Icesave - CHAPS transfer, how long

Smitty

At 8am this morning I did a CHAPS transfer from Icesave to First Direct.... the money is still not showing in FD.

Has anyone got any experience of how long these take? I was expecting a couple of hours.

The only worrying thing is that the direct debit link between Icesave & First Direct was has been cancelled at the First Direct end. I assume the CHAPS transfer wont need this link though???

I am extremely worried about where my money is, as its not showing in either bank... ive rang icesave and they say it has time to get there as its not the end of the working day yet... it very nearly is! FD say they cant do anything

Any shared experience / advise will be much appreciated.

:huh:

Smitty

It has arrived !
Maybe they process them all at the end of the working day.. ah well maybe this thread will be found by others in the same situation

phewww.....

genny

Did exactly the same as you this morning, for a test amount via chaps it arrived at 5pm, I telephoned Icesave to check, said all was fine, but they were experiencing high demand. Been testing it all day logging in etc, all working fine.

Your amount should arrive by close of business today, it won't get lost. If there was a problem (unlikely) it'll go back to Icesave and be flagged.

nicholbb

Should be credited to account on the same day (you can't do much about it tonight but contact your banks tomorrow morning). Could be sheer volume of transactions that have delayed it. Also did you leave enough cash in there to pay for the fee? (usually this is £20)

EDIT: pointed out below the fee is actually £30 - sorry for mistake

Stompa

FWIW I did a CHAPS transfer from KE this morning - no sign of it arriving so far.....

Wolf_Man

nicholbb, fee is £30

genny

napoleon wrote: »

Iceland's profits will go up no end with all the lemming's £30 CHAPS fees. :T

Too true - who does get the fee, the sending bank??

I needed a chunk of cash for a purchase tomorrow, otherwise I'd have opted for BACS. But I still have well over the 50K limit, and it's staying there, sometimes you have to vote some confidence with your feet, I've received thousands of pounds in interest this year from Icesave, so I'm sticking with them. I was really impressed with the telephone response this afternoon too, everything was done as requested, no errors at all.

Smitty

I was over exposed in Iceland... think ill leave my Kaupthing balance where it is as its protected by the UK FSCS, but risking having to claim €20k from the passport scheme of Iceland is too risky IMO, considering how much the credit default swap price against the Iceland government has increased.

At least I am a more comfortable Lemming this evening.

ad44downey

Smitty wrote: »

At least I am a more comfortable Lemming this evening.

Until the next rumour. Then no doubt you'll be the first in the queue to move it yet again!

Smitty

ad44downey wrote: »

Until the next rumour. Then no doubt you'll be the first in the queue to move it yet again!

not at all... i assess every risk, I held firm when B&B were going down the pan, I hate moving money around... it costs!

Iceland has specific risks, these added to the fact Icesave relies on it's backing for saving guarantess.. i think it is wise to move money out of it.

Noone ever thought Fanie & Freddie would need rescuing in the States a few years back, look what happened. How long before the first government is declared bankrupt? It could happen... and if it does, Iceland is odds on favourite.

MABLE

napoleon wrote: »

Iceland's profits will go up no end with all the lemming's £30 CHAPS fees. :T

Fantastic news. All bolds well for we savers staying put. :rotfl: