Kaupthing Edge CHAPS Transfer

203ivy

Same here Stuboy - my BACS was also done Wednesday and still waiting!! keep me informed please when you get your money back as mine may be around the same time (hopefully) would be encouraging if people posted a message when they get the money back to their linked banks may give the rest of us waiting hopefulls some light!!!!!

AlanJG

I don't know if this helps reassure anyone but I initiated a BACS transfer at 8.00am on 6 October, my total account balance. Nothing received in my nominated account by Thursday 10th. I managed to contact KE on Friday 11th at 8.30am (after half hour queuing on 0845 number). There were unable to give me a date for receipt of my money but were insistent that my money was safe and things were just taking longer. I checked my RBS account at 3.00pm on Friday 10th and the money had arrived by CHAPS - without £20 charge. Hope this helps...

wonky123

There's a note on this website from Martin around the Iceland savings bit. It says KE are not sure what's happened for it to float about in the system but don't be unduly worried if it ends up back in your KE account. I think it's due to the volume of me's that have other stuff they we're meant to pay for from their icesave savings so we all thought best get it out of KE at the same time!

tellustuff

wonky123 wrote: »

There's a note on this website from Martin around the Iceland savings bit. It says KE are not sure what's happened for it to float about in the system but don't be unduly worried if it ends up back in your KE account. I think it's due to the volume of me's that have other stuff they we're meant to pay for from their icesave savings so we all thought best get it out of KE at the same time!

wot???????

tpl288

bigg wrote: »

Under the circumstances, would it really hurt for them to work over the weekend, so that a lot of worried people could have a nice weekend too?

Somebody somewhere has our millions and is earning interest from it.

Natwest is making big money from the money in the "pipeline", they are the clearing and settlement bank for Kaupthing and your linked account. Obviously the interest they are earning has not been enough to save RBS (aka Government injecting capital)

MABLE

I again spoke to KE contact centre today and explained like so many of us I am still awaiting for my money. However the advisor was very honest with me and said she had no idea when it may be received as all processing is being done by ING. Also she went on to explain that they were kept fully in the dark and did not know KE has stopped transfers prior to ING taking them over.

I have read on here that as from Friday, funds are starting to flow through to linked accounts. Also some posters had stated they originally requested the funds via bacs and arrived today. Based on that I think ING must now be sending funds via CHAPS to clear them quickly. However pure speculation on my part.

THE_WORRIER_3

Landyman64 wrote: »

I have read every single post on this thread...It's been a long, very stressful week which will now run through the weekend for those of us not lucky enough to have received our money yet.

Although I have read all the posts, I can't remember if anybody has actually posted to report receiving a Chaps Transfer that was created this week??? (I don't think I have but stand to be corrected)

I hope I'm very wrong, but it seems odd to me that free BACS transfers are being processed before CHAPS (when we have paid £20 for CHAPS to be processed quickly). I am sure that I read (or heard) somewhere yesterday from ING that CHAPS would be processed first, and rightly so. Why has this not happened? I suppose that the higher value transfers will generally be via CHAPS and holding onto the money over the weekend will generate them serious additional interest.

Ah well, nothing more can be done until Monday...I just hope next week brings this debacle to a satisfactory conclusion for all of us caught up in it.

Don't have nightmares...Do sleep well!!!

I agree with your theory, the larger amounts - ie life savings, money from house sales etc would be put through on CHAPS but earning someone, somewhere a nice wod of interest.

At the moment I will just be glad to see my money - will think about chasing the interest at a later date when I have more energy - but at the moment - it is nearly £500 lost interest.

Really pleased for everyone that has got their money before the weekend, but it is a case of everything crossed that we get ours. Threads I have read say we definitely will, be in these troubled times I don't think there are definites - don't want to be a doom merchant but this time last week people could have said it was definite that money was save in a Bank!!

The first person that gets a CHAPS from Tuesday or Wednesday (I did both!!) let us all know.

Thanks again for everyone on this thread for keeping our spirits up.

The black bags under my eyes will need serious help when all this is over.

THE WORRIER - will change my name IF and WHEN this is over

maplewood2

http://www.moneysavingexpert.com/savings/safe-savings#Kaupthing

Check out the latest update from Martin from the Home Page:
Did you attempted to transfer cash out before it went bust?

A large number of MoneySavers are worried that savings they attempted to transfer from Kaupthing to other accounts in the past few days, either by BACS or CHAPS, now appears to be missing from both Kaupthing and the destination account.

We have spoken to both the FSCS and APACS, the payments organisation, and both are very confident this money will be repatriated to your Kaupthing (now ING Direct) accounts. There is no final confirmation on why the money is currently floating about the ether, but first signs are that the CHAPS system itself is still working fine and the money is still residing with Kaupthing.

APACS also said that any charges for CHAPS transfers (usually around £20) are deducted from the money that is transferred, not actually charged on top as fees. Therefore when the money gets reunited with you, they would expect it to be the full amount.

capricorn36

Today I have received the money I transferred last Sunday (actioned Monday).

This was by BACS and was in my Nationwide linked Account this morning.

So it seems ING are clearing the backlog.

maplewood2

So now we need to start focussing on the potential lost interest ....