Dot ComUnity Credit Union - ISA

darren72

colsten wrote: »

You can submit your transfer request straight away and you won't be penalised if you tick the right box. And if anyone would try to penalise you, you'd have a winning compensation case. Keep a copy of your completed transfer request for your records

Thank you. If you were me, would you be submitting your transfer request ASAP even though it doesn't mature until 6th June ??

MARTYM8`

colsten wrote: »

Definitely let the credit union know in writing that you do not agree to the new terms - mainly because those new terms are actually unavailable, and the little we know about them sounds entirely uncompelling.

Then put an ISA transfer request in at a reputable firm - Nationwide, Santander, any high street name will do. Your new ISA provider will pay you interest even if there is an undue delay in the transfer.

This is from the BBA guidelines for cash ISA transfers:



I know that these guidelines are based on HMRC Guidance to ISA Managers, so the law is entirely on your side. A transfer request is your insurance to keeping your ISA wrapper, and to getting uninterrupted interest, albeit at a lower rate than the DCU one.

Keep the faith, we cannot lose as long as we reject the unspecified new T&Cs of DCU as long as we put ISA transfer requests in with a reputable ISA provider.

A copy of HMRC's guidance to ISA managers is available at the link below. Note paragraph 11.1 on page 118.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/375474/isa-guidance-notes.pdf

Transferring an ISA
11.1 Investors have the right to transfer their ISAs whenever they want and this right must be included in the manager’s ISA terms and conditions (see paragraph 4.30).

'Whenever you want' does not mean whenever your ISA provider lets you!

This right was included in the original terms and conditions supplied by DCU for the one year fixed rate ISA last April - and even though they may have deleted them from their website some of us have kept copies!

colsten

darren72 wrote: »

Thank you. If you were me, would you be submitting your transfer request ASAP even though it doesn't mature until 6th June ??

Definitely put the transfer request in straight away.

Also write to the DCU straight away to say you do not agree to their maturity proposal, and inform them that you have put an ISA transfer request in with xyz ISA provider.

masonic

darren72 wrote: »

Thank you. If you were me, would you be submitting your transfer request ASAP even though it doesn't mature until 6th June ??

The sooner you submit your transfer request, the sooner they can tell you they won't do it while the 'voluntary' restrictions are in place, and the sooner you can submit a formal complaint, which you could be very glad you did if the funds haven't been released in 8 weeks time.

darren72

colsten wrote: »

Definitely put the transfer request in straight away.

Also write to the DCU straight away to say you do not agree to their maturity proposal, and inform them that you have put an ISA transfer request in with xyz ISA provider.

Thanks - I thought it was the best thing to do )

I haven't officially been notified of their maturity proposal (yet) though, is that likely to cause problems - or am I best mentioning that I know others that have received it already ?

colsten

A reminder to the people who find themselves at the receiving end of the shambles with this credit union: there is a private discussion forum with lots more detail for people who can provide evidence that they are affected ISA holders. PM myself or MARTYM8 if you think you should be a member of that discussion forum.

MARTYM8`

darren72 wrote: »

Thanks - I thought it was the best thing to do )

I haven't officially been notified of their maturity proposal (yet) though, is that likely to cause problems - or am I best mentioning that I know others that have received it already ?

My understanding is that plenty of people with ISAs maturing on 5 May (i.e. less than two weeks away) haven't had their maturity letters yet - I doubt they are even thinking about 5 June batch yet.

As there is nothing on their glossy new website about any of this I am really not clear what the position is if you don't get a letter or it gets lost in the post.

Maybe you can give them a poke on facebook!

https://www.facebook.com/dotcomunitymembership

colsten

darren72 wrote: »

Thanks - I thought it was the best thing to do )

I haven't officially been notified of their maturity proposal (yet) though, is that likely to cause problems - or am I best mentioning that I know others that have received it already ?

If your maturity date is not until June 6th, they still have a few days before they should have sent you your maturity letter. If past experience is anything to go by, you may or may not ever receive a maturity letter. But assuming you would get one in time, there are two options:

1. the DCU suggestion will be the same as for those who had a "May 5" maturity letter - i.e. conversion to a share-based ISA [not an S&S one] with completely unspecified terms and conditions but definitely an unspecified rate of interest
2. the DCU comes up with a new proposal that you will find reasonable

Personally, I don't think option 2 will ever happen but if you want to keep your options open, just word your letter to them accordingly. Mind you, once you put in an ISA transfer request, you are pretty much committed, so option 2 isn't an option really......if I were you, I would just stick to getting out of DCU as fast as possible.

colsten

MARTYM8` wrote: »

My understanding is that plenty of people with ISAs maturing on 5 May (i.e. less than two weeks away) haven't had their maturity letters yet - I doubt they are even thinking about 5 June batch yet.

As there is nothing on their glossy new website about any of this I am really not clear what the position is if you don't get a letter or it gets lost in the post.

It is hard to see how DCU could get away with converting people to new T&Cs without giving them

1. the new T&Cs and
2. the opportunity to reject the new T&Cs

After all, a credit union is a caring organisation, not like those horrible banks, is it. So they would never try to con their members, would they, and they would treat them fairly all the time, any time, wouldn't they.

Nednats

Mine doesn't mature until 6th July...