Dot ComUnity Credit Union - ISA

gwapenut

Was it correct at the time for us to be told "You have absolutely no concerns here"?

Either an unexpected thing has happened within 6 months , which must put into question the foresight of the management team.

Or it was not unexpected and we were misled?

gwapenut

darren72 wrote: »

Although the address is different, is this in fact the same credit union ?

Dotcomunity is a trading name of ebcu

MARTYM8`

gwapenut wrote: »

Was it correct at the time for us to be told "You have absolutely no concerns here"?

Either an unexpected thing has happened within 6 months , which must put into question the foresight of the management team.

Or it was not unexpected and we were misled?

I think this quote highlights the problem - the size/membership of a credit union increases four fold in six months. That's a lot of extra cash to invest/lend and members to service - businesses that grow too quickly often get into problems even if its just on cashflow. I am just wondering how many signed up for the 3 or 5 year fixed rate ISAs as well - they are in it for the long haul potentially.

"The past 6 months have seen membership, shares and loans exceeding 400% increases."

darren72

Has anyone had any more information from them over the last few days ?

Steve_xx

MARTYM8` wrote: »

I think this quote highlights the problem - the size/membership of a credit union increases four fold in six months. That's a lot of extra cash to invest/lend and members to service - businesses that grow too quickly often get into problems even if its just on cashflow. I am just wondering how many signed up for the 3 or 5 year fixed rate ISAs as well - they are in it for the long haul potentially.

"The past 6 months have seen membership, shares and loans exceeding 400% increases."

Well yes that could be so. I noted when looking somewhere or other that they are listed as having between 7 and 10 employess. So, imagine what their workload must be like if they've had hundreds of thousands of pounds deposited with them in a short space of time.

However, their continued reticence to respond to their depositors on this forum simply makes their silence seem more suspicious.

MARTYM8`

darren72 wrote: »

Has anyone had any more information from them over the last few days ?

As far as I am aware there have been no replies to the questions raised – bar this response on 21st February to a person who posted a question on facebook on 19th Feb.

Hi 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.


We just have one question that requires a quick answer.

On 16 January you emailed some members stating that no deposits could be made into or withdrawn from savings accounts – but that this restriction would hopefully be lifted within two weeks. It is now six weeks later – can you confirm if the withdrawal restrictions remain – yes or no?

darren72

MARTYM8` wrote: »

We just have one question that requires a quick answer.

On 16 January you emailed some members stating that no deposits could be made into or withdrawn from savings accounts – but that this restriction would hopefully be lifted within two weeks. It is now six weeks later – can you confirm if the withdrawal restrictions remain – yes or no?

Exactly, although from the silence I would guess the answer to that is most definitely yes, as the restriction still shows on the FSA site.

Gizmo70

darren72 wrote: »

Exactly, although from the silence I would guess the answer to that is most definitely yes, as the restriction still shows on the FSA site.

You might need to ask the FCA as the permission note could be dating back from 2011-2012, it is strange it does not mention any dates in it whereas the disciplinary section does and so does the notice itself - http://www.fsa.gov.uk/static/pubs/final/enterprise.pdf

FOREVER21

darren72 wrote: »

Has anyone had any more information from them over the last few days ?

No reply to my e-mail sent on Monday.


With regard to the suspension of deposits/withdrawals went on FCA Web site but could not find any updated information regarding the current suspension of activities it is strange that no date is shown. The previous episode in 2011 is spelt out in much more detail.


I don't think we will get much info from the FCA as looking at their FAQ they state,




But what about when we have told a firm that we have concerns that their conduct may have breached our rules?


We cannot publicly disclose our opinions like this for another reason. We must follow formal procedures before we can say publicly that a firm has actually breached our rules. Our initial opinions, or views on a firm’s compliance, will not have been through these formal procedures, so we are not allowed to make them public.


Good old DPA strikes again and hides important info!


Looks like we have to wait until Dotcom decide to contact us.

Steve3S13

I have posted once again on their facebook page asking then to answer to this thread