Assetz Capital updates deposit process
Assetz Capital has updated its ‘deposit intention’ process, requesting a reference code for the intended account when setting up a deposit mechanism with a bank.
The platform said the change will “improve and simplify [the] lending experience” by enabling lenders to deposit funds directly to the correct Assetz Capital account.
The correct reference code is obtained by account holders selecting the account they wish to credit once logged into the investment portal.
The UK’s largest peer-to-peer lending platform warned that without the correct reference number, it will be unable to match the deposit intention.
Read more: Assetz Capital reports 2022 lending peak in July
“If this is the case you will be notified via email, plus un-allocated funds will be shown in the investor dashboard with a notification to confirm the deposit intention”, Assetz Capital said in an email update to investors.
“To match the deposit intention simply log in to your dashboard and confirm you have sent the funds and they will be allocated to your chosen investment account.”
The platform added that it is only able to hold funds for up to nine working days before they will be returned.
If the lender chooses to reject the deposit, the funds will be returned to the account they came from.
The business and property lender recently announced that it had eliminated the queue for investors to enter its access accounts.
The platform had altered the way its access accounts work during the pandemic, due to heightened withdrawal requests reducing liquidity.
It introduced a queuing system and a withdrawal fee that it said would only be charged during “non-normal market conditions.”
In July, it updated investors to say a growing pipeline of loans meant that funds in the queue had started entering the access accounts.
Read more: Assetz Capital hikes access account rates