Kaupthing & Icesave: MoneySavingExpert.com Official Note

Hillfly · 7 October 2008 at 3:21PM

I wonder if anyone could shed some light on my concern. I transferred all my funds from ICEsave via Chaps yesterday afternoon.
The funds have processed out of my ICESAVE account leaving me with a zero balance and have yet to arrive in my UK account.

Given todays developments any idea how I can find out where my money is? ICESAVE are uncontactable at the moment due to everyone phoning them. The receiving bank have yet to receive funds.

Assuming the worst case and my funds are not transferred to my UK account, but given that ICESAVE has frozen all deposits where will my money be? I undertsand normally funds are just returned to the source account - will this be possible?

I suspect no on ewill be able to answer this but if someone with detailed CHAPS knowledge could comment I would feel a little easier!

Thanks.

zippygeorgeandben · 7 October 2008 at 3:22PM

Good point wend33.

I'm tempted to withdraw everything now and just stuff it in old pillowcases!

You're right in what you say about panic setting in for some people and perhaps my decision is partly due to that very reason.

Ben

LGG_2 · 7 October 2008 at 3:25PM

Hillfly wrote: »

I wonder if anyone could shed some light on my concern. I transferred all my funds from ICEsave via Chaps yesterday afternoon.
The funds have processed out of my ICESAVE account leaving me with a zero balance and have yet to arrive in my UK account.

Given todays developments any idea how I can find out where my money is? ICESAVE are uncontactable at the moment due to everyone phoning them. The receiving bank have yet to receive funds.

Assuming the worst case and my funds are not transferred to my UK account, but given that ICESAVE has frozen all deposits where will my money be? I undertsand normally funds are just returned to the source account - will this be possible?

I suspect no on ewill be able to answer this but if someone with detailed CHAPS knowledge could comment I would feel a little easier!

Thanks.

im in the same position.i transfered late last night. i talked to my bank this morning and they said it can take till upto around 5pm to enter your accounts.others have saidthe same thing on this board. i keep checking my account to see if its gone in but nothing so far. and yes im worried about the money being stuck in the middle in some black hole

zippygeorgeandben · 7 October 2008 at 3:28PM

Hillfly - I would give your receiving bank a call as with CHAPS, if you made the instruction yesterday afternoon, it should be showing in the account you transferred the money to by now. CHAPS is same day so ask your UK account holding bank where it is. This is advice i've just got from my Financial Controller who I asked your question of.

Let us know how you get on.

Ben

PS The signature... that's my favourite football team's anthem!

Caudle · 7 October 2008 at 3:47PM

Well I genuine wish good luck to those who have decided to keep their savings in KE (up to £50k anyway). If I use my head I would say you have probably made the right decision and you won't lose any money.

However, as I am not very brave

, I have withdrawn my deposit from KE (about £32k) but have left £100 in the account to keep it open. I am not ruling out putting money back in, when all the hoo-ha has blown over.

I know KE is covered by the FSCS etc, but I do not relish having money immobilised in an account, possibly for several weeks/months, until the compensation scheme has reimbursed everyone. I doubt the UK government would step in, as it has for Northern Rock etc.

JohnnyW_3 · 7 October 2008 at 3:48PM

Steering clear of the crazy thread, I'd just like to thank the MSE staff for keeping us up to the minute with any IceSave related news. Despite what's happened, I'm still extremely grateful to Martin and this site... Fingers crossed that it all works out!

MimiJane · 7 October 2008 at 3:54PM

Myself and OH both have ISA's with Icesave which have been running for a couple of years. Trying not to get too worried at the moment (difficult

) until we have more information, but it means a lot to come on here and share stories/opinions with those in similar situations.

Many thanks to Martin and the crew for keeping us updated and fingers crossed for those who've made Chaps payments out of IS ... keep us updated.

MimiJane x

dunstonh · 7 October 2008 at 3:56PM

You cannot blame Martin if you chose to act on his recommendations. However, it does highlight the risks of not doing your own research and relying on information you get on the internet. It is a common debate in financial services how those in the media can say what they like (well, almost) yet those regulated and authorised to give advice cannot.

There are a number of things that Martin recommended that lose you consumer protection. (eg. DIY pensions and investments gives you no FOS protection). If you want to cut out the individuals that are liable for advice to get a better deal then you need to accept the risks and consequences that go with that.

One thing I will just say is that I bet Martin now understands better that times change and what was good in the past can end up being bad in the future. That doesnt make the old information/bad as it was right at the time. Something that happens a lot in financial services and we get slagged off for it every time.