Kaupthing Edge T & C's

d10

Hi everyone!
Any comments on this bit of their T & C's:

"7.4.3 Withdrawal Limits and timescales
a) We can restrict at any time the amount which can be withdrawn from your Account. We will only do this if:

v. circumstances beyond our reasonable control prevent us from offering a normal service.
b) If any of the circumstances in clause 7.4.3 a) v above arise, we could be prevented from withdrawing the amount for up to 60 days,"

Would be interested in knowing your thoughts!
I'm worried and thinking if withdrawing and saving somewhere else.:think:
Thanks
Dee

YorkshireBoy

You'll be surprised (or maybe not) just how many institutions have a similar clause.

Stompa

YorkshireBoy wrote: »

You'll be surprised (or maybe not) just how many institutions have a similar clause.

Indeed. There's another thread about this somewhere, but I've been unable to locate it.

d10

Stompa wrote: »

Indeed. There's another thread about this somewhere, but I've been unable to locate it.

Thanks for your replies..I did think there might be a similar thread but I was unable to find it too..

A few others I looked at did not seem to have a fixed time period..which I'm not sure is a good or a bad thing!

I'm getting a bit worried with the financial situation now and thinking that Birmingham Midshires would be better now that they have been bought by Lloyds!

voyagerbear

3.2 Novation
Kaupthing Singer & Friedlander Limited may, by notice to you, novate the contract between it and you
(comprising the Terms and Conditions) to Kaupthing Bank hf. This means that from the date of the notice to you, all of Kaupthing Singer & Friedlander Limited’s rights and obligations to you will be transferred to Kaupthing Bank hf, with whom you will have a contract comprising the Terms and Conditions. From that date, your rights and obligations under the Terms and Conditions will be with Kaupthing Bank hf. Kaupthing Singer & Friedlander Limited will notify you of that novation through one of the Communication Methods. You consent to that novation.

7.8.4 Financial Services Compensation Scheme
a) Kaupthing Singer & Friedlander Limited (prior to the novation specified in clause 3.2 (Novation))
i. Deposits made with Kaupthing Singer & Friedlander Limited are protected under the UK
Financial Services Compensation Scheme.
ii. Under the UK Financial Services Compensation Scheme, financial protection is limited to 100%
of the first £35,000 of all your deposits with Kaupthing Singer & Friedlander Limited. This
means that the maximum total claim amount as at January 2008 is £35,000.
b) Kaupthing Bank hf (on or after the novation specified in clause 3.2 (Novation))
i. Deposits made with Kaupthing Bank hf are protected under the UK Financial Services
Compensation Scheme and the Icelandic Deposit Guarantees and Investor Compensations
Scheme. The total financial protection given to you under both schemes is no less than you
would receive if your deposit was only protected by the UK scheme.
ii. Under the Icelandic Deposit Guarantees and Investor Compensations Scheme, financial 16
protection is limited to the first EUR20,887 (or the sterling equivalent) of your total deposits held
with us.
iii. Under the UK Financial Services Compensation Scheme, you have further protection, limited to
100% of the first £35,000 of all your deposits with us, less any payments received by you under
the Icelandic scheme. This means that the maximum total claim amount as at January 2008 is
£35,000.
c) Further details about the UK Financial Services Compensation Scheme and Icelandic Deposit
Guarantees and Investor Compensations Scheme can be obtained at:
http://www.fscs.org.uk/consumer/FAQs/Deposit_claims_FAQs/
and
http://www.tryggingarsjodur.is/ (an English language version is available on the Website)

Got this lot off of their T& C's ..........So are they covered by Uk or are they part of the passport scheme. I am confused now!

isofa

voyagerbear wrote: »

<snip>
Got this lot off of their T& C's ..........So are they covered by Uk or are they part of the passport scheme. I am confused now!

This has been covered over, and over again, just search the forum - before asking the same question. You are protected to 35K.