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Dot ComUnity Credit Union - ISA

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  • masonic
    masonic Posts: 27,218 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    MARTYM8` wrote: »
    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.
    You forgot to put quotes around "voluntary". ;)

    The good thing about the ISA wrapper is it effectively stops them from locking you in. They can impose an interest penalty, but cannot refuse a transfer out request (once "voluntary" restrictions are lifted), and can't take away any interest you've been paid at the end of your current deal. Worst case scenario is you'd forfeit the interest from whatever product they rolled you into between maturity and when you are finally able to transfer out.
  • FOREVER21
    FOREVER21 Posts: 1,729 Forumite
    Energy Saving Champion I've been Money Tipped!
    Just been looking onDCU webpage to see if there was any update(foolish me, but I can only hope!) no update as expected but I came across an interesting point about the deferred shares we hold as members.

    As we know DCU now maintain that a minimum of £10 must be held in these shares, unlike the £5 we paid on joining.

    However it also states a share certificate must be issued, has anyone received one? as I certainly have not. This seems to be yet another example where the administration of this company is sadly lacking.

    Another bit of evidence to be used should a complaint be needed to FOS. or regulator.
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Never received any share certificate from DCU.
  • gwapenut
    gwapenut Posts: 1,431 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Has anyone given their 3 months transfer notice?
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    gwapenut wrote: »
    Has anyone given their 3 months transfer notice?
    Most people's 1-year ISA is about to mature so there would be little point in giving any notice now.
  • gwapenut
    gwapenut Posts: 1,431 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Some of us don't mature until 9th August though and we'll be last to the trough!
  • Ed-1
    Ed-1 Posts: 3,958 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    gwapenut wrote: »
    Some of us don't mature until 9th August though and we'll be last to the trough!

    The ISA matures on 5th of the month a year after you opened it. It's debatable whether the terms allow 3 months notice to be given or whether you must take a 3 month interest penalty for withdrawing as they seemed to change their minds half way through...
  • gwapenut
    gwapenut Posts: 1,431 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Sorry, meant 5th August. I knew it was nearly a month later than 1 year, but guessed
  • FOREVER21
    FOREVER21 Posts: 1,729 Forumite
    Energy Saving Champion I've been Money Tipped!
    edited 16 April 2015 at 11:29AM
    Ed-1 wrote: »
    The ISA matures on 5th of the month a year after you opened it. It's debatable whether the terms allow 3 months notice to be given or whether you must take a 3 month interest penalty for withdrawing as they seemed to change their minds half way through...



    I have an e-mail dated 8/Jan/2015 from [TEXT DELETED BY FORUM TEAM].


    Mind this was sent during the period of the "voluntary" restrictions on transactions, which he made no reference to!
  • gwapenut
    gwapenut Posts: 1,431 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    This coming Wednesday.

    Hi, have you been contacted with an update?
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