We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Kaupthing Edge Interest and CHAPS Fee Refund Discussion
Options
bigg
Posts: 661 Forumite
I started this thread to take the strain from our main thread ‘Kaupthing Edge CHAPS/ BACS Transfers NEW Discussion’.
There are mixed feelings about reclaiming the Interest and CHAPS fees but I believe it is as much our money as the capital. We have been promised these refunds anyway.
I think we should wait until every last person has their money back before raising hell.
We were left to die by the Vikings, now we’re on a Dutch barge, let’s just make sure we all get back to Ol’ Blighty before we start pointing fingers, stamping feet and looking for punch bags.
There are mixed feelings about reclaiming the Interest and CHAPS fees but I believe it is as much our money as the capital. We have been promised these refunds anyway.
I think we should wait until every last person has their money back before raising hell.
We were left to die by the Vikings, now we’re on a Dutch barge, let’s just make sure we all get back to Ol’ Blighty before we start pointing fingers, stamping feet and looking for punch bags.
0
Comments
-
Great idea - I agree we should hold off for a while to give the poor overworked people at ING/KE a chance to clear the main issue first - getting everybody their capital.
But then we should Zap them big time. How dare they continue to charge!!:mad:0 -
I have just been able to access Kaupthing's Secure Messages area in my account. They confirm that ING will be refunding ALL CHAPS fees.
"Apologies for this error. ING have advised that these incorrectly charged CHAPS fees will all be refunded as quickly as possible, and that any possible interest loss will also be reimbursed."
Yours sincerely,
Matthew Theobald
Customer Services
Kaupthing EdgeSTILL WAITING for refund of 1x £20 fee plus missing interest on our 2 accounts.0 -
I have just been able to access Kaupthing's Secure Messages area in my account. They confirm that ING will be refunding ALL CHAPS fees.
"Apologies for this error. ING have advised that these incorrectly charged CHAPS fees will all be refunded as quickly as possible, and that any possible interest loss will also be reimbursed."
Yours sincerely,
Matthew Theobald
Customer Services
Kaupthing Edge
The last message on the KE website on Monday 7th Oct said something like:
We realize there is a banking crisis but we have umpteen Billions of assets. Don’t worry your money is safe.
On Tuesday 8th Oct they went bust.0 -
Am I right in thinking that most people who saved in KE also saved in ICESAVE too? I think there is supposed to be an update tomorrow but I may have got that wrong.0
-
Am I right in thinking that most people who saved in KE also saved in ICESAVE too? I think there is supposed to be an update tomorrow but I may have got that wrong.
Sorry, don’t know anything about Icesave but they did mention it on yesterday’s Working Lunch:
http://uk.youtube.com/watch?v=8bkjBkgx4MY0 -
Am I right in thinking that most people who saved in KE also saved in ICESAVE too? I think there is supposed to be an update tomorrow but I may have got that wrong.
I don't think you can assume that KE = KE+Icesave for everyone.
I looked at Icesave but decided then (May) that I didn't want to have to chase somebody in Iceland for the first £32k of the £70k we wanted to deposit in high interest instant access internet accounts. What a good move, but I did invest in UK banks in March on the dead cat bounce so I'm really not very clever, in fact I'm doubly embrrassed :embarasse :embarasseSTILL WAITING for refund of 1x £20 fee plus missing interest on our 2 accounts.0 -
The last message on the KE website on Monday 7th Oct said something like:
We realize there is a banking crisis but we have umpteen Billions of assets. Don’t worry your money is safe.
On Tuesday 8th Oct they went bust.
In my view, and I am first to admit, I may well be wrong, but in my view KE were fine. The English arm, Kaupthing Edge were going to somehow ride it out, but when Icesave went bust a large proportion of savers with KE panicked and started BACs and CHAPS transfers of all their funds out of KE. On this scale of panic, the chaos we starting to see an end to ensued. I understand the worry but if you started a normal process on the day before, or the day of, or the day after a run on a bank, what I don't understand is how you expect that normal process to run as normal? Of course there were going to be delays. It was untested and ING were thrown in the middle of it, they didn't cope all that well, but I'm not sure any other company could have coped any better.
I'm sorry if I'm missing something fundamental in all this, but I honestly think KE were not trying to mislead with their statement on Oct 7th, I think the events that followed were brought on by the panic.0 -
Think its absolutely right to wait until they have sorted out everyone's main payment but, then they should refund the CHAPS payments. 'moved' money on 10.10 received on 20.10. Spoke to KE on Sunday 12th - they promised that the charge would definitely be refunded. Keeping £20 over X thousand customers is a really good wheeze!0
-
Think its absolutely right to wait until they have sorted out everyone's main payment but, then they should refund the CHAPS payments. 'moved' money on 10.10 received on 20.10. Spoke to KE on Sunday 12th - they promised that the charge would definitely be refunded. Keeping £20 over X thousand customers is a really good wheeze!
I may be wrong but these are the figures as I see it and they are approximate guesswork:
160,000 KE customers total
26,000 did CHAPS transfers
£2.5 Billion owed to UK savers
26,000 x £20 CHAPS = £520,000
1 month’s Interest on £2.5 Billion = £10,687,500
12 month’s Interest on £2.5 Billion = £128,250,000
If you base the figures on only 1 month’s savings that’s:
£520,000 +
£10,687,500 =
£11,207,500 Total money belonging to us.
(Figures based on 5.13 % Tax deducted – 6.15 Gross)
Anyone that doesn’t want their money, please send me your account details, I’ll transfer it to my account. :eek:
0 -
From the main thread, it is apparent that some people were charged just the £20 CHAPS fee deducted from the KE account before the transfer, whereas others, like me, also had £20 deducted from the transferred amount. I can't see why this discrepancy - maybe it depends on which bank the linked account is with? I doubt if the second deduction was made by the receiving bank, as it would have shown up on the statement as a separate transaction, rather than a reduction in the transferred amount.
Before taking up the cudgels with ING/KE on this thread, maybe we could try to find out if we have two different issues? I'm sure there are some banking experts in this thread who might be able to assist - or to provide better quality speculation than mine.
We also need to be careful what we expect in the way of interest compensation. Even a "normal" BACS transfer would have cost 3 or 4 banking days of lost interest during the transfer, so we can't really expect the full whack.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards