standard of communications as I have never received anything about the embargo on withdrawals.

Steve3S13

All of us posting on here is really accomplishing nothing unless we get answers here. And then we getting the truth. Their Facebook page paints a perfect picture. I have posted two comments there to questions asked by other members.
I for one would like my name added to any correspondence made to the Authority in charge. How do you feel about this?

trenchwars

Archi_Bald wrote: »

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

In one of the two letters they sent out, they state that the minimum amount required in the basic share account has increased from £5 to £10.

MARTYM8`

trenchwars wrote: »

In one of the two letters they sent out, they state that the minimum amount required in the basic share account has increased from £5 to £10.

If you wish to give them a further £5 which apparently can never be withdrawn while they are still apparently denying people with ISA/savings accounts access to their funds (and haven’t it seems told many of their savers that is the case!) – that is up to you.

What is the worst they can do – suspend your membership and give you your savings back (which you can’t access at present while a member)? Personally I want more answers and explanations – before giving them any more money.

Steve3S13

they can kick me out anytime they want:beer:

Steve3S13

one face book user commented
"Rose Gerlach Doesn't look as if DotCommunity Creidit Union cares much about their customers - no response here, and no response on MSE, in over 24 hours."
they responded 6hrs ago
"Dotcomunity Credit Union Hi Rose Gerlach thank you for your post! Forgive me for not replying sooner. Currently, there is one little social media lady, who only works half the week. We do not have the man power to watch the social media sites 24hours. As most business pages on Facebook, we use a programme to schedule posts, so that when I’m not here, we still have activity on Facebook. In regards to replies, I know we live in a very fast paced society and people do want responses immediately. So we thank you for any patience. We get back to every post , reply, comment. Just not as fast as the big banks."

Steve3S13

I have posted a response to DC

• Can you please tell us when we will be able to access our monies that we have deposited with your Credit Union and a post here would be greatly appreciated
  http://forums.moneysavingexpert.com/showthread.php...