Icesave - will withdrawals still go through

LGG_2

glad to see the money is being sent back into icesave accounts. i did a chaps on monday night and rang them this morning as nothing is in my bank. they said everything from friday onwards will go back into your account.(presume that was bacs as some chaps did get through upto sunday) you should give it 3-4 working days for the money to re appear.

tommum

I closed my Icesave account around teatime Monday 6th. This means I could no longer log in to my account. The final statement on Monday read "transaction pending", to take place on the 7th Oct.
Have just rung Icesave to check the status of the transaction to be told it has been reversed ie. still in Icesave!
Sorry if this doesn't help anyone else but I was going nuts waiting to see if the payment had gone through.

debbie42

Adding my info: requested CHAPS withdrawal monday pm. Money (+CHAPS fee) shown as returned to my account today.

vadek

fionula wrote: »

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.

Same here (except for the gin part). Closed my account and now can't log in. :mad:

br1anstorm

Just to add to the collection of information on withdrawal-processing (or not...).

• I made a CHAPS withdrawal (not a total account-closure) late on Monday 6th;
• it showed as having been processed by 10 am on Tues 7th;
• it did not reach my UK account;
• and now, 5 pm on Wed 8th, my Icesave statement shows that the money which I thought had been transferred, and the CHAPS fee, are now back in my account as "correction items".

So at least my funds are not in limbo. I'll now be watching the FSCS website to see what we should do next...

And I have to say that - despite the poisonous comments posted by some - this forum has been really valuable as a place to compare notes and share information with other Icesave customers. So thanks to all who have offered helpful comments.

br1anstorm

neilsedaka

"Newcastle Building Society today said it was "too early to say" whether it would need to make redundancies from its new start-up operation which provided services to Landsbanki and Bradford & Bingley."

"Money Management understands that the mutual had been providing technology, processing and administrative services to the two businesses, and provided the entire infrastructure for the much publicised Icesave account on behalf of the Icelandic bank."

"Nicola Green, spokesman for Newcastle Building Society, said: "We are really just a middle man for Icesave in terms of us processing the accounts. It is really too early for us to comment on this.""

http://ftadviser.com/FTAdviser/Investments/Products/News/article/20081008/27181fac-9526-11dd-8351-00144f2af8e8/Newcastle-mutual-hit-by-BB-and-Icesave-failures.jsp

renard_2

If it will help people to understand what is going on with these transfers, have a look at this guide from the Financial Ombudsman:

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/38/standing-orders-direct-debits-38.htm

Like many of you, I am interested only in the BACS transfer system, as I thought I had safely transferred my Icesave funds on Saturday using BACS (for action Monday).
However - and this is the important part - as you will see from the above website, the BACS system would not have asked Icesave to actually part with your money until THE THIRD BANKING DAY of the process. This is despite Icesave having taken the money from your account three days earlier - more if a weekend intervened!! (This is normal banking procedure, allowing the thieving b*stards in the banking world to have the use of your money for a few days while you lose the interest . . . )

Therefore, by the time the BACS system asked Icesave for the cash, it was too late - they had shut the gate to prevent money leaving the bank. Therefore, Icesave couldn't (wouldn't?) honour our transfers, but instead put the cash back into our accounts.

And they have done everything by the book! Wonderful, eh!! :mad:

kaydubya

The money that I transferred out on Sunday - which I had already scheduled a while ago regardless of the current situation - is now back in my Icesave account.

Anyone lend me £5k?

KGIL

It looks like anything from Friday onwards is being returned to Icesave accounts. Both my CHAPS transfers on Sunday pm and Monday pm have been returned. The second transfer actually closed my a\c.

Spoke to Icesave at 4pm today, and was informed their IT function is now in the process of re-enabling all those a\c's that were automatically closed in the last few days as a result of people (trying) to move all their money out. They said it may take a couple of days to work through the re-enabling of accounts - your old login ID and password will apparently still be valid once the a\c is re-enabled. I was advised to keep trying logging into the website periodically until successful -otherwise to give them a phone early next week and they'll re-set the account for me to enable access.

At least I now know the money is back in my Icesave a\c - even if I cant see it yet.

Looks like we all owe Mr Darling a pint

steve_hill

Statement from HM Treasury is now on Icesave home page. My CHAPS transaction from Monday night has just arrived back into my Icesave account.