Dot ComUnity Credit Union - ISA

Ed-1

mt77 wrote: »

Decided to go for this last Friday, and so far haven't had the need to post anything yet; Everything has been done via email / by bank transfer.

When applying online, you need to select the concessionary rate (£12) rather than individual membership (£30). I then did 2 seperate bank transfers - one for membership (£12) and one for share account (£5).
Electronically filled out the PDF forms for ISA account and ISA transfer request and sent them via email. So far, the online account is setup with £5 in my share acc. Still waiting for my ISA account to show and transfer.

How did they know to credit the £5 to the basic share account and that the £12 was for membership? Did you let them know by email? Did you automatically have a basic share account on joining or only after sending £5? Only account I have is the everyday personal. Just sent ISA forms by email.

mt77

Ed-1 wrote: »

How did they know to credit the £5 to the basic share account and that the £12 was for membership? Did you let them know by email? Did you automatically have a basic share account on joining or only after sending £5? Only account I have is the everyday personal. Just sent ISA forms by email.

Hello,

The share account is mandatory for everyone. This only appears online (next to your everyday personal account) when your £5 has been deposited. For the membership fee I referenced the bank transfer with my full name (I suppose you could reference it with your membership number). For the share account I referenced it with the membership number. I got the bank details / membership number via email. Throughout this entire process, I have been in contact with one person via email (Mike Grimsdale). Eg. Advised him for the references on bank transfers. All setup (apart from the ISA) been sorted within a day.

kiis102

I've gone for this too.

Applied last night, got accepted about 3hours ago. Transferred £5 via Barclays online banking (2hrs ago) to their account details and put my Membership Number as the reference.

The £5 isn't showing up on the login page yet. I filled in the ISA and wrote a cheque out for £12. Sent both to their Dorset address (just saw the post above about doing it all online, doh, now I have to wait another day or 2 I suppose)

It's all a bit confusing but hopefully in a few days, everything will come together. Will we be able to transfer in £5940 via online banking?

Archi_Bald

kiis102 wrote: »

Will we be able to transfer in £5940 via online banking?

This is a very good Q that nobody here knows the answer to yet.

kiis102

Little update, the £5 I transferred over finally went in about 3-4hours after I sent it, now showing up online.

MRMX9

I would personally recommend paying the sums due by online banking – sending a cheque through the post isn’t necessary and just slows things up.

I transferred the £12 membership fee and £5 share account investment as separate online transfers. I then emailed them to confirm I had paid these – and included the complete isa application form in that email. The advantage of this is that you can see the process works – and you are paying into the right account – before you pay in thousands for the ISA.

The £5 should then appear online as your share account investment the next day – alongside the everyday personal account which you don’t need to touch. My ISA appeared on line a couple of days later with a zero balance.

Its probably best then to contact them by email saying all future investments should be paid into the ISA. And then you can start paying in. Online payments normally appear the same day in your online account or next day – as my first isa payment did.

ISA transfers have to be done by post – as they need the original to send to your current provider.

I accept it’s a bit fiddly – but then so is any savings account opening process. And you can of course login regularly to check your funds are still there – earning 3%.

The next best paying one year fixed isa only pays 1.75% - and you need 6 months notice to withdraw funds early compared to only 3 months with Dotcommunity. And you are supporting a good cause as well!

PS And yes - you can pay in the full £5940 by online banking. And potentially from 1 July the full £15k annual ISA allowance if you wish.

kiis102

Little confused.

They've emailed me a ISA Transfer Form (never filled one in before). I've filled everything in except the following:

1. Do you want to transfer all or part of this cash? (I've ticked All)
2. Have you subscribed to your current cash ISA in the current tax year?
3. If you answered Yes to question 2 and are transferring part of your ISA, do you want to include the Subscription from the current tax year?
4. If you are asking to transfer part of your ISA, please say how much of your cash ISA you want to transfer.
OR, if you only want to transfer your subscriptions from then current tax year, tick here.

I haven't put any money into any ISA's since the new tax year started. I've only applied to open this ISA by post this morning so I'm not sure what boxes to tick after question 1, any help would be great.

MRMX9

Kiis102

If you transfer in the current years ISA you must transfer all of it under the ISA rules. This doesn’t apply as you have not made any ISA investment for 2014-15.

For 2013-14 and previous years ISAs you can transfer in all or part – depending on the rules of your current provider.

So assuming you want to transfer in a previous year ISA only – and all of it – you would do

1 Tick all (as you have done)
2. No
3. Doesn’t apply as you have answered No to 2
4. Doesn’t apply as you are transferring your entire prior year ISA.

You do of course need to do a separate form for each current ISA provider you wish to transfer from.

These questions are pretty standard for any cash isa transfer.

kiis102

MRMX9 wrote: »

Kiis102

If you transfer in the current years ISA you must transfer all of it under the ISA rules. This doesn’t apply as you have not made any ISA investment for 2014-15.

For 2013-14 and previous years ISAs you can transfer in all or part – depending on the rules of your current provider.

So assuming you want to transfer in a previous year ISA only – and all of it – you would do

1 Tick all (as you have done)
2. No
3. Doesn’t apply as you have answered No to 2
4. Doesn’t apply as you are transferring your entire prior year ISA.

You do of course need to do a separate form for each current ISA provider you wish to transfer from.

These questions are pretty standard for any cash isa transfer.

Ah perfect, will fill it in like that then. Sorry, I'm a bit dumb when it comes to new forms I never filled in before. Atleast I know what I'll be doing next time round. I only have a Coventry Building Society ISA from last year so it's just the 1 form.

Archi_Bald

kiis102 wrote: »

Will we be able to transfer in £5940 via online banking?

I had an answer to my inquiry about this. Yes, you can send them £5,940 with a Faster Payment (and up to another £9,060 come July 1). You then have to also email them to advise exactly which account the FP is for....cute, somehow........or a bit scary, depending on whether you want this to be a great or a terrible ISA choice. I am keeping the faith for now myself.