Icesave Slams the Door Shut !!

Realy

manhattan wrote: »

I logged in at about 10.30am today and done a screen shot of my statement incase icesave pull a fast one.

I presume they have closed my account then, betty swollex.
Mind you I presume that means my money is in the system also.
But I would not bet on it (because I have no money to bet with.:D )

morg_monster

"There are already enough threads in the Savings forum on ICESAVE. I don't see why this has to be here?"

because people in the house prices forum reserve the right to start threads on any
topic remotely linked to the housing market (ie anything financial at all)!
Hardly any threads in this subforum seem to actually be about house prices these days - its like now everyone accepts they're dropping like a stone, there seems to be nothing to say. All new threads are on interest rates, FTSE, and just generally copying URLs from the BBC website anytime anything of even tiny note happens. So, as you said, threads that could be in other places on the site. The people on this subforum though know they get away with more here than elsewhere on the site, and like the clique (which nowadays, has gone back to being pretty friendly which is good). So they post everything here...

Realy

Realy wrote: »

I presume they have closed my account then, betty swollex.
Mind you I presume that means my money is in the system also.
But I would not bet on it (because I have no money to bet with.:D )

Rang them and it as left them and sent to my bank and account is closed.
thanks for the info.

moanymoany

On the savings board there have been lots of posts saying how they were going to leave their money in Icelandic banks - various reasons given, none would have persuaded me not to leave!

The question - to move cash or stay - has been around for a few days.

I opened a KE account last June, then read something that made me wonder. I posted a question and got mainly 'They are okay' replies. However, I searched and found two question marks over them so didn't bother.

First time Brits will (perhaps) lose money through bank failure. Hopefully not - time will tell.

WTF?_2

morg_monster wrote: »

"There are already enough threads in the Savings forum on ICESAVE. I don't see why this has to be here?"

because people in the house prices forum reserve the right to start threads on any
topic remotely linked to the housing market (ie anything financial at all)!
Hardly any threads in this subforum seem to actually be about house prices these days - its like now everyone accepts they're dropping like a stone, there seems to be nothing to say. All new threads are on interest rates, FTSE, and just generally copying URLs from the BBC website anytime anything of even tiny note happens. So, as you said, threads that could be in other places on the site. The people on this subforum though know they get away with more here than elsewhere on the site, and like the clique (which nowadays, has gone back to being pretty friendly which is good). So they post everything here...

That's because the crash in house prices is intrinsically linked with the woes of the economy.

The housing boom was only possible because of the excesses of the banking sector creating credit like it was confetti. Likewise, the credit creation process fed off of property values in a feedback loop.

As house prices eventually started to fall, it started a chain reaction as so much debt had been leveraged off of the back of property values ... which has fed back into tighter lending on mortgages .... which causes prices to plummet further .... which causes more debt de-leveraging .... A vicious circle.

You can't discuss the remarkable housing boom and bust without getting into the wider forces driving the credit which fuels the property market.

BACKFRMTHEEDGE

There are 1097 viewers on the savings board...I have never seen so many looking at one board...:o

MissMoneypenny

Iceland have secured a 4billion Euro loan from Russia.

PasturesNew

I have no money in these banks. Nor did I ever have.

The money will be safe to the limits. Whether the limit is £35k or £50k is debatable since the increase to £50k was only effective from today.

They've stopped people dragging their money out to try to stop the panic and save from going under. It's withdrawal of cash that speeds these things up.

MissMoneypenny

moanymoany wrote: »

On the savings board there have been lots of posts saying how they were going to leave their money in Icelandic banks - various reasons given, none would have persuaded me not to leave!

The question - to move cash or stay - has been around for a few days.

I opened a KE account last June, then read something that made me wonder. I posted a question and got mainly 'They are okay' replies. However, I searched and found two question marks over them so didn't bother.

First time Brits will (perhaps) lose money through bank failure. Hopefully not - time will tell.

They are covered (up to a limit?) by the uk government it seems

http://forums.moneysavingexpert.com/showthread.html?t=1203437

and
http://www.moneywise.co.uk/news-views/2008/10/06/icelandic-government-freezes-trading-biggest-banks
"Prior to Landsbanki being taken into public ownership, the Icelandic government suspended share trading in its financial sector as investors reacted badly to the news that banks would be forced to cut back on their overseas operations. It then promised savers 100% protection for their money.

However, this guarantee does not cover UK customers of Icesave or Kaupthing Edge."

PasturesNew

!!!!!!? wrote: »

You can't discuss the remarkable housing boom and bust without getting into the wider forces driving the credit which fuels the property market.

And us STR types all have our money somewhere ...