Dot ComUnity Credit Union - ISA

colsten

Steve_xx wrote: »

It might be only a matter of time before DCU has to be wound up.

That would be good for us but I think we are dealing with some very seasoned finance people who have set up an incredibly complex construct of FSCS protected and non-FSCS protected / FCA/PRA regulated and FCA/PRA unregulated offerings under the same umbrella. It could be a nightmare for the FOS/PRA to wind them up even if they wanted to.

It will all come to a head before long as DCU can't escape the fact that the 1-year ISAs are about to mature.

colsten

Ed-1 wrote: »

If maturity is 5th May then the terms we signed up to said that the new rate will be announced within 28 days of maturity (link below; i.e. 7th April up to 4th May)

Fair enough, I might have to wait until April 7 but that's the Tuesday after Easter, so DCU will have to have written and posted their letters not later than COB on April 3, for all ISAs that were taken out before May 5th 2014.

FOREVER21

colsten wrote: »

Fair enough, I might have to wait until April 7 but that's the Tuesday after Easter, so DCU will have to have written and posted their letters not later than COB on April 3, for all ISAs that were taken out before May 5th 2014.

Actually as April 3rd is a bank holiday closing date for issue is 2nd.
However if their past reputation for advising some of us and not others is anything to go by we will probably be lucky to get any information at all.
We would all have a genuine reason to be able to contact the FOS then.

I have toyed with the idea of contacting theFOS regarding DCUs apparent mis-management of accounts culminating, in the embargo on transactions. But as the PRA have in essence stopped them trading,I suppose DotCom would simply put that fact forward as a defence, and I don't see what the FOS could do.

Steve3S13

We have two 5yr Nisas and the first year is up at the beginning of May. With everyone taking money out I wonder what will happen to the rest of us over the next four years?
I can give a year's notice of my intention to withdraw in 365 days therefore possibly getting two years interest, but at what rate? The promised 3.75%? I bet not.
Or do I cut my losses and accept that I have lost a years interest and jump ship with everyone else, when access is available.

Ed-1

Steve3S13 wrote: »

We have two 5yr Nisas and the first year is up at the beginning of May. With everyone taking money out I wonder what will happen to the rest of us over the next four years?
I can give a year's notice of my intention to withdraw in 365 days therefore possibly getting two years interest, but at what rate? The promised 3.75%? I bet not.
Or do I cut my losses and accept that I have lost a years interest and jump ship with everyone else, when access is available.

How can the first year be up in May when the 5 year ISAs only opened on 1st July (and were very quickly suspended until 22nd October)?

As with other discrepancies, there are terms that say you can give them 365 days notice to withdraw and not suffer any interest penalty (i.e. get 3.75% AER) but other terms say any withdrawals are subject to 365 days loss of interest.

If you don't need access (which you mustn't do if you've locked in for 5 years) then do nothing. Then you'll continue to get 3.75% fixed for up to 5 years, depending on whether or not DotComUnity is still around then or via FSCS.

Steve3S13

I was confused about the date because I had taken out the 1 yr like everyone in May else then converted to the 5yr Nisa when they were released in July
Sorry
God knows what rules I come under!!!;)

Ed-1

Steve3S13 wrote: »

I was confused about the date because I had taken out the 1 yr like everyone in May else then converted to the 5yr Nisa when they were released in July
Sorry
God knows what rules I come under!!!;)

I did the same. The account term starts again for 5 years from the 5th of the month after you transferred to the new ISA.

Steve3S13

Ed-1 wrote: »

I did the same. The account term starts again for 5 years from the 5th of the month after you transferred to the new ISA.

glad I was not alone :beer:

Bhamstudent

This coming Wednesday.

MARTYM8`

I like others have my one year ISA maturing shortly - either on 5 May or an earlier date. So would expect to hear from them with maturity options in the next 2-3 weeks.

Who knows what the terms and conditions are anymore - as they aren't available directly on the new website but only via old direct links with two versions which aren't consistent as has been pointed out. How can you challenge a firms terms and conditions - when they don't seem to actually have current ones?

Given their inability to send out communications to all members I suggest we keep each other posted about maturity letters going out in the next few weeks. If you don't get a communication/don't respond they could easily roll you into a new long term deal by default on their new terms. Could they even do this if the voluntary restrictions remain in place - you get rolled into another product as you aren't allowed to transfer out.