Icesave-please help/advice!!!!

lamorna23

In light of todays (Wed 8th) news that the FSCS will guarentee 100% of Icesave account holders money, I called the FSCS to get more info on how to claim. Unfortunately as it was breaking news and the deatils on the claim process have yet to be released, they couldn't tell me much except that when details have been released to them they will be intouch with all account holders. So it's a case of wait for them (FSCS) to get in touch.

BTW I set a BACS transfer on Monday night to be actioned Tuesday morning, looking at my Icesave account on Tuesday it showed as being 'processed', however looking again today (Wed) it's been bounced back into my account.

favemuppet

Has anyone any thoughts as to why ING did not buy Icesave?? If all BACS/CHAPS payments are being bounced back, then they would be guaranteed the deposits.

lewianbra

I have taken some of my Icesave money out on Monday without using CHAPS (I'm a bit naive, you see..). The money still shows as "processed" and it's not back. Would be a nice surprise if it really arrives somewhere on Friday...

nilrem_2

lewianbra wrote: »

I have taken some of my Icesave money out on Monday without using CHAPS (I'm a bit naive, you see..). The money still shows as "processed" and it's not back. Would be a nice surprise if it really arrives somewhere on Friday...

I think you will find that it arrives back in your Icesave account very soon!

Scooby64

wt7881 wrote: »

becuase AD has already gone further than the FSCS was obliged to in any case.

Not strictly true because for those with deposits under £50K, they are only being paid what the scheme guaranteed and the scheme DID include interest accrued.

I know UKPLC is paying the £16K due from Iceland, but they are going to effictively bring a "class action" on our behalf to recover it from Iceland

Scooby64

favemuppet wrote: »

Has anyone any thoughts as to why ING did not buy Icesave?? If all BACS/CHAPS payments are being bounced back, then they would be guaranteed the deposits.

I'm afraid there isn't enough in the kitty to cover the deposits, which is WHY they are bouncing back. In simple terms, although your Icesave account might show a balance of £5K, all that means is that they owe you £5K, there are no actual pound notes behind it.

When your bank (via BACS/CHAPS) say to Icesave - "OK give us the £5K", the cupboard is bare and the transaction gets unwound.

If there was any (or at least enough) cash, we wouldn't be in this position.

PintoPotts

There is also a post on the FSA website that makes good reading: http://www.moneymadeclear.fsa.gov.uk/news/firm/icesave.html

We can all stop worrying! Other than about the issue of interest and how long it will take to get the money back.

s_a_brick

I made two transactions (last Friday and last Monday). As a result of this my account was closed. When I tried to access my account yesterday on the internet, I was locked out. I eventually spoke to customer service and they confirmed my account was closed and the two transactions had been processed. Reading other messages on this site it seemed clear that my transactions might have been reversed. Just spoken to customer service again and they confirm my Icesave account has been credited with the two reversed transactions. Can I access my account on the internet - no? They promise me it will be reactivated shortly and I will be able to log in as usual. They also say the site will shortly have advice on the process required to recover our money.

~Chameleon~

http://www.hm-treasury.gov.uk/press_101_08.htm

08 October 2008

Landsbanki, Icesave and Heritable

1. Acting on the advice of the Bank and Financial Services Authority (FSA), and in light of announcements made by the Icelandic authorities in recent days, the Chancellor has taken action today to protect the retail depositors in two Icelandic owned banks: Icesave, a UK-based branch of Landsbanki and Heritable, a UK-based banking subsidiary of Landsbanki. He has taken this action to ensure the stability of the UK financial system. Savers’ money is safe and secure.

Landsbanki/Icesave

2. The UK authorities expect that Landsbanki will soon be declared in default. Should that occur, the Chancellor has put in place arrangements to ensure that no retail depositor will lose any money as a result of the closure of Icesave. The Treasury and the Financial Services Compensation Scheme are working with the Icelandic authorities and their Deposit Insurance Scheme to ensure that depositors are paid back as quickly as possible. The Chancellor has also spoken to the Icelandic Finance Minister about the importance of the Icelandic authorities ensuring that UK depositors in Icesave are given the same protections as depositors in Iceland and receive their deposits back in full promptly.

3. Arrangements are being put in place to ensure that all ISA customers of Icesave will continue to benefit from the tax-free status of their accounts.

4. The Chancellor has also today taken steps to freeze assets of Landsbanki in the UK until the position with respect to the future of the firm and UK creditors becomes clearer.

Heritable

5. Heritable is regulated by the FSA. The FSA has determined that Heritable no longer meets its threshold conditions, and is likely to be unable to continue to meet its obligations to depositors. The FSA concluded that it is in default for the purposes of the Financial Services Compensation Scheme. The Treasury has used the Banking (Special Provisions) Act 2008 to ensure a resolution that preserves financial stability and provides protection and continuity of business for depositors.

6. Heritable’s retail deposit business has been transferred to ING Direct, a wholly-owned subsidiary of ING Group. ING Direct is working to rapidly ensure that it is business as normal for all customers.

7. This action by the Tripartite Authorities protects savers’ money and provides certainty for retail depositors. The transfer of the retail deposit book has been backed by cash from HM Treasury and the Financial Services Compensation Scheme.

8. The remainder of Heritable’s business has been put into administration. Any retail depositors eligible to claim under the Financial Services Compensation Scheme whose business has not been transferred to ING will be paid out in full through the Financial Services Compensation Scheme.

9. This is the right course of action to protect savers, ensure financial stability, and safeguard the interests of the taxpayer.

EagerLearner

IceSave's website had changed to show a link to the above HM Treasury excerpt:
http://www.icesave.co.uk/index.html