Kaupthing Edge CHAPS Transfer
pmorrison_2
Posts: 257 Forumite
IMPORTANT! This thread has been restarted.
This discussion has now been closed and carried on here...
Original Discussion Below
___________________________________________________________
Hi,
Ive got just over £10k in Icesave which is obviously now unavailiable to me for at least 3 months, probably more, thats if I get it back at all. I have just over £7k in Kaupthing and Ive decided to take it out - theres going to be a lot of people in a similar situation so I want to do it now in case they go under in the next few days.
My question is, if I withdraw using CHAPS tonight, will it definetly go through tomorrow? I dont want to action the transfer, then have it 'between' accounts and possibly lose it that way. Once it leaves one bank, if they then go bust, will it actually make it to the other, or will it be 'lost'?
Cheers
The Problems with Chaps
Hi folks, I've had a number of emails all asking what can be done on this...
First let me clip the information from the Safe Savings guide (which we are checking and updating three times a day, and is the prime place to check for updates on this
"Did you attempt to transfer cash out before it went bust?
A large number of MoneySavers are worried that savings they attempted to transfer from Kaupthing to other accounts before it went bust, either by BACS or CHAPS, now appears to be missing from both Kaupthing and the destination account.
We have spoken to both the FSCS and APACS, the payments organisation, and both are very confident this money will be repatriated to your Kaupthing (now ING Direct) accounts.
There is no final confirmation on why the money is currently floating about the ether, but first signs are that the CHAPS system itself is still working fine and the money is still residing with Kaupthing.
APACS also said that any charges for CHAPS transfers (usually around £20) are deducted from the money that is transferred, not actually charged on top as fees. Therefore when the money gets reunited with you, they would expect it to be the full amount."
I can more than understand peoples concern on this. Yet it is only a couple of working days since a forced bank takeover crossing countries. Kaupthing (ING) has specifically said it is working on the back log and both APACs and Kaupthing have said the money won't be lost.
Yet its perfectly plausible that this will unfortunately take a few more days. Many people have asked me to "put pressure on". I won't be doing that yet for two reasons, firstly in these strange times press pressure isn't the most effective thing and secondly I feel it is simply too early to do this and we need to give them a little time in this more than exceptional scenario to sort it out. By trying to push too early, I simply limit any impact we can have in the long run.
While it will be disconcerting, the most important thing to do is print out all records of your transfer (if there are any) and your statement details and hold on. It's important to remember the government brokered and sorted this deal to put savers cash in ING direct, so we must assume it did its due diligence and ING is a safe (as anywhere in current climates) place to have cash for the time being.
For those people who havent had their cash sorted by the beginning of next week, I (or MSE Dan) will happily speak to ING about this issue in more details and see if there's any route we can set up to try and help sort things out more quickly.
Kind regards
Martin
Update for Kaupthing customers worried about Chaps payments
18.30, 14 October
In case anyone hasnt seen the update yet from ING Direct, the following message has now been posted for ex-Kaupthing customers
PAYMENT UPDATE
We have been working hard to restore normal service for Kaupthing Edge customers and resolve the issues around delayed payments.
In addition to the payments already made, we are now able to confirm that all payments will arrive in their destination bank account by close of business Friday 17 October. There are a very small number of manual payment instructions which are still being processed and which will take slightly longer.
Once again we apologise for the inconvenience and distress this delay has caused. It has taken us longer to resolve the issues at Kaupthing Edge than we expected due to the significant disruption caused when the business was taken into administration. Understandably, customers have been asking for clarification on when this issue was going to be resolved, but this is the first time we have been in the position to give firm assurances.
Thank you for your patience and we can confirm that customers will not lose interest as a result of this delay.
This discussion has now been closed and carried on here...
Due to its length and change of information
Original Discussion Below
___________________________________________________________
Hi,
Ive got just over £10k in Icesave which is obviously now unavailiable to me for at least 3 months, probably more, thats if I get it back at all. I have just over £7k in Kaupthing and Ive decided to take it out - theres going to be a lot of people in a similar situation so I want to do it now in case they go under in the next few days.
My question is, if I withdraw using CHAPS tonight, will it definetly go through tomorrow? I dont want to action the transfer, then have it 'between' accounts and possibly lose it that way. Once it leaves one bank, if they then go bust, will it actually make it to the other, or will it be 'lost'?
Cheers
____________________________________________________________
OFFICIAL INSERT BY MARTIN 14 October 12pm
As this post has become the centre of discussion on the CHAPS issue, I wanted to copy my post from later here, to make it easier for people to spot in such a long discussion....
The Problems with Chaps
Hi folks, I've had a number of emails all asking what can be done on this...
First let me clip the information from the Safe Savings guide (which we are checking and updating three times a day, and is the prime place to check for updates on this
"Did you attempt to transfer cash out before it went bust?
A large number of MoneySavers are worried that savings they attempted to transfer from Kaupthing to other accounts before it went bust, either by BACS or CHAPS, now appears to be missing from both Kaupthing and the destination account.
We have spoken to both the FSCS and APACS, the payments organisation, and both are very confident this money will be repatriated to your Kaupthing (now ING Direct) accounts.
There is no final confirmation on why the money is currently floating about the ether, but first signs are that the CHAPS system itself is still working fine and the money is still residing with Kaupthing.
APACS also said that any charges for CHAPS transfers (usually around £20) are deducted from the money that is transferred, not actually charged on top as fees. Therefore when the money gets reunited with you, they would expect it to be the full amount."
