adrianc
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Post by adrianc on Oct 31, 2015 20:34:44 GMT
"Oh, no, we don't accept self-printed statements..."
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Post by Deleted on Nov 3, 2015 10:46:41 GMT
We use a third party payment service provider for debit card payments, and this company does not transfer the funds to us for 7 days after the payment has been made, meaning the funds do not 'clear' for at least 7 days after the initial payment. This is a timescale that unfortunately we are unable to influence. According to the statement above the maximum delay in clearance of incoming funds would be 7-10 days. Unfortunately in my case my initial deposit was done on 5 september 2015. Last week (ca 20 October, i.e. 45 days after that) I needed to withdraw. I went to do that on site and was prompted with the standard sentence that my funds had not yet cleared (!). So definitely something is not working in this process. Coupling this with the very long current account verification, the end result is that there might be a huge delay (even 15 days) for lenders in withdrawing own money. And this is a unique negative feature of Lending Crowd, as I haven't seen this on other p2p networks (not even in the really badly managed ones like Yes-Secure). My money is still missing... And now it is over 15 days after I attempted to withdraw... I complained and received the "precise" answer telling me " we will process your withdraw request next week"... This company will not see another penny from me!
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ablender
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Post by ablender on Nov 3, 2015 11:09:54 GMT
Can anyone from Lending Crowd please address the concerns raised here for the peace of mind of everyone?
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Post by lendingcrowd on Nov 3, 2015 17:59:10 GMT
Hi all,
We take client funds very seriously, and we have processes and procedures in place to protect your money. We have changed our withdrawing funds process and hope that this will speed things up for future withdrawals.
@hor1997 we are very concerned with the issues you appear to be having. Could you please PM us your email address so we can rectify this situation as quickly as possible.
Many thanks,
LendingCrowd
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awk
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Post by awk on Nov 4, 2015 8:24:22 GMT
Hi Lendingcrowd,
It might be useful if you could explain your withdrawal processes (or at least the timetable).
Given the concerns raised in this thread, I did a trial withdrawal of £10 back to the same bank account which deposited the funds. That was a week ago and not heard anything yet - and certainly no money.
If I really did need to get some cash quickly, then this would be a serious issue.
Once the first withdrawal clears, are subsequent withdrawals put through the same long process?
I have generally been very impressed with Lendingcrowd, but not being able to get your money out is a huge concern.
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Post by lendingcrowd on Nov 4, 2015 14:35:23 GMT
Hi Lendingcrowd, It might be useful if you could explain your withdrawal processes (or at least the timetable). Given the concerns raised in this thread, I did a trial withdrawal of £10 back to the same bank account which deposited the funds. That was a week ago and not heard anything yet - and certainly no money. If I really did need to get some cash quickly, then this would be a serious issue. Once the first withdrawal clears, are subsequent withdrawals put through the same long process? I have generally been very impressed with Lendingcrowd, but not being able to get your money out is a huge concern. Hi awk, As indicated previously, our current processes are to a degree dictated by the time taken to clear transactions via Stripe, our third party payments supplier. Further aspects of the overall process are to protect against fraud. To this end, funds received via debit card are transferred back to the same card. We appreciate that this can cause delays in clearing funds back to you. If your deposits are transferred to us directly from your bank account we can effect withdrawals back to the same bank account by Faster Payments. We are very conscious of the concerns highlighted via this thread and in the circumstances we are re-examining out police and procedures to, where possible, improve the service levels provided. FCA regulations require us to have a robust clients funds process and this forms part of our overall strategy for helping to prevent fraud. awk, could you please PM us your email address so that we can look into this further. Many thanks, LendingCrowd
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ablender
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Post by ablender on Nov 4, 2015 14:54:41 GMT
To Lending Crowd:
May I ask a few questions of my own?
I read that funds coming from a card will go back to the same card and those coming from a bank account will go back to the same bank account. What happens if I sometimes use a card and sometimes I use a bank transfer? Where will my withdrawal go?
What if my card expires or I decide to close a bank account? What do I need to do in these cases?
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Post by Deleted on Nov 4, 2015 16:07:08 GMT
Hi Lendingcrowd, It might be useful if you could explain your withdrawal processes (or at least the timetable). Given the concerns raised in this thread, I did a trial withdrawal of £10 back to the same bank account which deposited the funds. That was a week ago and not heard anything yet - and certainly no money. If I really did need to get some cash quickly, then this would be a serious issue. Once the first withdrawal clears, are subsequent withdrawals put through the same long process? I have generally been very impressed with Lendingcrowd, but not being able to get your money out is a huge concern. Hi awk, As indicated previously, our current processes are to a degree dictated by the time taken to clear transactions via Stripe, our third party payments supplier. Further aspects of the overall process are to protect against fraud. To this end, funds received via debit card are transferred back to the same card. We appreciate that this can cause delays in clearing funds back to you. If your deposits are transferred to us directly from your bank account we can effect withdrawals back to the same bank account by Faster Payments. We are very conscious of the concerns highlighted via this thread and in the circumstances we are re-examining out police and procedures to, where possible, improve the service levels provided. FCA regulations require us to have a robust clients funds process and this forms part of our overall strategy for helping to prevent fraud.awk, could you please PM us your email address so that we can look into this further. Many thanks, LendingCrowd Strangely enough I am investing in three others P2p lending companies all regulated by the same FCA (and i invested in others in the past) and none of them has/had any delay.... LendingCrowd seems to the the turtle of p2p world.
