Icesave-please help/advice!!!!

Transalper

Doh, there must be a nought missing on my calculator, good job I'm not the Chancellor!

Debt_Free_Chick

briskly wrote: »

I've just done some back-of-the-envelope calculations as to how long this might take. It seems there are 300,000 of us with Icesave accounts. The FSA have to send us all claim forms. If you assume it will take 10 minutes for someone at the FSA to open the envelope, log and check all the details from the returned claims and process them (which is pretty good going) it would take 200 people 6.25 weeks working 40 hours a week. In reality I bet you could double this figure when adding time to read dodgy handwriting. Does anyone know how many people work at the FSA?

I assume you mean the FSCS? In which case, they use outsourced providers so someone like Capita (God forbid!!) might actually get all the forms in one week .... but they would be the wrong forms to the wrong people :rotfl: :rotfl:

Seriously, though .... outsourced providers might well be tasked with getting the forms out quicker.

Meadows

Icesave

Just to let people know, I transfered three accounts on Monday night, one account via Chaps (account remained open), two via Bacs (account were closed), I received the Chaps payment back in my account last night, including Chaps fee, and tonight I have had the Bacs payments returned and the closed accounts reinstated.

Everytime there has been a change to my account, I have had to re-set my password as it has not let me in, but the re-set is easy to do, they give you a 5 letter password & email you a 5 letter password, then you go in & set a new password and you have access to your account.

Nick_C

v6g wrote: »

- Any potential IceSave customer who did their "due diligence" and consulted the FSA register via their website would have found the phrase "EEA Authorised". Yet, there is no explanation of what this means. Anyone doing their homework would reasonably assume (by lack of any further information) that "EEA Authorised" means "100% safe" when it actually means the opposite. I challenge anyone to look up IceSave on the FSA Register (and it's still registered at the time of this posting) and find an explanation of "EEA Authorised" on the FSA register website.
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http://feecalc.fsa.gov.uk/Help/FirmOptions.html

EEA Authorised

An incoming EEA (European Economic Area) firm which is conducting regulated activities in the UK under a BCD, IMD, ISD, UCITS Directive, third life directive and third non-life directive passport can either be: * an EEA Branch - EEA firm authorised by its home state regulator but has a branch in the UK; or * an EEA Service - EEA firm authorised by its home regulator but operating on a cross-border services basis only.

Incoming EEA authorised firms are not required to participate in the FSCS in relation to their passported activities. As such they are not required to enter any FSCS tariff data or pay any FSCS levies unless they undertake insurance activities in the UK.

http://www.moneymadeclear.fsa.gov.uk/products/bank_accounts/bank_accounts_getting_help.html

Firms not based in the UK

By law, most financial services firms must get our authorisation before they can do business in the UK. Our Register has information on all authorised firms currently doing business in the UK. The Register includes firms that are UK authorised as well as those authorised in another European Economic Area (EEA) state that also conduct business in the UK.

If you are considering or currently doing business with a firm authorised in another EEA state you should ask for further information from the firm or its UK branch about its complaints and compensation arrangements. This is because the position may differ compared to a UK authorised firm. If you do business with a UK branch of a bank authorised in another member state the compensation arrangements will not be the same as FSA-authorised banks based in the UK.

The FSCS website has more information about this – see Related links.

Barks100

Meadows wrote: »

Icesave

Just to let people know, I transfered three accounts on Monday night, one account via Chaps (account remained open), two via Bacs (account were closed), I received the Chaps payment back in my account last night, including Chaps fee, and tonight I have had the Bacs payments returned and the closed accounts reinstated.

Everytime there has been a change to my account, I have had to re-set my password as it has not let me in, but the re-set is easy to do, they give you a 5 letter password & email you a 5 letter password, then you go in & set a new password and you have access to your account.

This has been really helpful. I closed my account on Saturday morning but nothing had arrived at my nominated bank and I couldn't get back in to icesave as I had closed the account. Following your advice I've managed to get back in and all the money I withdrew when I closed my account is back in Icesave and the account has been reopened. Unbelievable! I thought the BACS/CHAPS system was set in stone. You gave an instruction, they carried it out. Obviously not. Seems to me this bank is just choosing to do whatever it feels like and has clearly clawed the money back or just not carried out the BACS instruction.
Just glad I can see the money again. will feel alot better once I can get my hands on it and make the very difficult decision as to where to put it!

YorkshireTraveller

Barks100 wrote: »

This has been really helpful. I closed my account on Saturday morning but nothing had arrived at my nominated bank and I couldn't get back in to icesave as I had closed the account. Following your advice I've managed to get back in and all the money I withdrew when I closed my account is back in Icesave and the account has been reopened. Unbelievable! I thought the BACS/CHAPS system was set in stone. You gave an instruction, they carried it out. Obviously not. Seems to me this bank is just choosing to do whatever it feels like and has clearly clawed the money back or just not carried out the BACS instruction.
Just glad I can see the money again. will feel alot better once I can get my hands on it and make the very difficult decision as to where to put it!

I find this interesting.

On Sunday I phoned ICESAVE to see if it was possible to do a CHAPS transfer on a week-end i.e. a non-banking day, they advised me to do this via the website.

I initiated the CHAPS transfer on Sunday afternoon, the money left my account on Monday and arrived into my Nationwide account the same day, posting to my account on Tuesday morning (saying it was credited on Monday).

Was very lucky (yes!) or did the fact that I had initiated this CHAPS transfer on Sunday via the website mean that this transfer went first thing Monday and ICESAVE were unable to stop it?

In the event all has turned out OK for us all.

As previously mentioned in this thread - where to put the money now?

Scooby64

I don't normally pass on rumors, and I want to stress that this is all it is (but I soooo hope it's true!)

I heard from a friend that one of the options the FSCS are considering is to use the account data from Icesave to open new accounts with Northern Rock.

The advantages being:
1. No one has to make a claim - eligable Icesave savers automatically get accounts opened using information they already hold
2. FSCS can make a single payment to Northern Rock (not 300,000 individual cheques)
3. The "cash" from FSCS can be phased as some/many Icesave savers may decide to leave the money in Northern Rock, but obviously if you want to transfer it you can do
4. Any paperwork (relating to transfers) would then be handled by Northern Rock staff, where there is excess capacity as they aren't doing much mortgage business.

IF (and I stress again IF) true, payouts (at least on paper) could be achieved in a couple of weeks instead of months!

I really hope they do!

st

good idea and will cost less for them too in admin issue cheks etc

Transalper

That would be excellent news if it becomes reality, lets hope so.:j Why should we endure more headache of form filling because of the mess up of 20 idiots in Iceland.

hilali65

Transalper wrote: »

That would be excellent news if it becomes reality, lets hope so.:j Why should we endure more headache of form filling because of the mess up of 20 idiots in Iceland.

That's very sensible really.....we should know today by close of business if the FSCS are going ahead with this. Good luck to all