I can more than understand peoples concern on this. Yet it is only a couple of working days since a forced bank takeover crossing countries. Kaupthing (ING) has specifically said it is working on the back log and both APACs and Kaupthing have said the money won't be lost.
Yet its perfectly plausible that this will unfortunately take a few more days. Many people have asked me to "put pressure on". I won't be doing that yet for two reasons, firstly in these strange times press pressure isn't the most effective thing and secondly I feel it is simply too early to do this and we need to give them a little time in this more than exceptional scenario to sort it out. By trying to push too early, I simply limit any impact we can have in the long run.
While it will be disconcerting, the most important thing to do is print out all records of your transfer (if there are any) and your statement details and hold on. It's important to remember the government brokered and sorted this deal to put savers cash in ING direct, so we must assume it did its due diligence and ING is a safe (as anywhere in current climates) place to have cash for the time being.
For those people who havent had their cash sorted by the beginning of next week, I (or MSE Dan) will happily speak to ING about this issue in more details and see if there's any route we can set up to try and help sort things out more quickly.
Kind regards
Martin
Update for Kaupthing customers worried about Chaps payments
18.30, 14 October
In case anyone hasnt seen the update yet from ING Direct, the following message has now been posted for ex-Kaupthing customers
PAYMENT UPDATE
We have been working hard to restore normal service for Kaupthing Edge customers and resolve the issues around delayed payments.
In addition to the payments already made, we are now able to confirm that all payments will arrive in their destination bank account by close of business Friday 17 October. There are a very small number of manual payment instructions which are still being processed and which will take slightly longer.
Once again we apologise for the inconvenience and distress this delay has caused. It has taken us longer to resolve the issues at Kaupthing Edge than we expected due to the significant disruption caused when the business was taken into administration. Understandably, customers have been asking for clarification on when this issue was going to be resolved, but this is the first time we have been in the position to give firm assurances.
Thank you for your patience and we can confirm that customers will not lose interest as a result of this delay.
0
Comments
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I'm wondering this myself, but with BACS. If you transferred money out Icesave yesterday, will it still get to the destination account tomorrow, because it's in the system, or will it fail?0
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The only reason Im going with CHAPS is that I think theres more uncertainty with BACS, theres too much time that the money is between accounts, at least with CHAPS its almost instant. Dont like the idea of paying £20 but in my opinion its a small price to pay for peace of mind0
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I wouldn't bank on it. I used CHAPS this morning and it still hasn't arrived in my linked account0
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Hi,
Ive got just over £10k in Icesave which is obviously now unavailiable to me for at least 3 months, probably more, thats if I get it back at all. I have just over £7k in Kaupthing and Ive decided to take it out - theres going to be a lot of people in a similar situation so I want to do it now in case they go under in the next few days.
My question is, if I withdraw using CHAPS tonight, will it definetly go through tomorrow? I dont want to action the transfer, then have it 'between' accounts and possibly lose it that way. Once it leaves one bank, if they then go bust, will it actually make it to the other, or will it be 'lost'?
Cheers
I transferred a large sum out of KE by CHAPS. I actioned it yesterday at sometime after 2.00pm (which is their 'cut-off' time) and it arrived in my current account at about midday today. So seems to work at present.0 -
Hi,
"Never assume" as my mother always told me. Up to now there may e no need to file for compensation as the Landisbanki is still operational despite bein in receivership. We all have to sit tight to see what happens next.
As for trasnferring money out of Kaupthing by CHAPS, I don't see why you wouldn't get it; as up to now there's no talk of that bank going under.0 -
I used CHAPS around 8.00 am this morning to transfer money to my linked account. That money appeared in my linked account at 7.00 pm when I checked it. Worryingly however, the £20 CHAPS fee was debited from my KE account and the amount transferred to my linked account was £20 short of the amount transferred. So I have been charged a £40 fee. I have e-mailed KE for an explanatin.0
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Well Ive actioned the transfer, all but £1 now out of the account. Ive only actually had money in the account for just under a month, but as there are now so many competing 6.5ish% savings account theres plenty of choice to replace it!0
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<P>
</P>I used CHAPS around 8.00 am this morning to transfer money to my linked account. That money appeared in my linked account at 7.00 pm when I checked it. Worryingly however, the £20 CHAPS fee was debited from my KE account and the amount transferred to my linked account was £20 short of the amount transferred. So I have been charged a £40 fee. I have e-mailed KE for an explanatin.
I ummed and arred about using CHAPS this evening - did so then saw that the £20 fee will be debited from my account (I left £1 in it!), I then immediately sent £20 back from my linked account in the hope it will stop what I discovered above will be a £40 fee!
Please let us know (Financial Novice) what they say as I feel I will be in the same boat!!! Still if worse case scenario happens £40 is about one months interest for me when I would lose 3 or 4 months if I had to claim! Still annoying though! Grrr!0 -
<P></P>
Please let us know (Financial Novice) what they say as I feel I will be in the same boat!!! Still if worse case scenario happens £40 is about one months interest for me when I would lose 3 or 4 months if I had to claim! Still annoying though! Grrr!
Will do. I think they state that they aim to reply within 24 hours therefore I'll post on this thread when I hear.0 -
Have you seen the important announcements on log in screen. Here's the link https://www.kaupthingedge.com/UKLogin
Based on this information, I reckon that my £19k savings are just as safe left with Kaupthing as they are with any other bank. They are a UK bank, UK regulated and all our money is held here in the UK not in Iceland. Up to £50k of your money is guaranteed under Financial Services Compensation Scheme same any UK bank.0
This discussion has been closed.
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