Dot ComUnity Credit Union - ISA

FOREVER21

Steve3S13 wrote: »

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...

Just to say I have also e-mailed them this morning asking the same question.

I got an automated reply saying they would try and respond within 3 days

Steve3S13

so just a "try" eh...........................won't hold my breath then

MARTYM8`

As well as their facebook page they also have a twitter account.

https://twitter.com/DotComUnity_CU

They have posted two tweets already today – the most recent (accompanied by a link to their website) being:

"Research says having savings brings happiness."

I really don't know whether to laugh or cry at that.

How long would it take to post a useful tweet to bring us some happiness about our savings with them?

Steve_xx

[QUOTE=MARTYM8`;67790645

How long would it take to post a useful tweet to bring us some happiness about our savings with them?[/QUOTE]

They're really not credible as an organisation. They give the appearance of being far too amateur to be dealing with thousands of pounds of peoples savings. I would be sceptical about anything they said right now due to their past performance communication wise. I think most would conclude to remove their money as soon as ever possible.

Steve3S13

what are their legal rights to "voluntarily" withhold our cash?

MARTYM8`

Steve3S13 wrote: »

what are their legal rights to "voluntarily" withhold our cash?

The issue comes back to my previous point – there do not appear to be any published terms or conditions for their savings accounts or ISA. There appear to be no rules to break or enforce or comply with – because there don’t seem to be any.

Now I accept they are a small organisation – but so are most credit unions. And they manage to produce terms and conditions for their accounts – which provide some guidance/protection for depositors as you are clear where you stand. All we seem to have from DCU is a one page flyer advertising a right (assuming you printed a copy before they deleted it from their website).

The North London Credit Union and Voyager credit unions as an example publish clear terms and conditions for their ISA on their website – the North London credit union’s terms for example are very clear and look professional and they are a small union serving a few London boroughs. So it can be done on limited resources.

http://www.voyageralliance.com/prod_other_isa.php

http://www.northlondoncreditunion.com/wp-content/uploads/2014/07/nlcuisatandcs1415.pdf

Steve3S13

But they must be responsible to someone who we can contact. Maybe this "power" has no idea that they are denying access to our funds.
I shall be taking my money out and rather loose the years interest than go thru this uncertainty

masonic

Steve3S13 wrote: »

what are their legal rights to "voluntarily" withhold our cash?

None at all. The ISA rules (4.30) are clear on this (for transfers):

"Managers may place a minimum period on the time stipulated by the investor for transfer. This period, which should represent whatever reasonable period the manager requires for practical implementation of transfer requests, must not exceed 30 days and must be consistent with requirements relating to transfers between cash accounts"

This is why fixed cash ISAs always allow early withdrawal/closure penalties, rather than preventing access. The only thing they can prevent is partial withdrawals and transfers.

I don't believe this account even had a penalty for not holding for the full term (and they can't apply a penalty if it didn't form part of the T&Cs). If you want to transfer out, then there should be no barrier to you doing so. If you find that there is, then that would be grounds for complaint, which you could then escalate to the financial ombudsman 8 weeks later if they didn't back down.

Steve3S13

So come the start of the new ISA year I shall apply for a new ISA somewhere else, set in motion the transfer and see what happens.

I did not print out a hard copy of the flyer. I would appreciate a copy if anyone has one.

Pity this is happening as they were always pretty quick to answer any e-mails I sent

Steve3S13

I wonder how many of us who are active here actually deposited cash with them