Icesave and the BACS system......question

valiant

I closed my Icesave account on Sunday night and requested a BACS transfer of the entire balance to my current account at NatWest. Stupidly, that means that I have no longer any access to my Icesave account online.

I rang Icesave this morning and they say that the money is now in a Natwest 'holding account'. I then rang NatWest and they said that the money hasn't yet hit my current account. They checked their 'journal' and said there was no sign of it.

Does anyone know how the BACS system works technically? Which organisation is legally responsible for monies that are in the process of being transferred? What is the timetable of that responsibility over the period of three or four days while the funds are transferred? How many accounts are involved and with which organisations? Specifially, is it likely that Icesave have the legal ability to hold onto money that's already been more than 24 hours in the BACS system?

There must be lots of other people in the same boat as me. It would be very helpful if you would post in this thread when you requested a transfer and whether or not it's hit your current account.

Patr100

I'm in the same position. As long as the money is with one or the other, preferably the latter bank, and not some unclaimable limbo.
We will have to see.

vortex1150

I made the same transfer on Sunday..but left £50 in the Icesave account. I have logged on to Icesave today and the cleared balance is £50 so anxiously waiting for the cogs of the BACS system to turn and hopefully funds will turn up in linked account tomorrow.

truro1977

Same for me too. I transferred £7,500 out of Icesave on Saturday. If I log in to Icesave, it is showing that the transfer was processed on Monday, but it still hasn't arrived in my Abbey account. Does anyone have any idea how the BACS system works?

Patr100

About 4 days in theory

zaccy

Q: I managed to withdraw my money from Icesave yesterday, but they say it takes four days to transfer. Will my money come through or will Icesave retain that cash because of today’s freeze on accounts?
A: An Icesave spokeswoman said she did not know for certain, but as the transfer process takes several days and things came to a halt today, there is a sizeable chance that the money will be stuck in the system.

http://www.timesonline.co.uk/tol/money/savings/article4898782.ece

MarathonMan1981

I shifted all of mine at 7am this morning

I'm fvcked basically

sideysid

I am in exactly the same position after I withdrew my Icesave ISA yesterday and no longer have access to my account online. Hopefully as you say it is not in a limbo state via bacs, and the transaction completes without any issues within the next couple of days.

st

MarathonMan1981 wrote: »

I shifted all of mine at 7am this morning

I'm fvcked basically

Marathon man you should be ok i did mine before 8am today befoe the closed all down and I did get through to icesave and a nice guy told me the funds had left my isa and savings and will be in the system i did mine chaps .
try to relax

MarathonMan1981

st wrote: »

Marathon man you should be ok i did mine before 8am today befoe the closed all down and I did get through to icesave and a nice guy told me the funds had left my isa and savings and will be in the system i did mine chaps .
try to relax

I was stupid and just did it by normal BACS. Doubt it will clear now

Fella

From a different forum:

I have spoken to an Icesave represenatative today who has advised that no BACS or CHAPS payments have been made since Sunday.

In response to my "what happens next?" question, I was advised that Icesave is waiting for direction from the Icelandic government to affective lift the 'no-access to account' status. Until such time us savers have to sit and wait.

Don't know if it's true or not I'm afraid - although until people here confirm actually receiving withdrawals initiated later than Sunday it looks plausible.