Kaupthing Edge thread with a twist - who's not bothered?

zaccy

Jake'sGran wrote: »

I have never invested with the two banks you mention either but today I am a bit concerned as, when I want to withdraw money from Kaupthing, I always do it on a Sunday (same with other banks too) so that it is activated on Monday mornings. Just tried to make a withdrawal with Kaupthing and they now say "Sunday is not a working day". In the past this message was not there.

Have they allowed the transaction to go through ie debited your account by the amount you asked to withdraw and dated this transaction as 6 Oct 2008?

stevedb11

Jake'sGran wrote: »

I have never invested with the two banks you mention either but today I am a bit concerned as, when I want to withdraw money from Kaupthing, I always do it on a Sunday (same with other banks too) so that it is activated on Monday mornings. Just tried to make a withdrawal with Kaupthing and they now say "Sunday is not a working day". In the past this message was not there.

All you have to do is change the date of the withdrawal to the 6th Oct (monday), I find the process quite easy.

smash

Nice idea, way too much scaremongering going on.

Got about £30K in there earning a top rate, not worried at all, might even invest more next week.

MABLE

I read recently that if you are a person who worries not to put money into equities. I think they now need to includes banks. I am just sick and tired of the doom and gloom going around that life as we know it is ending.

I nearly got panicked into closing my KE account but have decided to stay put. However if we have to withdraw on the compensation scheme does anyone know what long this would take to be compensated?

zaccy

MABLE wrote: »

I nearly got panicked into closing my KE account but have decided to stay put. However if we have to withdraw on the compensation scheme does anyone know what long this would take to be compensated?

"6. How long will it take to process my claim?

After a declaration of default, FSCS aims to process all claims within six months. However, the time this takes depends very much on the type of claim. For example, most credit union claims can be completed within four weeks. For other types of claim it may take longer, depending on how complex it is and on some factors that may be outside of our control, such as waiting for information from third parties."
http://www.fscs.org.uk/consumer/FAQs/Deposit_claims_FAQs/

So it could be more than 6 months, depending on circumstances.

jolizzie

also just opened an account with KE one for me and one for hubby. Trying to keep safe house sale proceeds, but feel very uncertain about it's safety, should I transfer back to Nationwide?

mobfant

The other issue is that if you have to wait 6 months and you've got up to £50k in there, that's a fair bit of interest foregone.

stevedb11

jolizzie wrote: »

also just opened an account with KE one for me and one for hubby. Trying to keep safe house sale proceeds, but feel very uncertain about it's safety, should I transfer back to Nationwide?

Why would you do that? Nationwide only have the same FSCS protection as KE

talana

One thread it's a pleasure to post on! Here's to a bit of sanity and common sense for a change.
I have modest amounts with both KE and Icesave and not moving then anywhere.

campins

Well the Fool think that they are not as much in danger as many think http://www.fool.co.uk/news/your-money/savings/2008/10/03/what-about-kaupthing.aspx?terms=kaupthing+edge :T