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

Griffboy

I initiated a BACS payment on Friday (and got abuse for it) and received my money this morning.

valiant

zaccy wrote: »

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

That's useful, but surely it must be possible to say how the BACS system works in normal cases i.e. where is the money likely to be on the first or second or third days after a transfer request? Typically, when does it leave the originator bank and when does it hit the destination bank?

Paul2624

I closed my Icesave account on Sunday morning, since yesterday I have not been able to access my Icesave account (as it appears closed and transfer actioned) as yet the £30k has yet to appear in my current account. I will be crossing my fingers and everything else that the money is there tomorrow. If not I will be very worried that the money is neither here or there but floating around somewhere in cyberspace.

Would be grateful for anyone's advice who is in the same situation.

Paul

valiant

Griffboy wrote: »

I initiated a BACS payment on Friday (and got abuse for it) and received my money this morning.

That would be less than three full working days. Seems unusual. Which bank did you receive the money into?

billjames

Kind of on the same theme, I have money both in icesave and kaupthing edge. If a bank goes bust but your money is covered by the savers deposit scheme does anyone know how long it would take to get compensation and, I assume, no interest would be paid while waiting for the compo?

Meadows

My husband and I started a transfer of three accounts last night 6th October, one Joint savings account & two Isa Accounts, we were given the option to transfer the joint account by Chaps £30 and the other two we had to do by Bacs.
The earliest day we could select way today 7th Oct, looking at our accounts online today all the transaction have been processed, but I have not received the Chaps payment! All the accounts no longer have the funds in the balance.

I contacted Icesave this morning and was basically fobbed off; being told the transactions would be honoured. By lunch time I telephoned them again to say I had not received the Chaps payment, and I was told that it was more than likely that these payments would not go through since the recent news, therefore the money (which better be returned back to the account), is locked.

We UK savers are not included in the promise of secure funds like the Iceland savers, but this bank were quick enough to take our savings.
It's just a waiting game now to see what will happen.
:mad:

Baldur

billjames wrote: »

Kind of on the same theme, I have money both in icesave and kaupthing edge. If a bank goes bust but your money is covered by the savers deposit scheme does anyone know how long it would take to get compensation?

No one knows - suggest that you check the regularly updated news on the main site http://www.moneysavingexpert.com/savings/safe-savings#iceland

isofa

I guess it depends where it is in the system - I can't give an accurate answer, as I just don't know. Fingers crossed all your money will arrive. I have a load stuck out in Iceland, and am more worried than before, but not in a panic.

A CHAPS transfer initiated before 9am this morning, should arrive in the receiving account by 5pm this evening, but due to the demand, some people have been reporting the payments arriving much later in the evening.

Tom_Jones

Griffboy wrote: »

I initiated a BACS payment on Friday (and got abuse for it) and received my money this morning.

Yeah but it's idiots like you and the others in this thread that have caused Icesave to go tits up.

Have a bit more abuse :mad:

bradshaw_chris

I just got through to Icesave on the phone. She said (and I quote word for word):

"All transactions made before 9am today I]Tuesday 7th[/I are being processed as normal"

I closed my Icesave account on Sunday night, using a BACS transfer. Like most of you, the account is now closed but I'll have to wait until tomorrow or Thursday to be 100% sure......

The worry is making my hands sweat!!