Dot ComUnity Credit Union - ISA

darren72

Steve3S13 wrote: »

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

No, as that isn't what we agreed to.

colsten

I haven't and I won't as I don't believe I have been asked. If they ask me, I will decline this T&C change and close my accounts (which I will be doing anyway).

gwapenut

I agree with colsten's view in that I don't think I have been properly asked. There has been some insidious sideways reference to it, buried in a letter load of waffle.

That is not enough to make me even think about acknowledging their request, let alone telling them to dream on.

And you have to think - a fiver extra - could it be legal? Without any thought, you might say "Maybe". But then what if they demanded £100, or £1000. At some point it becomes blackmail for your ISA not to be closed prematurely, and the PRA would take a very dim view of that.

Given that the point at which it becomes "too much" is indeterminate, I would say that it's not reasonable to insist on a single penny extra being put into that account.

FOREVER21

I contacted the FCA regarding the current position with the restrictions in place with Dotcom, and their reply is below., this was dated to-day.


At the current moment in time we are unable to provide any further
information regarding the status of EBCU. I realise that this may be frustrating
however I can confirm that if and when we are in a position to provide any
further information regarding EBCU we will do so.






So it would appear to me that the restrictions are still in place. I have sent an email to Mike Grimsdale at DotCom asking him for an update.

colsten

Thanks for the update FOREVER21. I somehow do trust 2nd hand information coming out of the FCA a lot more than the waffle we sporadically got from Dotcon, so I really appreciate your update.

Martym8 has pointed out several times there's some massive timebomb under Dotcon. Come May 5, there is likely to be an immense demand on their scarce/non-existent resources, from those whose 1-year ISAs have matured by then and who had enough of the woolly waffle we get from Bournemouth or wherever the 'letters' were posted from.

Given we have not been given anything of any sense by Dotcon in many months, I reckon there is a good chance they will be wound up by no later than end of May 2015, probably earlier. FSCS will be our saviour so no reason to lose any sleep.

FOREVER21

Colsten,

I fear sadly,your last paragraph will be the outcome to this shambles.

Thank goodness for the FSCS protection, my only fear is how long will it take for the FCA orPRA to pull the plug on DotCom.
Our money has been in "limbo" for over 3 months now, and I hope DotCom are not allowed to to carry on with their restrictions much longer.

I agree that early May will be the time it comes to a head, but could DotCom ,at that time still say the restrictions are still in place.

I am thinking about contacting theFOS and see what they say about the failure of DotCom to allow access to our funds.

MARTYM8`

I see the DotCon saga drags on with no resolution and no sign of the voluntary restrictions being withdrawn.

I like most April 2014 investors are now within 28 days of the maturity date of 5 May. Under the terms of the account DotCon are supposed to have written to me by now explaining what my maturity options are - and presumably what rate my ISA moves to.

I realise they are well past following terms and conditions now - but it would be nice to know what is happening.

If anyone gets a maturity letter can they keep us posted - but I expect 5 May will pass with no information or communication. Will be interesting to see if the 3% interest is paid though!

darren72

I assume unless we hear otherwise they would have to continue paying the same 3% rate until the existing situation is resolved.

gwapenut

Well i did wonder about this. While that would be fair as we are now, what if interest rates had gone up by 2%? It's not clear to me what companies can get away with in situations like this.

Archi_Bald

The clause I have in the terms that were valid last March/April reads:

Within 28 days of maturity, we will write to advise of any amendments to the Terms and Conditions of your Account. We guarantee that we will offer you our best rate available at Maturity. These amendments may include the access terms, withdrawal arrangements and the duration of the Account. Following the day of maturity you have 28 days in which to withdraw funds penalty free, thereafter the maturity Account Terms & Conditions apply

Presumably they could try and wiggle their way out by claiming they didn't need to write as there were no amendments to the T&Cs.

I can't find the "maturity Account Terms & Conditions" - anyone got a copy of these by any chance that they could upload please?