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allegro120

adindas said:

YBS Christmas Regular eSaver 2024. How many withdrawals are allowed ??

In the KPI it is stated:

"Withdrawals
The Christmas Regular eSaver 2024 account allows you unlimited number of withdrawals from your account on
one day during the term. Withdrawals are instant and if required you can close your account even if you have

used your withdrawal day"

It is stated "unlimited number of withdrawals", but it is also stated "on one day"

Does it mean 

- you could only make withdrawal on one particular day of your choice. ?? 

- In this particular day you could make unlimited number of withdrawals

- You cannot make another withdrawal on another date (?)

Is my understanding correct ? If this was the case it is quite odd calling it unlimited number of withdrawals. Any info lead will be very much appreciated.

thx

That's how I understand it, can't see any hidden messages between the lines. Why would anyone want to make multiple withdrawals in one day from RS account? Deposit £150 and next day make 150 withdrawals? I don't understand the logic behind this feature.   

friolento

adindas said:

YBS Christmas Regular eSaver 2024. How many withdrawals are allowed ??

In the KPI it is stated:

"Withdrawals
The Christmas Regular eSaver 2024 account allows you unlimited number of withdrawals from your account on
one day during the term. Withdrawals are instant and if required you can close your account even if you have

used your withdrawal day"

It is stated "unlimited number of withdrawals", but it is also stated "on one day"

Does it mean 

- you could only make withdrawal on one particular day of your choice. ?? 

- In this particular day you could make unlimited number of withdrawals

- You cannot make another withdrawal on another date (?)

Is my understanding correct ? If this was the case it is quite odd calling it unlimited number of withdrawals. Any info lead will be very much appreciated.

thx

You have one withdrawal day during the term, on which you can make as many withdrawals as you want. In addition, you can also close the account even if you have used your withdrawal day.

Kim_13

adindas said:

YBS Christmas Regular eSaver 2024. How many withdrawals are allowed ??

In the KPI it is stated:

"Withdrawals
The Christmas Regular eSaver 2024 account allows you unlimited number of withdrawals from your account on
one day during the term. Withdrawals are instant and if required you can close your account even if you have

used your withdrawal day"

It is stated "unlimited number of withdrawals", but it is also stated "on one day"

Does it mean 

- you could only make withdrawal on one particular day of your choice. ?? 

- In this particular day you could make unlimited number of withdrawals

- You cannot make another withdrawal on another date (?)

Is my understanding correct ? If this was the case it is quite odd calling it unlimited number of withdrawals. Any info lead will be very much appreciated.

thx

Any number of withdrawals on one day - seems pointless to me. The logical use for such a setup would be a test payment followed by a large-ish withdrawal, but that doesn’t hold as a) YBS external payments don’t arrive until the next day, so you cannot confirm receipt of the funds and request more before your withdrawal day is over and b) COP. Which only leaves the use of withdrawing to several different current accounts - but all in all you might as well withdraw to an Internet Saver and make the payments from there as required, be that on one day or over a number.

If I were YBS I’d keep it simple - there must be customers who misread it (all their Regular Savers have it, I believe) and consequently think the withdrawal arrangements to be more generous than they are. 

adindas

Thanks. I fail to understand who on earth will need to do several withdrawals in one day considering you could only save £150 per month.

Say half way you would have saved 6X£150=£900. Who would want to spend time to do multiple withdrawals for such amount if he could just withdraw what he needs in one go. Also considering your time to do multiple withdrawals for such a tiny interest.

Have I missed something here. Is there any logic behind this such as soemone could benefit this "multiple withdrawals" but you only have one day window ??

AmityNeon

adindas said:

Thanks. I fail to understand who on earth will need to do several withdrawals in one day considering you could only save £150 per month.

Say half way you would have saved 6X£150=£900. Who would want to spend time to do multiple withdrawals for such amount if he could just withdraw what he needs in one go. Also considering your time to do multiple withdrawals for such a tiny interest.

Have I missed something here. Is there any logic behind this such as soemone could benefit this "multiple withdrawals" but you only have one day window ??

It's just another form of limited access, slightly more flexible than single access. I doubt it's oft availed, but sometimes not everything goes to plan during the day, or mistakes are made.

allegro120

adindas said:

Thanks. I fail to understand who on earth will need to do several withdrawals in one day considering you could only save £150 per month.

Say half way you would have saved 6X£150=£900. Who would want to spend time to do multiple withdrawals for such amount if he could just withdraw what he needs in one go. Also considering your time to do multiple withdrawals for such a tiny interest.

Have I missed something here. Is there any logic behind this such as soemone could benefit this "multiple withdrawals" but you only have one day window ??

I don't know what the minimum withdrawal amount is at YBS.  If it is 1p then in the scenario above one can attempt the challenge to make 90.000 withdrawals in 24 hours, if it's £1 then it's only 900. If one can do three £1 withdrawals per minute they can complete the mission in 5 hours shift.  Not sure how YBS can possibly benefit from encouraging irrational behaviours of their customers??? 

ForumUser7

I think it would only be useful if you accidentally originally requested a withdrawal for the wrong amount (if too low)

allegro120

ForumUser7 said:

I think it would only be useful if you accidentally originally requested a withdrawal for the wrong amount (if too low)

Good thought.  It could be beneficial for someone who wanted to withdraw 900, but mixed up 9 with 6 because they are the same scribble upside down and if they notice the mistake within 24 hour window they can get the remaining £300 out.  

ForumUser7

allegro120 said:

ForumUser7 said:

I think it would only be useful if you accidentally originally requested a withdrawal for the wrong amount (if too low)

Good thought.  It could be beneficial for someone who wanted to withdraw 900, but mixed up 9 with 6 because they are the same scribble upside down and if they notice the mistake within 24 hour window they can get the remaining £300 out.  

I suppose yes.

Though I was more thinking silly mistakes like selecting a button near the intended button the keypad. Similar I suppose, could be 600 rather than 900 - 172 rather than 483. Though would hope people checked to try and avoid these mistakes.

friolento

adindas said:

Thanks. I fail to understand who on earth will need to do several withdrawals in one day considering you could only save £150 per month.

Say half way you would have saved 6X£150=£900. Who would want to spend time to do multiple withdrawals for such amount if he could just withdraw what he needs in one go. Also considering your time to do multiple withdrawals for such a tiny interest.

Have I missed something here. Is there any logic behind this such as soemone could benefit this "multiple withdrawals" but you only have one day window ??

You don’t have to make multiple withdrawals on your chosen withdrawal day. In fact, you don’t have to make any at all. 

But you can if you want to, and other people might want to even if you don’t 😀

To those who say it would be irrational to make more than one withdrawal on the same day: someone might want to take some money out of YBS to one if their current accounts, and some  to another YBS account. Whilst I have never needed this flexibility myself, I think it’s good that this option exists.