Icesave BACs info

puddleduck

I've trawled the threads and seen quite a few people asking about BACs payments from Icesave accounts made before the stop on withdrawals today, that have not yet appeared in the receiving bank.

I've called BACs, who were quite informative, and this is what happens after a BACs request:

Day 1: (First working day i.e. Monday if transfer request put in at weekend). The information about the request is supplied to BACs.

Day 2: BACs give the info to the receiving bank.

Day 3: The actual debitting and creditting takes place.

According to BACs, if the bank the money is moving from shows that it has gone on day 1, then it has actually moved the money to a special bacs clearing account (so out of your account), and this is where it is sat until day 3.

BACs told me that Icesave actually use Barclays for clearing. They gave me this number to find out more from Barclays and what they're doing in this situation: 0845 6052444 but I missed their opening hours and they're shut until 8.30am.

So, if the money has moved from your Icesave account but not appeared in the receiving account yet; it must be in a clearing account somewhere. It is unclear whether this is actually with Barclays or with Icesave, but unfortunately it is not yet on its way to you.

Sorry this isn't more help, but we should be able to find out more tomorrow.

bradshaw_chris

I have posted elsewhere that I phoned Icesave just after lunch today (Tues 7th) and they categorically stated that they would continue all transfers initiated before 9am this morning. However, due to conflicting information on these forums I started to doubt that I'd been given the right info.

So I just phoned them again. She was again categoric (different person though) that any transaction processed over the weekend (BACS or CHAPS) will be honoured. She provided me with a huge amount of detail of how the BACS system works, and without being too long winded, the Barclays holding account thing is not true. The Barclays holding account is only for BACS transfer INTO Icesave. All BACS transfers out of Icesave are carried out directly with the bank you are transferring to.

So in summary, if you made a BACS or CHAPS transfer request at the weekend then you SHOULD receive your money in the next few days. I say SHOULD, but from the level of reassurance she gave me I am tempted to say SHALL. If you made the request yesterday or today then they were able to halt the request, so you SHOULDN'T get your money.

I suggest anyone worried does the same as me and speak to the very kind Geordie lady at Icesave that I did. I feel a lot happier. Time for a glass of wine......

[Deleted User]

bacs from icesave is normally in my account in 3 working days. My current request for withdrawal of a few k was processed at the weekend and shows as cleared on my icesave statement. It has not arrived in my nominated bank account 3 working days days later

I am disappointed to say the least.

Now awaiting the next step re our fixed rate icesave bonds

what an absolute mess and the silence is deafening

[Deleted User]

I just rang the bank and no-one has had a bacs from icesave this morning. They have been innundated with calls since midnight last night. It looks as though our money is no-where

1mmortal1s

Calling all Icesavers!

I invested £8000 in a fixed rate Icesave account about a month ago, on the recommendation of this site. I'd never heard of Icesave before, so I carefully read the April 1st blog (which to Martin's credit is still posted on the site) before deciding to put my money there.

I agree that Martin could never have predicted what banks might go bust. However I do feel that it was negligent, in analysing the passport protection scheme, and (on my reading) implying that it was as safe as the UK FSCS scheme apart from perhaps being bureaucratically more difficult to use, not to point out the way in which Iceland's economy was completely dwarfed by its banking sector.

It has now become clear that total foreign deposits in Iceland's largest banks are as big as, or larger than, its entire GDP. This means that the difficulty it would have in compensating foreign investors if these giant banks went bust (as it looks as though Landsbanki will) is far greater than the difficulty the British government, with money available on a different order of magnitude, ever would in similar circumstances.

Because nothing was said about this in the April 1st blog summarising Martin's position, I do not feel that sufficient information was provided to enable an informed decision on the safety of an investment in Icesave. A money saving expert worth his salt would have known that the size of the nation's banking sector relative to its economy, and the amount of foreign capital invested in it relative to GDP, were vital elements in evaluating the safety of foreign investors' funds, should compensation be needed.

Of course, I should have gone and found out that information for myself, so I am well aware that I have only myself to blame for having my money tied up in what is about to be a failed bank.

But on this experience, I regret to say that I won't ever be taking any recommendations from this site again in the future, because I can't be sure that any advice that is posted has been properly researched with an eye on _all_ the economic fundamentals that matter.

Thanks for reading - would love to hear the views of other Icesavers on this.

(And let's hope Martin is right: bring on the Scandinavian countries to bail out Iceland totally inadequate compensation scheme!... I'm not optimistic.)

sideysid

I transfered the money from my Icesave ISA before they stopped transactions also via BACs. It is interesting they use Barclays for clearing, as I am transferring my funds to my nomiated Barclays account, so will contact them today to see if I can find out anymore info regarding this.

I suspect its highly unlikely that any movement will have occured, but we can always hope.
I feel for those that will lose vast sums, mine is only 3k but is very frustrating and a lot for me, as Im travelling at the moment and will have to end my trip early and come home as I cannot gain access to these funds unless I can rely on my family to help me out.

Im usually up to speed with money matters and would have withdrawn my funds way before now but as Im travelling (in Australia at the moment) Im out of the loop somewhat.

We can only sit, wait and hope that theres a light at the end of the tunnel.

bradshaw_chris

Still no sign of my BACS reansfer this morning. Another BACS transfer I made from a different account has been processed, so not sure why this one is taking longer.... Anyone else got their money back yet?

Breatheagain

Now we are rescued (at least for 50K) there is just the matter of where the weekend withdrawals are. I was told yesterday that the Monday BACS had been run but no data actually went to BACS. The cash is still with Icesave but not showing in the accounts and will be 'manually' restored - nothing in my account this morning.

cwcw

Breatheagain wrote: »

Now we are rescued (at least for 50K) there is just the matter of where the weekend withdrawals are. I was told yesterday that the Monday BACS had been run but no data actually went to BACS. The cash is still with Icesave but not showing in the accounts and will be 'manually' restored - nothing in my account this morning.

I don't think any manual restoring will be done, do you? I think we're just going to have to hope the 100% guarantee includes the money people tried to get out at the last minute. I can't see that it won't do to be honest.