Dot ComUnity Credit Union - ISA

Steve3S13

would we be that mad :beer:

colsten

Well, what a day! Been out for some retail therapy and come back to this news. It was inevitable, and I am really pleased to hear the plug has been pulled on what was simply no longer a viable operation, if it ever was.

I have little sympathy for those at the helm of the credit union as they had been deceiving their members for some time. I hope that all of them will have lost their personal FCA accreditation for life and will never be allowed to be in charge of anybody else's savings or debt.

I have some sympathy for those who were foolish enough to have non-FSCS-protected fund in the company as they will have lost the lot. It's a timely reminder that nobody should ever chance non-FSCS-protected deposits and investments.

I am very happy that us ISA savers will get all of our money back through the FSCS. Confidence restored, even if at times it seemed the powers that be were using all sorts of means to make our voices unheard.

Ed-1

Steve3S13 wrote: »

would we be that mad :beer:

http://forums.moneysavingexpert.com/showpost.php?p=67989634&postcount=581

Definitely easy go?

MARTYM8`

Ed-1 wrote: »

http://forums.moneysavingexpert.com/showpost.php?p=67989634&postcount=581

Definitely easy go?

Well it was only £150 I presume being a YB/CB switch incentive. Easy come easy go.

Could have been a lot worse.


One last perhaps prophetic post on the DCU facebook page quoting from Nelson Mandela

'It always seems impossible - until its done'.

https://www.facebook.com/153231428194594/photos/a.154306314753772.1073741832.153231428194594/378920342292367/?type=1&theater

Ed-1

Steve3S13 wrote: »

yes I do and yes I would but I would sadly miss that fiver:-)

I was in for 5 years and had no plans to withdraw my money until four years next Aug when my NISA matured so I would love to leave my cash with FSCS for 5 years at 3.75%
Where could I even dream of getting that rate now...............and I don't see it increasing anytime soon

Steve

By my reckoning, a non-compounded AER of 3.75% is equal to a compounded AER of just under 3.5%. Still not to be sniffed at if we get the option.

darren72

The other problem I have (and others too) is that they deposited the funds on the date they processed the original transfer rather than the date of the transfer cheque.

DCU assured me that they would adjust this at maturity - I doubt that is going to happen when the FSCS pays out.

Ed-1

darren72 wrote: »

The other problem I have (and others too) is that they deposited the funds on the date they processed the original transfer rather than the date of the transfer cheque.

DCU assured me that they would adjust this at maturity - I doubt that is going to happen when the FSCS pays out.

Hopefully they adjusted the interest to backdate it in their systems to the date of the cheque at the start (that's what the banks do). But time will tell and I think it's the last thing that to worry about.

When I transferred from the 1 year ISA to the 5 year ISA, my interest was paid correctly backdated.

Peperami

I am surprised it has gone into administration already. I did expect it once everyone started withdrawing funds but not before.


Sad it came to this but the timing works out just about right for me. I wasn't planning on taking any money out until maturity so the restrictions haven't made any difference.
Hopefully I will get my money back roughly about the same time I would have transferred it anyway.


The moneysavingexpert in me is annoyed I wasted 62p on a stamp writing to them to inform them of my intent to transfer out at maturity.


It's good to have peace of mind now at least.

Archi_Bald

Peperami wrote: »

I am surprised it has gone into administration already. I did expect it once everyone started withdrawing funds but not before.

They should have applied for administration weeks ago, not as late as the working day before the first wave of transfer requests. Glad they finally did wake up / were woken up.

MARTYM8`

Archi_Bald wrote: »

They should have applied for administration weeks ago, not as late as the working day before the first wave of transfer requests. Glad they finally did wake up / were woken up.

I just wonder how many transfer requests they got for 5 May - presumably that was what finally pushed them over the edge with the regulators as they couldn't meet the outflows?