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Post by Deleted on Nov 4, 2015 16:36:30 GMT
Hi all, We take client funds very seriously, and we have processes and procedures in place to protect your money. We have changed our withdrawing funds process and hope that this will speed things up for future withdrawals. @hor1997 we are very concerned with the issues you appear to be having. Could you please PM us your email address so we can rectify this situation as quickly as possible. Many thanks, LendingCrowd I hate PR people openly lying about facts. If LC is in the slightest concerned about my money, PLEASE ACT AND SEND IT TO ME, AS REQUESTED! I have already contacted your support and action was promised, but never come in. But today is wednesday and nothing is coming through.... If my money is not in my account by Friday early morning, certainly this will become an FCA concern Don't mess with lenders' money!
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Post by lendingcrowd on Nov 4, 2015 17:30:43 GMT
ablender Where both methods are used we would ensure that any requests for funds to be withdrawn would always be sent to your bank account. If the bank account is closed we would send it to your new designated bank account. @hor1997. We truly apologise for the delay. All withdrawals are processed on a daily basis and your money is on your way to your account. If it was on a debit card it will take up to 7 working days to show in your statement. As this is a first withdrawal it does take a little longer, any subsequent withdrawals will be quicker.
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ablender
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Post by ablender on Nov 4, 2015 17:42:58 GMT
ablender Where both methods are used we would ensure that any requests for funds to be withdrawn would always be sent to your bank account. If the bank account is closed we would send it to your new designated bank account. @hor1997. We truly apologise for the delay. All withdrawals are processed on a daily basis and your money is on your way to your account. If it was on a debit card it will take up to 7 working days to show in your statement. As this is a first withdrawal it does take a little longer, any subsequent withdrawals will be quicker. Thanks.
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awk
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Post by awk on Nov 4, 2015 18:40:14 GMT
Hi Lendingcrowd,
So, as an update;-
I actually received an email from you today (the first response, 7days after requesting my £10 withdrawal), asking me to send a bank statement. As per previous messages in this thread, I've gone paperless so print my own statements which it looks like you don't accept?
I've also just checked and I made a number of transfers to you, all by debit card, with the last being the 6th October. So, even with your 7 day processing (which surely can't be right) you received cleared funds weeks ago.
I'm away this week (somewhere hot) and will contact you about my £10 next week - it's not urgent - all I wanted to do was pipe clean the process - I'm glad I did !!
However, as a comparison to a competitor, the first time I withdrew funds fron FC I had a phone call 2 hours later requesting that I confirm a couple of things and the money was in my account by 07.30 the next day.
You really need to improve - 7 days to even respond is just not acceptable in this day and age.
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SteveT
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Post by SteveT on Nov 4, 2015 18:52:59 GMT
For what it's worth, I have always deposited funds into Ablrate by debit card (for instant availability) and they have never had any problem directing my withdrawals into my bank account (for which they already hold the details). Funds are generally returned next working day, sometimes same day.
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Post by bonfemme on Nov 5, 2015 7:32:07 GMT
ablender Where both methods are used we would ensure that any requests for funds to be withdrawn would always be sent to your bank account. If the bank account is closed we would send it to your new designated bank account. @hor1997. We truly apologise for the delay. All withdrawals are processed on a daily basis and your money is on your way to your account. If it was on a debit card it will take up to 7 working days to show in your statement. As this is a first withdrawal it does take a little longer, any subsequent withdrawals will be quicker. Hor1997, I find your tone on this (and other forums) very offensive. There really is no need for capital letters or for calling people liars. If you can't deal with P2P investments, go stick your money in a Post Office savings account. You really need to get some anger management therapy.
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registerme
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Post by registerme on Nov 5, 2015 10:13:11 GMT
One of the things I find interesting about this is quite how divergent Lending Crowd's performance (to include third party payment providers etc) is in this regard from all other P2P sites I use, and have heard comment from others about. Either their AML / anti-fraud measures are much more stringent than others (which begs a question as to whether LC have gone over board, or whether others are deficient in some way) and / or their payment provider is.... poor by comparison with those used by other platforms.
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