Icesave-please help/advice!!!!

vishy01234

only1salty wrote: »

Wouldn't call it rude. Patronising, self righteous, bordering on smug.

I am well educated with a good degree, have 2 children under 2 and do not have time to sit down and read every study into every savings account.

What I am after is people who have good information on latest developments, not a smug lecture on the benefits of deep research into the backgrounds of cash savings accounts which for the last 100 years have been 100% secure.

Not interested in I told you so, or being called an idiot - interested in the best way out of a catastrophic problem facing the cash flow of my young family.

I could have sat on my !!!! and claimed benefits and I wouldn't have been touched by any of this.

Well said only1salty ... but some people's lives are so lacking that they think it's acceptable to mock innocent people caught up in this mess. It's been a horrible day, and I have felt almost teary I am so worried ...

EagerLearner

Scooby64 wrote: »

Err sorry no - I think you'll find all pending transactions will be reversed in the next 24 hours and your Icesave account will be re-credited

I read that they were not insolvent, but had frozen any incoming and outgoing transactions whilst things are going on

I also read on another post that a poster had called IceSave and they said that any trsnactions carried out prior to 9am today would be honoured. I can't believe the amount of people on here that want to be gleeful of the fact they were 'right' and anyone who trusted the system, big banks or their government and left their money in Icelandic accounts to be protected by legislation was daft and are rolling around saying 'I told you so'. It helps no-one.

Scooby64

asked this several posts back and got no reply, did you read or hear this somewhere?? What is your source please??
As I have been looking for some kind of "cut off" point where transactions will not be honoured.

Hi Rozzie - somewhere (I think on this forum) someone said that Icesave customer services had told them that no transfers had happened since Sunday Night and that balances would be restored (I realise its a double panic when it looks like your money has gone but not turned up at the destination)

Scooby64

Why don't people stop responding to the idiots who are posting negative "I told you so" - It only encourages them

Okie

Super_Ted wrote: »

I do not wish to appear rude but I have to say the level of ignorance displayed in this thread is truly breath taking.

For those who argue that you were not investing then you need to take a trip back to school. You were taking present earned value and storing it, in this case as currency for future use and expecting a return. Whether you were investing in gold, crops, shares, savings accounts, ISAs etc... it was an investment. You unfortunately miscalculated the risk associated with your investment and may have lost money but just because you thought it was low risk does not make it so. Your strong belief does not counter the harsh reality not matter how much you stamp your little feet.

The brickbats of the uninformed do not phase me but I would be more than happy to debate with anyone who thinks I am wrong.
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ST

the definition of risk-free, in purely economic terms, is where your capital base is not exposed to risk of depreciation (excluding the effects of inflation). For consumer savings, the status of 'risk free' is ultimately underwritten by some kind of institutional guarantee from a government or regulator. Under this definition, government bonds, NS&I accounts, and deposit accounts held in commercial banks/building societies/credit unions are all considered to be risk free. Whether you chose an account with a rate of 3% or 5% does not change it's fundamental risk free characteristics.

The frantic activities of world governments over the last few weeks has been focused on exactly this concept...maintaining the 'risk free' status of bank deposit accounts. Because once that status is lost, there is nothing to discourage everyone from withdrawing their money and putting us back in the dark ages. What we are talking about with Icesave is the concept of 'risk free' changing radically in the last 72 hrs as the real possibility grows of an entire government and associated institutional framework going insolvent. Most posters are seeking to clarify whether their deposits in icesave remain 'risk free' ie. that they can recover all their funds. I still believe the answer will be yes, because the alternative is fundamentally more damaging to world economics...

...but this is all moot given that we are where we are, and what people need at the moment is practical advice and facts, not ridiculous 'i told you so' sermons like that one you've just given above

Super_Ted_2

only1salty wrote: »

What I am after is people who have good information on latest developments, not a smug lecture on the benefits of deep research into the backgrounds of cash savings accounts which for the last 100 years have been 100% secure.

I take it your degree was not in history then?
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I take no pleasure in what is happening, but you must admit there is more than a little irony in the fact that the first 10 pages of this thread are of people who were EXACTLY CORRECT being shouted down.
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I am very sorry that this crisis has cost you money and is causing you trouble. But the truth is banks do fail, they have often failed in the past. If not you then who's resposibility is it to asses the suitability of your investment choices?
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I hope things get better for you.
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ST

bazster

Scooby64 wrote: »

Hi Rozzie - somewhere (I think on this forum) someone said that Icesave customer services had told them that no transfers had happened since Sunday Night and that balances would be restored (I realise its a double panic when it looks like your money has gone but not turned up at the destination)

I transferred my balance to my current account over the weekend using CHAPS i.e. to be actioned on Monday. It happened.

casper_uk

vishy01234 wrote: »

I agree to a certain extent with what you are saying ... but I would like to hear your views on the vultures that are currently dishing out investment sermons and making people that currently have money with Icesave feel like idiots. They are acting wise after the event. I have no problems with people that warned others to pull their savings out of Icelandic banks before the rcent events. But do you think it is right or acceptable to be rubbing salt into the wounds of people that are already suffering. It disgusts me quite frankly.

This is not a time for smart arrses to start showing off that they are investment gurus ... this is a time to help people that have been caught up in this mess and help them to get their savings back. Or maybe at least offer a few words of comfort and reassurance ...

You said it yourself and i agree vultures (not fair on vultures btw), as bad as the people that called people names instead of discussing points raised in a polite manner imo. There is absolutely no need bad mouth people just because they have money at risk and have been misled. My heart really does go out to people with money at risk, i only hope that the scheme works. It's just some of the posters on here that acted like children make me so angry because it's not even there money!

haziec

Scooby64 wrote: »

Hi Rozzie - somewhere (I think on this forum) someone said that Icesave customer services had told them that no transfers had happened since Sunday Night and that balances would be restored (I realise its a double panic when it looks like your money has gone but not turned up at the destination)

thank you Scooby, another person has posted that all withdrawals before 9am today will go through, so its a case of sitting and waiting.
To go from a balance of over 5K to £1.09 is worrying when you don't know where it is !
Its made me think twice about a bank which is internet only!

herbie72

Blimey, SuperTed isn't half patronising!! Bloody hell!

Anyway, I've just nicked this off the Icesave website, so it's straight from the horse's mouth, as such. Is there an Icelandic breed of horse?

financial protection

If we cannot pay any amount we owe you on your savings accounts, you will be able to claim compensation. The maximum compensation is limited to 100% of the first £35,000 (rising to £50,000 with effect from 7 October 2008) of your total deposits held with us (the same as every FSA regulated bank and building society in the UK). In the unlikely event of a claim.

The compensation itself is provided by two schemes (sometimes referred to as a passport scheme) – the end result being that the total amount protected is the same as if your savings were only protected by the UK Financial Services Compensation Scheme. The protection works as follows:

• The first level of protection is provided under the Icelandic Depositors’ and Investors’ Guarantee Fund (www.tryggingarsjodur.is). The maximum protection under this scheme is 100% of the first €20,887 (or the sterling equivalent) of your total deposits held with us.
• The second level of protection is provided by the UK Financial Services Compensation Scheme (www.fscs.org.uk). This scheme tops-up your protection so that the protection under both schemes, is equal to 100% of the first £35,000 (rising to £50,000 with effect from 7 October 2008) of your total deposits held with us.
• Under EU law compensation for any losses incurred due to the failure of a bank should generally be paid within three months - regardless of whether it is through a passport scheme or the UK Financial Services Compensation Scheme.

Further details are available on request.