Kaupthing Edge CHAPS Transfer

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  • ukmike
    ukmike Posts: 751
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    I set up a chaps withdrawal from KE at 1.55pm Tues,into nominated account at 5pm Tues.
  • I feel terrible, but I have requested a transfer of funds from Kaupthing too, but only for the reason that the money is my mum's. If it was mine I would have left it there. The problem is I had 6k in an Icesave Account (all my savings), and my mum had 7k in Icesave, which I chose to put in Icelandic banks to get her a good rate.

    I just can't take the possibility of having to tell my mum that her life savings might be missing for a few months if the worst did happen. I would advise people not to panic as long as it is their own money, as it is guaranteed with Kaupthing Edge like it is with any British bank. Unfortunately I can't risk my mum's money having to be claimed for over a period of months. :(
  • I also requested a CHAPS transfer yesterday morning (Tuesday), and as of this morning at 7 am, it still hasn't surfaced, although it did disappear from the Kaupthing account instantly.

    All a bit worrying, but presumably it's because others suffering a confidence crisis (like myself) have decided to jump ship.

    My daughter has several thousand in Icesave, and although there's supposedly a guarantee, how will it work? How long will all this take? I'm not prepared to lose access to my life savings for months, and presumably not get interest as well.

    I think that all the guarantees were designed to protect investors if a single bank failed; does anyone know if they'll be honoured if a whole country's banking goes into meltdown?

    Just think: Nick Leeson was jailed for his part in bringing down a single bank. Will any of the fat cats who risked OUR money through unsafe practices go the same way? If not, why not?
  • stevetodd
    stevetodd Posts: 1,016 Forumite
    To anyone withdrawing from KE please note that I was told today that if you are closing a long term bond, it takes 3 days to do this THEN the money is sent to your account. Yesterday I was told that the money would be in my account in 3-4 working days, but I rang back this morning to ask why can I still see it online in the long term bonds? I was told the above, so don't worry if your money isn't moving, that is the reason.
  • azucena
    azucena Posts: 12
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    Has anyone managed to contact Kaupthing by phone today (8 Oct)? I transfered money by BACS on Sunday and it has not reached my linked account.
  • jille
    jille Posts: 32
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    monkey1234 wrote: »
    I sent a chaps withdrawal payment this morning at 9am from Kaupthing still has not arrived!!
    Has anyone else heard of such a problem ? My understanding is that it should arrive the same day ?

    I set up a normal transfer IN to Kaupthing last Friday-it didn't show up in my account as expected yesterday. I emailed -still no response.Money appeared today but with yesterday's date! Transferred a larger amount OUT to my current account on Monday-once again it hasn't appeared today as expected.! This was to pay into my ISA. Have emailed again. I am happy to leave my savings there, but not if the normally good service goes downhill.
  • Terrysdelight
    Terrysdelight Posts: 1,202
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    pmorrison wrote: »
    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 have a large sum on money in Kaupthing. I went on to their website yesterday and withdrew the lot by CHAPS transfer - it costs £20. The money should have arrived into my linked bank account yesterday afternoon but it still hasn't arrived!

    The money is showing as gone from Kaupthing - but not showing up in Barclays. Can't get through on telephone to Kaupthing - constantly engaged.

    Keeping my fingers crossed!!
  • Terrysdelight
    Terrysdelight Posts: 1,202
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    monkey1234 wrote: »
    I sent a chaps withdrawal payment this morning at 9am from Kaupthing still has not arrived!!
    Has anyone else heard of such a problem ? My understanding is that it should arrive the same day ?

    My chaps from yesterday has still not arrived - £35K!!! Can't get through to Kaupthing - phones constantly engaged.
  • Terrysdelight
    Terrysdelight Posts: 1,202
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    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.

    There may be no talk of KE going under, but yesterday the goverment stopped trading in it's parent company, which incidently is Icelandic. There website yesterday said although trading had ceased in their parent company, nothing to worry about, they are liquid, yet they had an emergency loan of £380 million pounds (yesterday afternoon).
  • Terrysdelight
    Terrysdelight Posts: 1,202
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    azucena wrote: »
    Has anyone managed to contact Kaupthing by phone today (8 Oct)? I transfered money by BACS on Sunday and it has not reached my linked account.

    Have been trying all morning - lines constantly engaged. Try emailing them.
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