Revised Wealth Club terms

[james188]

Overall, I am a fan of Wealth Club, who I think provide an excellent service.

However, I am less than impressed by their announcement today that commission rebates will be deferred for around 8 months so that they can pay electronically, rather than by cheque. I would rather have the cheque and the money 8 months earlier. I think that this is just a cashflow exercise that disadvantages clients.

[Seasider]

Totally agree.

Tempted to ask for interest on the late payment (especially now there are some decent interest rates available).

[oxmatt]

Sort of agree but they did have the debacle last year with the errors on the cheques so maybe it is a better long term solution.

[Kidman]

I far prefer the effortless receiving of money by having it sent directly to my account rather than carrying a cheque around trying to find an open bank branch and remembering to pay it in.

In January 2021 I asked WealthClub if they would pay my trail commission rebate by direct transfer but the answer then was:-
"I'm afraid operationally it is very tricky to make payments by bank transfer.
It would be our preference too but the logistics of what we inherited when we took over Clubfinance prohibit us from making payment this way."

I haven't yet seen the announcement but suspect the delay is due to contractual, legal or operational reasons and maybe in subsequent years payment can revert to the usual time of the year.

I understand that the customer records handed over to WealthClub by ClubFinance were fairly scant, which for example is why one cannot see pre-WealthClub VCT applications via their Portal.

[UncleEbenezer]

I far prefer the effortless receiving of money by having it sent directly to my account rather than carrying a cheque around trying to find an open bank branch and remembering to pay it in.
.

Agree, I'd much rather receive money directly than by cheque. I think the complaint is that payments are to be delayed.

But you should check your bank. If you have a reasonably modern account, they've taken the worst of the pain out of paying in a cheque, by allowing you to upload it online. Provided you have a camera on your 'phone or 'puter.