Dot ComUnity Credit Union - ISA

MRMX9

Archibald

How would you have coped in the old days - when we had small mutual building societies dealing with most people's savings and mortgages using passbooks that worked perfectly fine and never bankrupted the country.:)

I like the personal service offered- its nice to be able to deal with a human being with a name! Its also a national credit union with online services - not a small union operating in one local authority area where there could be a material risk.

The Chairman of the credit union is a peer and an ex Labour party general secretary. Given you have the FSCS protection - what can possibly go wrong. Have a little faith!

Archi_Bald

MRMX9 wrote: »

Archibald

How would you have coped in the old days - when we had small mutual building societies dealing with most people's savings and mortgages using passbooks that worked perfectly fine and never bankrupted the country.:)

Really badly, probably - - but you do have a very valid point.

MRMX9 wrote: »

The Chairman of the credit union is a peer and an ex Labour party general secretary.

Hmh. Normally this sort of 'endorsement' would put me right off. But I have read all the bumph and I like the idea a lot - - - just I don't know whether any of it is actually true.

MRMX9 wrote: »

Given you have the FSCS protection - what can possibly go wrong. Have a little faith!

yes, the FSCS protection is the saving grace. I wouldn't have touched DotComUnity with a barge pole otherwise.

With the FSCS protection, it sounds a really great scheme, since apparently local businesses benefit from it, alongside individuals seeking credit. Would be superb to hear of some endorsements from such businesses.

darren72

I think the £12 fee only applies to those on benefits ??

It says:

Anyone can qualify as a Concessionary Member if you are in receipt of any benefit.

On application you may be asked to provide proof.

Concessionary Membership costs £12 (inc vat)

hgt

darren72 wrote: »

I think the £12 fee only applies to those on benefits ??

It says:

Anyone can qualify as a Concessionary Member if you are in receipt of any benefit.

On application you may be asked to provide proof.

Concessionary Membership costs £12 (inc vat)

I believe that would normally be the case. But DotComUnity have confirmed that the £12 rate applies to anyone wanting to open the iSA account. It's like a special promotion - I suspect because they are trying to attract ISA customers at the moment.

Archi_Bald

Made a Faster Payment to DotComUnity and emailed them to say the cash was for my ISA. It was credited to my ISA account on the same day.

A bit cute and cumbersome but it seems to all be working ok.

neil324

Anyone else done the faster payment, without problems. Sounds a bit stressful.

Could a cheque be sent for this years subscriptions.

Really tempted by this, for the rate but mostly to pull the funds out the banking system and stick two fingers up at the banksters.

ST£V£

There is an option on the ISA application form to pay by cheque.

Posted mine 5:30pm and it was showing as having been received the next day.

Their way of doing things may seem a bit strange but it all seems to work.

Archi_Bald

Anyone got any transfer-in processed yet? For one of mine, the funds vanished 5 working days ago from the old ISA, and there's no sign of it yet at DCU. The money comes from another quaint outfit, so I am not sure where the hold up is.

Ed-1

Archi_Bald wrote: »

Anyone got any transfer-in processed yet? For one of mine, the funds vanished 5 working days ago from the old ISA, and there's no sign of it yet at DCU. The money comes from another quaint outfit, so I am not sure where the hold up is.

No but they only received the transfer forms this week. Mine's from a big mainstream bank though so we'll see.

I noticed on the homepage of their site it says under 'savings' on the right:

Members can save as little as £10 up to a maximum of £15,000. There are no charges for paying in or withdrawal of cash and at the end of each year a dividend may be added to your savings.

Does this mean you can only hold up to £15000 with DCU?

Archi_Bald

Somebody reported in post 30 that you can transfer in prior years ISAs without limit although they normally limit investments to £40,000 before needing trustee approval.

Best to ask them specifically about your situation. That's what I did.