Dot ComUnity Credit Union - ISA

Archi_Bald

FOREVER21 wrote: »

On the other hand,I Received an email from Rob yesterday (the bloke who used to post on here from DotCom in earlier days)
Apparently they have now raised funds ( in his words" in excess of") the Capital required to meet The Capital/ Assets ratio, the money is held by solicitors, and they are awaiting clearance from the regulator.

This sounds just like more smoke and mirror. As gwapenut said, they had told us weeks ago that they had raised more than the required funds. I simply don't any longer believe a word any of them is saying.

gwapenut

Archi_Bald wrote: »

I doubt that. He is running their website, Facebook and Twitter accounts and is some sort of a communications manager.

I think it may even be the case that he WAS acting as a CEO but only until very recently.

The Bournemouth Echo seem to think he was, and I definitely saw Rob claim it too. He no longer seems to claim it.

http://www.bournemouthecho.co.uk/news/11478182.Credit_union_set_up_to_help_Hamworthy_residents_manage_their_money/

"Mayor of Poole Cllr Peter Adams joins Kathryn Graven, manager of the HMAP and Rob Cook, Chief Executive of the DotComUnity Credit Union"

darren72

gwapenut wrote: »

Rob is the CEO now, isn't he?

I doubt it - He was their Marketing Officer when I contacted them last year.

Mr_Doubtfire

Hi everyone,

This is my first ever forum post so please begentle. I’ve lurked for a few months now but have never really thought I’ve had much to contribute.

Supposing, just supposing DCUCU proposed changing the terms of their Cash ISAs (now NISAs) so that instead of paying a guaranteed interest, the ISAs would instead pay a dividend which would depend on the performance of the Credit Union as a whole… what would be your reaction to that?

Obviously I am talking hypothetically here. Completely hypothetically…

darren72

Mr_Doubtfire wrote: »

Supposing, just supposing DCUCU proposed changing the terms of their Cash ISAs (now NISAs) so that instead of paying a guaranteed interest, the ISAs would instead pay a dividend which would depend on the performance of the Credit Union as a whole… what would be your reaction to that?

Withdraw money straight away!!!!

gwapenut

And reject the change to the terms and conditions

darren72

Oh yes - they couldn't do it for the existing accounts, would have to be for people signing up to new ones.

I don't think they could legally apply it to existing ones.

MARTYM8`

Archi_Bald wrote: »

This sounds just like more smoke and mirror. As gwapenut said, they had told us weeks ago that they had raised more than the required funds. I simply don't any longer believe a word any of them is saying.

Clearly the regulator either has issues with the source of the funds raised – or more likely they have looked at the books and are concerned that there are huge sums in ISA funds due to mature on 5 May. If said ISA funds are withdrawn en masse (as many depositors are likely to do given the fact that the credit union has denied them access to withdraw their funds now for nearly 10 weeks) – presumably they are back where they started needing more funds to raise?

It is in effect a house of cards waiting to topple over!

gwapenut

darren72 wrote: »

I doubt it - He was their Marketing Officer when I contacted them last year.

It's definitely been claimed last Autumn, and not just by the press.

masonic

darren72 wrote: »

Oh yes - they couldn't do it for the existing accounts, would have to be for people signing up to new ones.

I don't think they could legally apply it to existing ones.

I don't think they could legally apply it to new ones. At the very least it would fall foul of regulations around interest rate variations, not to mention the fact that a product like this probably would not qualify as a cash ISA. They could, of course, start offering a S&S ISA wrapper around their basic share account, but who'd want a S&S ISA that could only be filled with DotCon deferred shares?