Dot ComUnity Credit Union - ISA

FOREVER21

QUOTE MARTYM8---- And in just over one week they are supposed to start writing to all their one year ISA account holders informing them of their maturity options (i.e. Tuesday 7 April being the 28 day notice for the 5 May mass maturities).

Someone is going to have to take some quick decisions on what is going to be offered to those account holders.




The above all depends if the restrictions are lifted by then of course. If they are still in place then they could not either let us withdraw money or take advantage of any new proposals, that might be offered.


In view of what has happened and as you say no mention of ISA on their new web site, I wonder if they have had their fingers burnt and will not offer any further ISAs.
Interesting times?

colsten

FOREVER21 wrote: »

In view of what has happened and as you say no mention of ISA on their new web site, I wonder if they have had their fingers burnt and will not offer any further ISAs.

Them not offering ISAs any more is a possibility as they are likely to be no longer eligible to offer ISAs. Ref chapter 2 of https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/375474/isa-guidance-notes.pdf

masonic

colsten wrote: »

Them not offering ISAs any more is a possibility as they are likely to be no longer eligible to offer ISAs. Ref chapter 2 of https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/375474/isa-guidance-notes.pdf

EBCU is still on the list of authorised ISA managers compiled in January. The list is updated quarterly, so it will be interesting to see if they are still on it when it is updated next month.

Archi_Bald

A friend just told me that they seem to have changed their Facebook and Twitter persona from DCU to ebcu. Website still in the old guise, and no news about the lifting of their 'voluntary' restrictions.

https://www.facebook.com/pages/Dotcomunity-Credit-Union/153231428194594?fref=ts

MARTYM8`

Archi_Bald wrote: »

A friend just told me that they seem to have changed their Facebook and Twitter persona from DCU to ebcu. Website still in the old guise, and no news about the lifting of their 'voluntary' restrictions.

https://www.facebook.com/pages/Dotcomunity-Credit-Union/153231428194594?fref=ts

So are they still called Dot community credit union or now enterprise the business credit union (their official legal title)?

They also have a post linking to this Telegraph video explaining how ISAs work.

http://www.telegraph.co.uk/finance/personalfinance/investing/isas/11477308/Video-Isas-explained-in-one-minute.html

masonic

Archi_Bald wrote: »

A friend just told me that they seem to have changed their Facebook and Twitter persona from DCU to ebcu. Website still in the old guise, and no news about the lifting of their 'voluntary' restrictions.

Yes, isn't it normally today that someone gets an upbeat phonecall explaining that the "voluntary" restrictions haven't yet been lifted owing to some further information being required and that there will be another meeting on Friday? Perhaps with Easter looming, the weekly cycle of disappointment and reassurance will be restarted next week?

darren72

Has anyone heard any news recently ? - Wasn't it around 2 weeks ago they said they were waiting on a decision ?

gwapenut

Is this interim account eligible for FSCS protection?

FOREVER21

Nednats wrote: »

Received earlier Today. Indicating we can still use our ISA allowance.

This does not make sense to me,we have been told numerous times thatDotcom are applying to have the restrictions lifted. They may well have requested that restrictions are lifted but until the PRA actually agree they are still in place.


If this is the case and we have not heard from them to the contary,then how does this accord with the letter fromRichard Nichols on16Jan which told us about the ongoing process and said amongst other things, "However the credit union will not, Accept new savings deposits from new or existing customers"
The statement by Mr Grimsdale seems to disregard the restrictions spelt out by the PRA!

I really do not know how we stand and I for one will not be sending the residue of my ISA for this year even if it means I do not fully subscribe and loose some interest.

Nednats

gwapenut wrote: »

Is this interim account eligible for FSCS protection?

It say on their website :

Financial Services Compensation Scheme (FSCS)

Your eligible deposits with DotComUnity Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme.

This limit is applied to the total of any deposits you have with DotComUnity Credit Union. Any total This limit is applied to the total of any deposits you have with DotComUnity Credit Union. Any total deposits you hold above the £85,000 limit between these brands are not covered.

- See more at: http://www.dotcu.org.uk/creditunion/specialist-accounts/the-everyday-account.html#sthash.qgtrHR3B.dpuf