Kaupthing Edge - Unable to Withdraw!!!

stevedb11

I can also confirm the KE website is now working OK, I have just withdrawn £1 , I did this test last night a few times with no success, but this morning at 08:30am it worked first time, Hope this helps.;)

genny

backfoot wrote: »

Courageous to say the least :eek:

Not really they are a UK banking arm, protected from Tuesday up to 50K with FSCS, and I currently have under this, so I'll boost it up.

Not courage, just sense for a good rate.

capricorn36

trevs707 wrote: »

I have just tried to withdraw some money from my Kaupthing Edge account but have been unable to.

All I get is a dialog box stating "Confirm Transaction" with the "OK" & "Cancel" butons. However, when you select "OK" the dialog box disappears and re-displays the withdrawal screen. I retried with various amounts of money (including with & without the decimal point) but to no avail.:mad:

Is anyone else have the same problem?

I also tried yesterday, Sunday. A dialogue box appeared informing me that it was not a working day together with a calendar. I clicked on today (Monday 6th October 2008) and everything appeared to go through OK. After withdrawal the balance in my account was under £1. Of course I do not know where the money is in between it not showing in Kaupthing and appearing in my selected account as it takes about 3 days to arrive so I understand. I will let you know as soon as it appears in my bank.

backfoot

genny wrote: »

Not really they are a UK banking arm, protected from Tuesday up to 50K with FSCS, and I currently have under this, so I'll boost it up.

Not courage, just sense for a good rate.

The question you have to ask yourself is will I gain more by the marginally better rate if the bank does indeed fail. Interest on your deposit will be lost during the time from failure to the point of compensation. If you have significant sums invested then that interest loss will be significant. KE also have this weird Novation Clause which could mean a two tier route to compensation adding to delays.

It's your choice but my assessment of risk/reward was to move funds from the easy access account. I wanted to minimise my exposure raher than add to it. I do hope you are right because I hold a fixed term investment with KE so I actually want them to get through the crisis.

isofa

backfoot wrote: »

The question you have to ask yourself is will I gain more by the marginally better rate if the bank does indeed fail. Interest on your deposit will be lost during the time from failure to the point of compensation. If you have significant sums invested then that interest loss will be significant. KE also have this weird Novation Clause which could mean a two tier route to compensation adding to delays.
It's your choice but my assessment of risk/reward was to move funds from the easy access account. I wanted to minimise my exposure raher than add to it. I do hope you are right because I hold a fixed term investment with KE so I actually want them to get through the crisis.

I want them to get through the crisis too, although their rates are excellent, my other main reason for choosing and sticking with them is for their excellent customer service.

The problem with a bank folding and issues with claiming back funds, could happen potentially with any UK bank too, it's already been tested with NR, B+B, HBOS, yet no-one had to resort to claim compensation as no savings were at risk - the government stepped in, as it always will, as per my other posts.

Savings and investments are totally different things, savings should be (and pretty much are 99% of the time) risk free, investments are not.

The novation clause has to give 30 days notice before it is carried out. I'm sure if you read in detail T+Cs of many accounts you'll find odd clauses.

MABLE

I understand that if you have a fixed rate deal you cannot withdraw online.

backfoot

isofa wrote: »

I want them to get through the crisis too, although their rates are excellent, my other main reason for choosing and sticking with them is for their excellent customer service.

It's not exactly difficult. I've been impressed with them but then again shouldn't we expect this with our funds.It's only some of our UK banks who can balls up the very simple.....:D

The problem with a bank folding and issues with claiming back funds, could happen potentially with any UK bank too, it's already been tested with NR, B+B, HBOS, yet no-one had to resort to claim compensation as no savings were at risk - the government stepped in, as it always will, as per my other posts.

I know there was a bail out of Glitnr but I am less confident with Iceland to continue to have resources to keep doing this.

The novation clause has to give 30 days notice before it is carried out. I'm sure if you read in detail T+Cs of many accounts you'll find odd clauses

Quite possibly but this was a strange one.If they are totally confident in the UK office why would they have this fall back to a different route backed up by the Icelandic Scheme Makes me feel a bit uneasy as the 30 days wouldn't help my term deposit.

backfoot

sloughflint wrote: »

You would still be able to exit your term deposit within 30 days ( -1%)

Presumably also loss of interest on deposit as well. Depends then how far through the term you are?

backfoot

sloughflint wrote: »

Yes that's why I wrote (-1%).

Thanks. Yes, that's what you wrote which was helpful. I had sent a thanks

I wanted to clarify that it isn't just the exit penalty (-1%) to consider, and point out to other readers, that they would forsake any accrued interest. If someone was early into their fixed term, it is an option worth considering because the loss wouldn't be huge. The longer into that term then it's a different decision.

Sorry if I annoyed you :beer:

frames1_uk

sloughflint wrote: »

You would still be able to exit your term deposit within 30 days ( -1%)

no withdrawals allowed on term deposits with Icesave..... unless anyone knows different?