Author Topic: Lending Club automatically closing accounts  (Read 1733 times)

dr.everett

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Lending Club automatically closing accounts
« on: August 08, 2018, 09:29:41 PM »
Got this in my email today:

Your LendingClub account will close soon.

Account ending in: XXX00

Dear ,

We noticed your account has had a zero balance and no new investment activity for an extended period of time. Because of this, we will be closing your account in the coming weeks.

Will I still be able to access my account after closure?

After your account is closed, you'll be able to log in to access past statements only. To add funds and invest in LendingClub Notes, you'll need to open a new account.

Still want to be a part of LendingClub?

If you want to keep this account open, simply reply to this email or contact Investor Services by September 10 using the phone number or email address below.
We're here to help. If you have questions or need assistance with your account, please feel free to contact us.

Best regards,
The LendingClub Team

I did reply to them that I wish to keep my account open- if anything to continue to get my recoveries, and maybe to cost them a few extra cents. :)

Will see  what the reply is.

Lovinglifestyle

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Re: Lending Club automatically closing accounts
« Reply #1 on: August 08, 2018, 10:43:56 PM »
My letter included info about getting recovery money...

..."Since the cash balance in your account is below the minimum investment amount and there hasn't been any recent activity in your account, we will close your account in the coming weeks.
What will happen to the cash in my closed account?
In the coming weeks, we will transfer your cash balance to the bank account linked to your LendingClub account. If the transfer fails, we will send a check to the mailing address we have on file for you. You can update your information by navigating to your account's Settings page.
Will I still be able to access my account after closure?
After your account is closed, you'll be able to log in to access past statements only. To add funds and invest in LendingClub Notes, you'll need to open a new account.
Important reminder regarding charged-off Notes in your account:
Some Notes in your account may currently be in the recovery process or enter the process in the future. (Learn more about charge-offs and recoveries at our Help Center.)
You may periodically receive residual funds from the recovery process. After your account is closed, these funds will be sent to you in the form of a mailed check. If you would like to opt out of receiving these residual funds, please complete and submit this form.
Still want to be a part of LendingClub?
If you want to keep this account open, simply reply to this email or contact Investor Services by September 10 using the phone number or email address below.
We're here to help. If you have questions or need assistance with your account, please feel free to contact us.
Best regards,
The LendingClub Team"
 

bobeubanks

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Re: Lending Club automatically closing accounts
« Reply #2 on: August 08, 2018, 11:06:37 PM »
I've not been warned and I never even actually invested any money with them after opening an account in 2015. (Just checked, I can still login.) You would think they'd close never active accounts before not recently active accounts.

dr.everett

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Re: Lending Club automatically closing accounts
« Reply #3 on: August 10, 2018, 11:00:33 PM »
So they replied back to my "Don't close" reply and said "No problem."

PennySaved

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Re: Lending Club automatically closing accounts
« Reply #4 on: August 26, 2018, 04:17:13 PM »
This is good to know.   I want my recovery monies!

lascott

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Re: Lending Club automatically closing accounts
« Reply #5 on: August 27, 2018, 10:41:38 AM »
This is good to know.   I want my recovery monies!
Excellent point. I'm quite a ways from having all my loans paid off (or sold - considering liquidp2p.com)
Seems like we could always leave $0.01 in cash so it is non-zero.
Tools I use: (main) BlueVestment: https://www.bluevestment.com/app/pricing + https://www.interestradar.com/ , (others) Lending Robot referral link: https://www.lendingrobot.com/ref/scott473/  & Peercube referral code: DFVA9Y

Lovinglifestyle

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Re: Lending Club automatically closing accounts
« Reply #6 on: August 27, 2018, 01:18:54 PM »
"You may periodically receive residual funds from the recovery process. After your account is closed, these funds will be sent to you in the form of a mailed check. If you would like to opt out of receiving these residual funds, please complete and submit this form."

This part of the letter made me not worry about recovery funds.

lascott

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Re: Lending Club automatically closing accounts
« Reply #7 on: September 03, 2018, 01:02:18 AM »
"You may periodically receive residual funds from the recovery process. After your account is closed, these funds will be sent to you in the form of a mailed check. If you would like to opt out of receiving these residual funds, please complete and submit this form."

This part of the letter made me not worry about recovery funds.
Thanks for that. I guess it should be obvious that there would be regulations on how they need to give the investor all their proceeds. I'd probably keep my taxable account open no matter but not that ROTH IRA since they stop paying the STRATA fee when you are below $10,000 (I think).
Tools I use: (main) BlueVestment: https://www.bluevestment.com/app/pricing + https://www.interestradar.com/ , (others) Lending Robot referral link: https://www.lendingrobot.com/ref/scott473/  & Peercube referral code: DFVA9Y