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[Mtnchick]

Overall, I think this is a reasonable approach.

When/if it's implemented. 

[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.

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.

That's exactly why I suggested keeping the min $25 transfer or whatever your account balance is. If you have $1.78 you could transfer the entire amount out, or nothing. It would still prevent you from transferring one penny at a time. I suppose the 30 days rule makes sense if you get a couple dollars in payments daily and transfer daily, but it just seems like a lot more work for them to implement.

[lenderguy]

It would still prevent you from transferring one penny at a time. I suppose the 30 days rule makes sense if you get a couple dollars in payments daily and transfer daily, but it just seems like a lot more work for them to implement.

I betcha they could change that in five lines of code.  They had no problem letting anybody transfer anything out during quiet periods.

[Fred93]

Overall, I think this is a reasonable approach.

When/if it's implemented. 

This raises a good point.   There are some higher priority items.  Its been over a year now I think since they discontinued the Amsher collection statistics, citing a software problem that would be fixed "later".  Later never came.  It has been 20 months since they promised those supplemental statments for the $725,000 of legal test loans.  That software apparently never written.  No statements ever produced.  These things should probably be ahead of the $1.35 transfer out fix in the priority queue. 

All of course could be done this afternoon if they wanted.

[Urbi_et_Orbi]

It's amazing that they have the time to remove "Success Stories Gone Bad," posting reviews on Yelp - and giving Facebook posts a "Thumbs Up" (which appears to be the favorite past-time of Run Pugh).

[Xenon481]

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.

I log in to .com almost every day and transfer whatever balance I have.

[ira01]

Overall, I think this is a reasonable approach.

When/if it's implemented. 

This raises a good point.   There are some higher priority items. 

Higher priority to us, perhaps, but certainly not to Prosper.

Its been over a year now I think since they discontinued the Amsher collection statistics, citing a software problem that would be fixed "later".  Later never came. 

No doubt intentional.  Because Prosper's unilateral switch to AmSher was in violation of the Lender Registration Agreement (which expressly stated that the collection agency would be the one chosen by the majority in interest on a loan), the last thing Prosper wants is to publicize statistics possibly showing that AmSher is doing worse than Penncro was (at a higher cost to boot).  If it did, Prosper could well be liable for the difference.

It has been 20 months since they promised those supplemental statments for the $725,000 of legal test loans.  That software apparently never written.  No statements ever produced. 

Also no doubt intentional.  Considering how badly Prosper appears to have bungled the NAT, it also has no interest in publicizing its abject failure -- it could be liable for that as well.

All of course could be done this afternoon if they wanted.

But, of course, Prosper DOESN'T want. 

[BrassKnuckles]

I would still file a complaint with the SEC. 

[Urbi_et_Orbi]

Prosper, once again, in stark contrast to other techy upstarts.  I emailed CS for a certain web site now going out of business.  They are holding less than $5 of mine - with a stated minimum of $20 to withdraw.

Less than 12 hours later - a nice email from a CS rep, asking for Paypal transfer info or a mailing addy for them to mail a check.

Only had to ask once.  No run-around.

And these people are going out of business - and they still have the decency to go out of their way to do the right thing.

[112233]

Prosper, once again, in stark contrast to other techy upstarts.  I emailed CS for a certain web site now going out of business.  They are holding less than $5 of mine - with a stated minimum of $20 to withdraw.

Less than 12 hours later - a nice email from a CS rep, asking for Paypal transfer info or a mailing addy for them to mail a check.

Only had to ask once.  No run-around.

And these people are going out of business - and they still have the decency to go out of their way to do the right thing.

so simple

[Tokyo Joe]

I emailed CS for a certain web site now going out of business.  They are holding less than $5 of mine - with a stated minimum of $20 to withdraw.

Predictify, eh?

Wonder why nobody predicted it would go belly-up... 

[xraider]

Late to this thread.

Nice job, FutureTrump and Ira.  FT, good job on sticking to your guns.

I wonder if this is worth another Yelp review?  It is unbelievable that Prosper would be so stupid over $1.78.  I wonder if Prosper is short on the matching funds the VC want, or something.  There's simply no excuse for this.   

[ira01]

It is unbelievable that Prosper would be so stupid over $1.78.  I wonder if Prosper is short on the matching funds the VC want, or something.  There's simply no excuse for this.   

I really doubt Prosper's rationale was financial.  It surely can't care bout $1.78, and even if you aggregate similar amounts from every lender in a similar situation, it isn't like Prosper gets to keep left over money anyway -- it has to turn it over to California after 3 years.  I think this is simply another example of the contempt in which Prosper holds lenders -- it thinks we are trash, not worthy of even the most basic customer service.  I think that attitude, more than anything, is responsible for most of Prosper's problems, and will be responsible for Prosper's downfall.

[Mtnchick]

It is unbelievable that Prosper would be so stupid over $1.78.  I wonder if Prosper is short on the matching funds the VC want, or something.  There's simply no excuse for this.   

I really doubt Prosper's rationale was financial.  It surely can't care bout $1.78, and even if you aggregate similar amounts from every lender in a similar situation, it isn't like Prosper gets to keep left over money anyway -- it has to turn it over to California after 3 years.  I think this is simply another example of the contempt in which Prosper holds lenders -- it thinks we are trash, not worthy of even the most basic customer service.  I think that attitude, more than anything, is responsible for most of Prosper's problems, and will be responsible for Prosper's downfall.

+1

As I stated either in this thread or another, I have dealt with this "below minimum payout" issue SO many times over the years and every time there has been no issue whatsoever to get the funds dispersed.

[cubbiesnextyr]

Prosper, once again, in stark contrast to other techy upstarts.  I emailed CS for a certain web site now going out of business.  They are holding less than $5 of mine - with a stated minimum of $20 to withdraw.

Less than 12 hours later - a nice email from a CS rep, asking for Paypal transfer info or a mailing addy for them to mail a check.

Only had to ask once.  No run-around.

And these people are going out of business - and they still have the decency to go out of their way to do the right thing.

I'm going to let them keep my 89 cents.