who next....Kaupthing edge??

ginvzt

trevs707 wrote: »

It's simple, withdraw your money out of KE asap for the following reasons;
a) Their website is not working properly (despite what others may tell you)
b) Their support (both web & customer facing) has almost stopped - strange that.
c) They are Islandic and Iceland is facing bancrupcy

You earned your money so why risk it. One last point, ignore those who condem you as being part of the problem, if they want to keep their cash in KE and face the possibility of an untested and probably protracted process let them.

Your first £50k is protected under UK compensation scheme, not Iceland. The website is working and I have reduced the savings in KE to just under £50k today. So, the transfer are allowed. Stop spreading the panic as that is the last thing we need.

trevs707

ginvzt wrote: »

Your first £50k is protected under UK compensation scheme, not Iceland. The website is working and I have reduced the savings in KE to just under £50k today. So, the transfer are allowed. Stop spreading the panic as that is the last thing we need.

Try telling all the people who are unable to withdraw their cash from KE that. Good to hear that you have managed to withdraw £50k today, I wasn't going to withdraw any but now I have seen how much you have withdrawn I think I will as you have made me panic. Hopefully nobody else will read your entry and panic as well.

ginvzt

I didn't withdraw £50k, I just reduced my savings in there to £50k. There is a fundamental difference.

trevs707

ginvzt wrote: »

I didn't withdraw £50k, I just reduced my savings in there to £50k. There is a fundamental difference.

Sorry my mistake - panic over.

occamsrazor

explorer2190 wrote: »

When I spoke to them last week they confirmed they were in the Passport system similar to Icesave, without hesitation.

Today confirmed they had converted fully to the UK compensation scheme. This is also shown on the website.

I find it a bit unlikely they said that... anyway it's not the case - Kaupthing Edge in the UK have (to my knowledge) never been a member of the passport scheme and have always held full UK FSCS protection (unlike Icesave who do use the passport system)

explorer2190

Hi

I am sorry to correct you. Although I do not know the exact technical term, it is a word beginning with N. But basically it allowed KE to transfer ownership to Iceland. They have now removed this. I think I used passport as the wrong term.
I hope an expert could perhaps provide more detail please.

occamsrazor

Ah OK it's "novation" you are talking about and you are right there was a clause about it that has now been removed. It's discussed in another thread somewhere....

jingle68

trevs707 wrote: »

Sorry my mistake - panic over.

you again?? :rotfl: :rotfl: :rotfl:

campins

Well I am glad I panicked now :j

mswannabe_2

campins wrote: »

Well I am glad I panicked now :j

So pleased things worked out for you campins and isn't it amazing what a difference a day makes. Personally I fell for all the assurances on KE website last night and made the decision to leave my money alone. Do I regret my decision, no not really. Am I happy with ING's takeover, absolutely not as I don't believe my money is as well protected as it was and will be moving it at the earliest opportunity. Next decision is where to move it to as I honestly don't believe that there is such a thing as a 'safe' bank in current conditions:eek: