Icesave - will withdrawals still go through

[Deleted User]

I bet he is another journalist

Baldur

Just an update for those who are waiting for transfers, a transfer initiated on Saturday for action on Monday has just been returned to my partner's Icesave account as "Correction item Posted 06/10/2008

manhattan

Another Important Update! :eek:

My BACS transfer that i did on sunday night has also been returned to my IceSave account

Thieving Iceland b@st@rds :mad:

BoyzToyz

Baldur wrote: »

Just an update for those who are waiting for transfers, a transfer initiated on Saturday for action on Monday has just been returned to my partner's Icesave account as "Correction item Posted 06/10/2008

Exactly the same for me - transfer action taken Saturday for Monday action - back in Icesave today with the same message as above.

matthew74

I have the opposite problem to everyone - I requested a transaction into my Icesave account shortly before it was frozen. I have contacted my current account provider and they said there was no way they could stop the transaction going through. Do you think Icesave would be cheeky enough to continue with the transaction, where clearly they are not allowing withdrawals?

fionula

I couldn't resist putting in my bid for the worst sob story of the thread. I tried to withdraw my savings from Icesave just before midnight on Monday 6 October. The transaction was acknowledged and marked for processing the following day. Since then I have been unable to log into Icesave as I keep getting an error message saying my login details are invalid. Needless to say, the money hasn't appeared in my linked current account, and I can't see whether it has also disappeared from Icesave. Wish I'd spent it all on gin when I had the chance.

marklee

I don't want to put a cat in amongst the pigeons, but there is the following clause in the Icesave account T&Cs:

10f. In very exceptional circumstances only, to enable us to comply with legal requirements and maintain appropriate liquidity levels, we may temporarily cease or limit withdrawals from accounts for up to 60 days. This limitation on withdrawals will apply even if we have already received notice of a withdrawal from your account. Money in your account will still earn interest during any such period and we will follow any instructions received during the period of suspension once this period has finished.

So not only do they have the right to suspend withdrawals on your account, but they have the right to prevent withdrawal requests that they have already received from being processed (assuming that they're not already fully cleared).

So I wouldn't expect withdrawal requests to come through any time soon - we'll have to wait until Icesave is either sold or the compensation scheme kicks in.

Wish I'd read the small print when I applied - but then again, I'd probably have spotted it and thought "Well, that won't happen anyway, will it?"

concerned4mymoney

I spoke to icesave on a landline number - 0191 255 8377.

I explained that I had issued an instruction on Saturday and that my account statement showed that my money left my account on Monday by BACS. However, thisafternoon (not this morning as I checked and printed out statement) I now see that they have processed a 'correction item posted' dated monday 6th returning my money to my account.

After acusing the bank (not the person I was talking to) of fraud and theft and requesting a transcript of my conversation with them (quoting the Data Protection Act) I asked whether it would have made any difference if I had made the payment by CHAPS.

I was told that any CHAPS payments processed before 11am on monday 6th would have gone through. This was knowing that they were going to have to provide a transcript of our conversation.

I have never posted anything before and had terrible trouble trying to do this now, so I would be grateful if you could put this anywhere that it may be of help to anyone else.

Anyone speaking to icesave should be able to get a transcript of the conversation by sending an e-mail to [EMAIL="customerservice@savings.icesave.co.uk"]customerservice@savings.icesave.co.uk[/EMAIL]
and they have agreed to provide within the 40 days stipulated under the DPA. Whether it comes or not might be a different matter!

PHILDAVIES4

Well at least my attempted withdrawal (Mon 6/10 08.30) has now reappeared in my Iceshaft a/c! What was really worrying me wa the fact that it had gone from there and was in "limbo". At least I've printed my statement and have proof the money's there.

Re small print, in truth, how many of us actually read it? Sometimes it goes on longer than War & Peace!

Guess we'll all have to sit tight now, I have to say I'd resigned myself to not earning any more interest, but what I've read on here implies that's not the case.
Let's hope that it doesn't take too long to resolve. Good luck all.:beer:

marklee

concerned4mymoney wrote: »

I spoke to icesave on a landline number - 0191 255 8377.

I explained that I had issued an instruction on Saturday and that my account statement showed that my money left my account on Monday by BACS. However, thisafternoon (not this morning as I checked and printed out statement) I now see that they have processed a 'correction item posted' dated monday 6th returning my money to my account.

After acusing the bank (not the person I was talking to) of fraud and theft and requesting a transcript of my conversation with them (quoting the Data Protection Act) I asked whether it would have made any difference if I had made the payment by CHAPS.

I was told that any CHAPS payments processed before 11am on monday 6th would have gone through. This was knowing that they were going to have to provide a transcript of our conversation.

I have never posted anything before and had terrible trouble trying to do this now, so I would be grateful if you could put this anywhere that it may be of help to anyone else.

Anyone speaking to icesave should be able to get a transcript of the conversation by sending an e-mail to [EMAIL="customerservice@savings.icesave.co.uk"]customerservice@savings.icesave.co.uk[/EMAIL]
and they have agreed to provide within the 40 days stipulated under the DPA. Whether it comes or not might be a different matter!

Hate to be the bearer of bad news, but the DPA only covers data that they hold. So if they didn't record the call, or enter any notes on it in their system, they don't have to provide you with anything.

Even more frustratingly, it turns out that Icesave have acted entirely within the terms of their accounts - see my post just before yours http://forums.moneysavingexpert.com/showpost.html?p=14810379&postcount=38 - so amazingly they haven't done anything wrong. Although I do wonder if the clause could be legally challenged as being "unfair"