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[Beerbud1]

Better make it a Miller for 1.78 

And not in a bar in California...

[ira01]

So for what it is worth if any of you run into the same problem down the road (as I suspect Prosper won't actually change their system), use Ira's words and you can get them to buckle.

Ira, I owe you a beer.

Glad to be of service.   

[Urbi_et_Orbi]

Work on implementing this feature has begun, however, due to the testing requirements around the ACH sub-system, we do not have a projected live date. 

In other words, the rest of us shouldn't hold our breath...

[Mark12547]

Work on implementing this feature has begun, however, due to the testing requirements around the ACH sub-system, we do not have a projected live date. 

In other words, the rest of us shouldn't hold our breath...

Unless you can hold it for geologic time scales! 

[112233]

Work on implementing this feature has begun, however, due to the testing requirements around the ACH sub-system, we do not have a projected live date. 

In other words, the rest of us shouldn't hold our breath...

they should be right on it after the blender module is complete

[112233]

Ok, for those playing along at home.....

I sent Prosper an email that basically contained all of the fancy, lawery, words and phrases that Ira had previosuly suggested, telling them they had until COB Wednesday to return my money or I would file a small claims case against them for conversion and seek punitive damages. 

Guess what I got in my email today......a nice note from Prosper. (see below)

The issue involving transfers of less than $25 is a system limitation.  The situation was reviewed with the Prosper Engineering team today and it was agreed to implement the capability for any Prosper lender to do one transfer of any dollar amount every thirty (30) days.  Intervening transfers will still be subject to the $25 limit.

Work on implementing this feature has begun, however, due to the testing requirements around the ACH sub-system, we do not have a projected live date.  Rather than have you wait for this implementation, we have initiated an ACH deposit to your Wells Fargo account for $1.78.  Please be advised that this type of “memo ACH” transaction is processed as an exception and as such shows in the reverse direction on the My Account>Bank Accounts>Transfers page. It is correctly reflected on the My Account>Bank Accounts>Activity page.

So for what it is worth if any of you run into the same problem down the road (as I suspect Prosper won't actually change their system), use Ira's words and you can get them to buckle.

Ira, I owe you a beer.

this is what they should have done right up front. it's only a $1.78. Why do they want to piss off their "customers" over a $1.78? jeez louise they do dumb things there.

[112233]

their problem is not technology. it's common sense.

[ira01]

their problem is not technology. it's common sense.

+1.  Their technology is pretty good.  Their common sense is completely lacking.

[login]

Try sending a letter to their legal counsel, advising him of your unpleasure and desire to have your remaining funds removed and returned to you.

Certified Mail and Bank Draft preferred.

That cost more then $1.78

[Fred93]

Please be advised that this type of “memo ACH” transaction is processed as an exception and as such shows in the reverse direction on the My Account>Bank Accounts>Transfers page. It is correctly reflected on the My Account>Bank Accounts>Activity page.

So ... because its an "exception" it shows up backwards on the transfers page?

Gee, shows you how much I know.  I would have expected it to show up forwards.

[alexpkeaton]

Why one transfer of any amount within a 30 day period? It seems like it would be so much simpler to make the minimum outbound transfer $25 OR the full balance of your account if it's less than $25. It seems like they really over thought the solution here.

[Shenandoah]

Why one transfer of any amount within a 30 day period? It seems like it would be so much simpler to make the minimum outbound transfer $25 OR the full balance of your account if it's less than $25. It seems like they really over thought the solution here.

There are plenty of situations where you don't know if you'll ever get another penny.  What if a loan defaults, but then starts making payments (I have a couple that are)?  What if a loan goes into Ch13 and you don't know for several months whether or not you'll receive any payments on it?

By doing to the 30 days, they're allowing people to get money out even in those situations.

[Mark12547]

Why one transfer of any amount within a 30 day period? It seems like it would be so much simpler to make the minimum outbound transfer $25 OR the full balance of your account if it's less than $25. It seems like they really over thought the solution here.

ACH transfers aren't free--Prosper has to pay a small fee for each ACH transaction. The minimum transfer amount was to minimize frivolous ACH transfers. By changing to a $25 minimum or 1/mo any amount, they are still discouraging frivolous ACH transfers, but still allowing those with a valid need to withdraw small amounts to do so.

Overall, I think this is a reasonable approach.

[Investar]

ACH transfers aren't free ... Overall, I think this is a reasonable approach.

+1

[Senator]

I have a couple that are.

WOW! None of my 19 charged-off loans ever made a payment while in charged-off status.  I have, however, had a few payments charged back after going into charged-off status.  Talk about adding insult to injury.