Requested ICESAVE money to be transfered YESTERDAY - will I get it?

cwcw

ruefullyaware wrote: »

Hi all -this is my first post. I had £30K in the much vaunted easy access account which I need to pay CGT on a property sale by next Jan. Like some of you I requested a CHAPS transfer to a UK account on Monday evening at around 10.30pm. My Icesave account shows the transaction as having been processed, but the money has not reached my receiving account yet. Just spoke to Icesave again and they say the money is "in the CHAPS system" and I will receive it. They have also refunded the £30 fee, apparently. Has anyone else eceived their money yet? Cannot relax until I know I have escaped - but heartening to hear UK government promise to compensate fully (up to the £50K limit) all UK borrowers as it appears Iceland will not.

Same position as you with regards to when the transfer was made, how much, and which method. To be honest I think any answers given by Icesave are irrelevant. There have been many answers given and a lot contradict each other. My money is in between accounts too but I don't expect it to clear either way. I do expect it all compensated, and I think it will all be sorted by Xmas. The government is doing everything it can to win people over.

ruefullyaware

cwcw wrote: »

Same position as you with regards to when the transfer was made, how much, and which method. To be honest I think any answers given by Icesave are irrelevant. There have been many answers given and a lot contradict each other. My money is in between accounts too but I don't expect it to clear either way. I do expect it all compensated, and I think it will all be sorted by Xmas. The government is doing everything it can to win people over.

Many thanks - this is worrying. Not that I care that much at this stage, but presumably any further interest will be lost while the money is suspended in limbo pending the outcome of the compensation claim. Have you made any enquiries about how the UK comepensation scheme works yet? I suppose that might be premature until we know where, exactly, our money is. The Icesave person did say it was a matter of checking regularly with my bank to monitor the progress of the transaction.

I'm just wondering why you think the money will never arrive? I thought that the CHAPS system works independently of the banks and that once payments go into the system, they are effectively irrevocable. I am beginning to suspect that the refund of the £30 fee indicates that Icesave have not, in fact, processed it through CHAPS and it is still sitting there in some suspense account to be clawed back by the government!

Incidentally, I did call my receiving bank yesterday. I'm not sure, but would have thought, banks can check whether CHAPS payments are expected. There was no record of the payment and I was told to keep chasing Icesave. The plot thickens ...

ruefullyaware

Right - I've just spoken to the FSA. They say
a - the CHAPS payment will not have been processed and I will not get my money

b - they will contact Icesave customers with details of how they can make a claim

c - there is no guarantee that I will get the money back by January, when I need to pay the tax

d - there is nothing I can do

Anyone?

cwcw

ruefullyaware wrote: »

Right - I've just spoken to the FSA. They say
a - the CHAPS payment will not have been processed and I will not get my money

b - they will contact Icesave customers with details of how they can make a claim

c - there is no guarantee that I will get the money back by January, when I need to pay the tax

d - there is nothing I can do

Anyone?

Regarding a and b, are they saying you will still get the money compensated despite it being in limbo or that you will not get the money fullstop? There are lots of us in this position with thousands floating around in limbo. The reason I think it won't bounce back to Icesave is that it goes into an Icesave holding account before being processed into CHAPS/BACS systems. The government in Iceland will have their filthy paws on all of the money in this holding account.

Regarding c and d I am not at all surprised. They wouldn't want to give out guarantees of timescale at this early stage, but since the FSCS and EU law state compensation should be paid within 3 months, and that this is the first real time the scheme has been tested, I'd be surprised if it didn't all happen quickly and smoothly. I really hope you're ok for January. Personally I'd be happy to wait longer so long as my money is back to me but for people relying on a deadline it must be really stressful.

st

cwcw wrote: »

Regarding a and b, are they saying you will still get the money compensated despite it being in limbo or that you will not get the money fullstop? There are lots of us in this position with thousands floating around in limbo. The reason I think it won't bounce back to Icesave is that it goes into an Icesave holding account before being processed into CHAPS/BACS systems. The government in Iceland will have their filthy paws on all of the money in this holding account.

Regarding c and d I am not at all surprised. They wouldn't want to give out guarantees of timescale at this early stage, but since the FSCS and EU law state compensation should be paid within 3 months, and that this is the first real time the scheme has been tested, I'd be surprised if it didn't all happen quickly and smoothly. I really hope you're ok for January. Personally I'd be happy to wait longer so long as my money is back to me but for people relying on a deadline it must be really stressful.

same as me cwcw jsut happy to get it back -icesave told me it would "reappear" back in account again as was holding yesterday.
we all have to wait and see a little but I too so stressed up over the 12k but compare to other savers with much more I feel for you all .

ruefullyaware

The FSA guy was fairly blunt with me and would give no reasurrances whatsoever. He did mention that they had been inundated with worried Icesave customers in exactly this position.

I called Icesave again and this time said I wanted the truth. The guy admitted the money was not in CHAPS and it would be going back to Icesave (or I suppose the government coffers). He emphasised that it had definitely been recalled. He said that Landesbanki have been keeping the Icesave division in the dark about what is happening and he had been told not to give any information to customers, so I did appreciate his candour. He directed me to the BBC news website report about Darling's promise to refund all UK savings. The statement from the UK is quite clear and reassuring, I have to say. However, money in your UK bank account is preferable to a promise of compensation: who knows what's going to happen in the next few months. The UK is stumping up vast amounts of money to keep the ship afloat. Anyway, he was about to give me a telephone number for a helpline but we were cut off.

I am trying to remain calm about this, but I feel a complete fool for trusting the false reassurances of the Icelandic finance minister and head of Icesave. When govenments start acting like this, it's time to panic about the stability of global financial markets.

I think all we can do is make our compensation claims. cwcw - thank you for your helpful info regarding the claim process. I have to look into this now and hope that the claim will run quickly and smoothly. Otherwise, I will be talking to my tax office! I think I will talk to them anyway - to warn them I might be unable to pay my CGT on time!

CompletelyLost

One lot of funds that I transferred has bounced back into Icesave, along with the CHAPS fee. The other £3000 is still somewhere out there... but where. Hopefully it's on its way back.

What i wonder is why my account didn't close itself despite me withdrawing it all? Seems that happened to other people but not me... hmmm.

lozzy12

To all of you who were like me, waiting anxiously and optimistically awaiting for the belated CHAPs transfers to show up in your current account, you might want to check your Icesave accounts - I transferred mine Monday night and it has just bounced back along with the fee

manhattan

The thieves have just recalled my transaction which i placed on sunday :mad:

ruefullyaware

Someone I know managed to get their money out on Friday. I think that was probably the latest time we could have done it.

Anyway, if anyone is in the same boat as me re tax, they should contact their local tax office. Apparently at times of major crisis (eg the foot and mouth epidemic) HMRC are willing to take people's circumstances into account and agree to alternative arrangements.

The UK guarantee is pretty explicit, so hopefully that will sort out our money.

My money hasn't yet hit my icesave account on the rebound. The icesave customer services person I spoke to recommended checking regularly to ensure it does go back to where it was supposed to. The FSA also advised keeping statements.

In the midst of all the confusion, some of the money may get mixed up, perhaps, so do hold on to your statements as proof of your loss.