Dot ComUnity Credit Union - ISA

rebecca1

My ISA matures in July 2015 does anyone know if I can make an early withdrawal and if so what are the consequences?


Thanks Rebecca

Steve_xx

rebecca1 wrote: »

My ISA matures in July 2015 does anyone know if I can make an early withdrawal and if so what are the consequences?


Thanks Rebecca

If you read through the thread, and assuming that your ISA is with DotCom, then at the moment you are prevented from making a withdrawal from it due to PRA regulations in force.

rebecca1

Steve _xx


I have read through the thread -
I meant to ask, can I withdraw it in say - 'May' when hopefully the restriction may be lifted? I understand that that is when the first lot of investors will be allowed to withdraw (again subject to restrictions being lifted. ....


Rebecca

Steve_xx

rebecca1 wrote: »

Steve _xx


I have read through the thread -
I meant to ask, can I withdraw it in say - 'May' when hopefully the restriction may be lifted? I understand that that is when the first lot of investors will be allowed to withdraw (again subject to restrictions being lifted. ....


Rebecca

Oh yes, then provided there are no other conditions attached to your ISA you would be able to withdraw funds from it in the absence of the PRA regulations. I feel that it will be the case that a lot of people will withdraw their funds as soon as the regulatory shackles come off. If this does happen then DotcCom may be unable to satisfy a mass demand for funds so one wonders what will happen then in this event?

Archi_Bald

rebecca1 wrote: »

My ISA matures in July 2015 does anyone know if I can make an early withdrawal and if so what are the consequences?

Leaving aside that they appear to be unable to pay presently, you would lose interest if you withdrew early without having given the required notice.

trenchwars

I take it no-one else with the one year ISA has had any interest paid yet?
I want to try a transfer to another provider to see what happens but I would rather wait until the interest was in the account.

darren72

trenchwars wrote: »

I take it no-one else with the one year ISA has had any interest paid yet?
I want to try a transfer to another provider to see what happens but I would rather wait until the interest was in the account.

I don't think the first batch are due to mature until May....

colsten

trenchwars wrote: »

I take it no-one else with the one year ISA has had any interest paid yet?
I want to try a transfer to another provider to see what happens but I would rather wait until the interest was in the account.

Interest is due on maturity. The first possible maturity date for the 1-year ISAs is May 5 2015. Thus nobody could expect to have been paid any interest yet.

If you withdraw / transfer out before maturity, you will be charged significant penalty payments.

Steve3S13

Has anyone paid the extra £5 into their account to maintain the £10 minimum?
I have still had no correspondence from them!

gwapenut

I've not, because I view that as a change to the terms and conditions under which I entrusted my ISA to them