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[BrassKnuckles]

I realize there is another thread on here somewhere talking about the recent updates to PMI, but I cannot find it for the life of me.  Anyway, check out this from the .com forums:

"I agree. I did join Facebook too for the instant transfer. It really doesn't appear to actually transfer though. My $50 appeared in my account and was immediately put to bid. All was working out very nicely. Then, today when my winning bid would have applied my bid apparently was cancelled because of no funds actually in the account yet. There is nothing different than the regular transfers. I think I was misled. Either way my $50 is now applied to an aggressive bid that I don't want. My portfolio plan does not have any funds in "AGGRESSIVE". What's up?"

I wonder in anyone at PMI even tested this new "feature" out...

https://connect.prosper.com/p/2654/11216.aspx#11216

(edit: maybe The Lobby is the best spot for this post, my bad)

[phreddy148]

Is the poster positive that the bid was cancelled due to no fund in the account?  I wasn't aware you could bid if you didn't have the funds avalable.  If the funds didn't transfer, how did the second bid get created? 

Look to me like the first bid  got cancelled because of some other reason (verification problems, cancelled by borrowwer) and then the funds got bid again due to standing order or portfolio plan lender didn;t know was setup.

[Mark12547]

I wasn't aware you could bid if you didn't have the funds avalable.

If a lender transfer funds to Prosper, after 4 business days the funds will be credited to the account and it could be bid back out. If the transfer then fails (ACH error condition took longer than 4 days to make it to Prosper, or the funds transfer was disputed), One's account could potentially go negative if the funds were already bid out. I could see a case where, if the listing hadn't already originated, Prosper may undo a bid.

Likewise, if a borrower had made a payment and the four business days had elapsed, and then the lender had bid out that money, and later the payment had failed (ACH transfer notification took longer than 4 business days, bank draft finally came back, or the funds transfer was disputed), not only would the money be backed out of the borrower's loan, but also out of the lender's account, potentially driving the lender's account negative or Prosper undoing current bids.

[Beachey]

poof

[BrassKnuckles]

The reason I brought this issue up (not my actual problem, this is another user form the .com forum) is that with the new Facebook option, it allows you to instantly transfer $50 in and bid it out right away.  The dude is saying he did that, all looked good, but when the loan was done, his bid was canceled due to lack of funds in his account (which he says was not the case).

The thinking is that the "credit" to his account via the Facebook sign up works differently than an ACH transfer credit and that there is a bug somehow in the reconciliation process of funds for all the bids on the loan (like maybe PMI forgot to update the code that does the final processing to account for "facebook credits" or something, I dunno).

Regards,
-BK