Dot ComUnity Credit Union - ISA

Mr_Doubtfire

I'm not a DCU representative. My only relationship with DCU is that I have an ISA with them that I have been unable to access for 16 weeks - like almost everyone else on this thread. I should also point out that I'm not psychic - I certainly wouldn't have opened an ISA with DCU if I knew how this was all going to pan out!

I think I should explain my first post before I get booted off the forum. I had a phone call from someone at DCU before I first posted who said that they were calling all their ISA customers to gauge their reaction to proposed changes to the ISAs (it looks like this is another DCU lie as no one else on here seems to have had this call) - namely that instead of being cash accounts with interest, they would be dividend ISA accounts.

I'm not particularly savvy so I wanted to see what the other folks on this thread thought of their proposal. For the record, I told the person on the phone that I was totally fed up with DCU and would be transferring my ISA away at the earliest opportunity. I also said that I thought their proposals were misleading and disingenuous. My gut feeling was, and still is for that matter, the DCU are trying to get some of their unsuspecting members to move their ISAs into a different type of account which ultimately won't be backed by the FSCS scheme.

I didn't want to say all of this in my original post as I was a newbie and didn't want to get in trouble with DCU. Apologies if my post was misleading.

gwapenut

@Archi

Unless we hear from you to the contrary

Have you contacted them to ask what will happen if they do hear from you to the contrary, but in the scenario where withdrawal restrictions are still in place?

Nednats

These changes will not affect your ability to transfer your NISA 2015 product out to another Provider

But what about the voluntary restrictions?

Forti

Nednats wrote: »

But what about the voluntary restrictions?

I doubt you can. I've been trying to withdraw for weeks without success.

I have a complaint in progress with the ombudsman.

MARTYM8`

I have read this letter.

It explains how they will pay your dividend – if there is one – in May 2016. However it says absolutely zilch about paying your 3% interest for the 2015-16 tax year next month – only about how you invest with them for a further year. Will this interest be added to our accounts on 5 May – or not – or another date – or never?

Like most people on here I just want out. This letter implies you can transfer out on request – presumably you just need to email them to advise them and put submit your transfer forms to your new provider stating say the 6 May as your transfer date. Does this mean the voluntary restrictions don’t apply now to our ISA investments – or not.

I also don’t like the tone – it implies if you don’t reinvest you could lose the ISA wrapper on the funds. What happens if you don’t want to reinvest for another year but can’t withdraw/transfer out? What is the status of your cash?

Not sure if anyone here can provide an answer – but as usual their letters tell you a lot of stuff you don’t want to know but don’t actually answer the issues you do want clearing up!

I hope I have been suitably tactful – if I said what I really thought about the organisation it wouldn’t be printable.

Steve_xx

MARTYM8` wrote: »

I have read this letter.

It explains how they will pay your dividend – if there is one – in May 2016. However it says absolutely zilch about paying your 3% interest for the 2015-16 tax year next month – only about how you invest with them for a further year. Will this interest be added to our accounts on 5 May – or not – or another date – or never?

Like most people on here I just want out. This letter implies you can transfer out on request – presumably you just need to email them to advise them and put submit your transfer forms to your new provider stating say the 6 May as your transfer date. Does this mean the voluntary restrictions don’t apply now to our ISA investments – or not.

I also don’t like the tone – it implies if you don’t reinvest you could lose the ISA wrapper on the funds. What happens if you don’t want to reinvest for another year but can’t withdraw/transfer out? What is the status of your cash?

Not sure if anyone here can provide an answer – but as usual their letters tell you a lot of stuff you don’t want to know but don’t actually answer the issues you do want clearing up!

I hope I have been suitably tactful – if I said what I really thought about the organisation it wouldn’t be printable.

I dont see why you would need ro advise Dotcom that you want to transfer your ISA away from them. Any transfer is undertaken by the receiving ISA provider following your instruction to the new provider to collect the proceeds from existing ISAs. If any transfer is not undertaken in this way then there is a real danger of the tax wrapper coming off.

MARTYM8`

Steve_xx wrote: »

I dont see why you would need ro advise Dotcom that you want to transfer your ISA away from them. Any transfer is undertaken by the receiving ISA provider folowing your instruction to the new provider to collect the proceeds from existing ISAs. If any transfer is not undertaken in this way then there is a real danger of yhe tax wrapper coming off.

I agree – but their terms and conditions for the ISA required you to email them with 3 days notice before doing so. So I will at least comply with the terms – even if they don’t.

Not that I am clear whether these still apply – as they have wiped them from their website. They have millions of our money - and no published terms at all.

http://www.dotcu.org.uk/creditunion/savings/1-year-3-cash-isa.html

http://www.dotcu.org.uk/creditunion/savings/terms-and-conditions.html

colsten

No letter for me. If it doesn't arrive in tomorrow's post, I'll write to them to ask where mine is.

Ed-1

Steve_xx wrote: »

I dont see why you would need ro advise Dotcom that you want to transfer your ISA away from them. Any transfer is undertaken by the receiving ISA provider following your instruction to the new provider to collect the proceeds from existing ISAs. If any transfer is not undertaken in this way then there is a real danger of the tax wrapper coming off.

God knows what account number/sort code you'd put on your new ISA provider's transfer form though - that's probably a good reason to let them know!

MARTYM8`

Ed-1 wrote: »

God knows what account number/sort code you'd put on your new ISA provider's transfer form though - that's probably a good reason to let them know!

I assume its this - as per their joining letter. Unless they have changed it?

Bank Name: Unity Trust Bank
Bank Sort Code: 08-60-01
Bank Account No: 20302380
Your Membership Number XXXXXXXX (ESSENTIAL to quote)