Dot ComUnity Credit Union - ISA

darren72

mt77 wrote: »

Same here, I have always had interest backdated to the day when the previous provider sent the funds. So I hope so it will be the case here, though I have not asked DCU.

Probably best to ask to make sure. I'm going to one my transfer has completed.

MRMX9

mt77 wrote: »

My transfer has been finally completed today. My transfer request form was sent off on 17 April to DCU by post (only part that can not be done electronically), DCU then sent off the form to my former provider on 23 April. Former provider sent a cheque on 02 May and now displaying in my DCU account today, 07 May. About 4 days loss of interest from the point of the cheque being sent. Bear in mind the bank holiday weekends we have had during this period. Rough calculation on loss of interest = £10.00.

I would look at it another way.

I estimate you transferred around £30,000.

Estimated interest for the best leading 1 year fixed rate ISA - bar DCU - 1.65%. Total annual interest if you hadn't transferred of £495

Estimated interest earned with DCU - 3%. Total annual interest £900

Profit = £900-£495-£10 = £395!:T

mt77

MRMX9 wrote: »

I would look at it another way.

I estimate you transferred around £30,000.

Estimated interest for the best leading 1 year fixed rate ISA - bar DCU - 1.65%. Total annual interest if you hadn't transferred of £495

Estimated interest earned with DCU - 3%. Total annual interest £900

Profit = £900-£495-£10 = £395!:T

I transferred just shy of £40,000. Honestly I'm not too fussed about the £10 loss in interest, especially in relation to the good and efficient service I have received from DCU so far. Plus, I am earning a better rate of return than what I did last year. Had it have been any other major High Street bank I would be chasing them (but that's me and I hate banksters). Still, I say it would be good of DCU did follow HMRC / BBA guidence and backdated interest payment.

darren72

I've had a reply from them stating:

"Yes - we will start the interest period from the date the cheque was issued by your previous provider"

Archi_Bald

I think they are making up their rules as they go. I was told "When the monies are deposited on to your account they will be back dated to the date we received the cheques"

onzey

I filled in the online form today after phoning them for a chat. I've received an email with a joining letter attached which is a Word document. The document doesn't open properly on my ipad so tried on laptop, which says it's corrupt.

I tried ringing them about 15.50 but only got there answerphone service to leave a message. No one has called back. (Can't see their contact hours on their contact page)

So far not too impressed but can anyone tell me if there is any vital information in the joining letter or can I go ahead and Register with the account number in the email'

Thanks

MRMX9

onzey wrote: »

I filled in the online form today after phoning them for a chat. I've received an email with a joining letter attached which is a Word document. The document doesn't open properly on my ipad so tried on laptop, which says it's corrupt.

I tried ringing them about 15.50 but only got there answerphone service to leave a message. No one has called back. (Can't see their contact hours on their contact page)

So far not too impressed but can anyone tell me if there is any vital information in the joining letter or can I go ahead and Register with the account number in the email'

Thanks

This is the wording of the letter - minus my membership no of course which you need to pay funds in.

"Thank you for your recent application to join DotComUnity Centres via Head Office Branch further to an application you are intending to make for an ISA.

Whilst your application has been accepted, until you have paid the appropriate Membership Fee to DotComUnity Centres, your membership awaits formal activation.

One of the member benefits is the opportunity to become a member of DotComUnity Credit Union, whilst your application has been accepted, until you have placed a minimum of £5 with the Credit Union, the account awaits formal activation.

Your temporary membership Account number is xxxxxxxx This must be quoted on all correspondence including e-mails.

To pay funds in to any of your Credit Union accounts, you can use BACS, internet banking or standing order and the details you must quote are as follows, failure to do so will mean your funds will not be allocated to your Account:

Bank Name: Unity Trust Bank
Bank Sort Code: 08-60-01
Bank Account No: 20302380
Your Membership Number : xxxxxxxx

You are now able to go back to the website you joined through and click on “Register” for the ability to use our Secure Members Area. Once you have completed the registration process, you will have created your own Pin Number, a password and separate share transfer password. (You must then use these to “Log In” but only when you receive an e- mail confirming you can now use this service – this should occur within 1 hour during normal office hours. Through this you will able to view your accounts and carry out certain processes on line as described.

As stated previously, to activate your membership with DotComUnity Credit Union, a minimum deposit of £5 must be held in your Basic Share Account. This has to occur within 3 months of today. You can either send the minimum of £5 or £5 can be deducted from your first deposit to your account.

Within 10 days, we will email you confirming active membership and will send you a dual Membership Card of DotComUnity Centres and the Credit Union which will also allow funds to be paid in via Paypoint, Payzone or Post Offices."

I didn’t have any difficulties in opening my letter – its in MS Word so maybe it’s a file compatability issue? Indeed I can’t say I have encountered any problems at all with them.

Archi_Bald

onzey wrote: »

I filled in the online form today after phoning them for a chat. I've received an email with a joining letter attached which is a Word document. The document doesn't open properly on my ipad so tried on laptop, which says it's corrupt.

If all you have is an iPad, you might be able to upload the Word document into googledocs and read it there?

onzey

Thanks for replies.

Failed on ipad and laptop but just tried on my Android phone and the attachment opened ok! :j

onzey

And just had a call back from DotComUnity!