Credit Crisis FAQ

mswannabe_2

Within the last few days loads of people have panicked and tried to transfer their money by BACS/CHAPS from Icesave/Kaupthing Edge to UK accounts. Concerns have been raised that the money has yet to show up in their accounts within the timeframe they expected. Does the FSCS cover savers money while in transit and in the event of the money never showing up, how do savers recover their hard earned cash and from whom?

Reaper

If you look in the "Icesave section" of the answers you will see I mention that the money people tried to transfer out of Icesave just before they froze it has been bouncing back into their accounts.

I am not aware of any permanently lost sums of money. If it were to get lost I would suggest contacting the receiving bank. Hopefully they can locate it or advise you of the next step if they can't

azureblue_2

I tried to close my Icesave account on Sunday evening. The message from them was it would be dealt with on the 6th, but of course nothing has happened, and that I wouldn't be able to login to that account again, and sure enough I can't. What now? Will I get my money back even though it looks like I have no account?

Reaper

Those in the same position have been finding that their money has bounced back and the accounts are being re-opened. This thread is one of several where people are discussing the issue.

I'll update the FAQ to mention this.

HappySad

How safe is your bank advice on each bank "Your guide to banks' safety and strength

"
http://www.thisismoney.co.uk/bank-strength?ito=1723

br1anstorm

Like RayWolfe, altocumulus and others, I just want to add big thanks to Reaper for taking the time and trouble to assemble coherent and clear answers to so many of the essential questions.

This info - and the thoughtful comments from others who have sought to augment the FAQs - are examples of how valuable this forum is to most "ordinary mortals" whose savings are caught up in the Icesave/Iceland troubles.

So much more constructive than all those posts looking for someone to blame, saying "I told you so", or just hurling sarcasm and insults around.

br1anstorm

Heinz

Sorry if this has been asked before but I didn't spot it.

The £35k scheme used to guarantee 100% of the first £2k and then 90% of the next £33k.

Does the new £50k scheme have similar limits and, if so, what are they?

Reaper

If I remember right the limits you mention increased around the time of the Northern Rock problems to a straight 100% of £35,000. That has now been upped again to a straight 100% of the first £50,000 and in practice the government seems willing to cover it all - although they are not obliged to.

madkid88

Im a student and got 3000 in my icesave ISA, what shall i do? Confused??

Reaper

Do nothing except print off a statement. Wait for the FSCS to write to you. Keep watching the FAQ or Martin's articles for updates. You will get all the money back.