Kaupthing Edge CHAPS Transfer

Locoblade

whitesatin wrote: »

I would imagine that most people join this website (as with others) when something relevant to them is an issue. That seems perfectly normal and appropriate to me, that is what I have done. I have never before had cause to join, everything has been hunky dory for me up until now.

I thought it might be useful to join in with threads by people in a similar situation to myself, and it has been. However, although I will continue to post/read, I do feel that there is a real them/us attitude here which can be somewhat offputting to new posters. It takes some time to get used to rules and the ways of a forum and I, for one, have found some comments to be rather acerbic and not at all encouraging.

Just my views which will possibly be slated by those who have been around for longer.

Robertpestonrules wrote: »

Whitesatin

Liek you I am new to this site - only joined yesterday and within minutes of posting asking a question I was "put in my place" by a poster " who falsely accused me of "dispensing innacurate advice like asprin" when I had made about three posts ASKING for advice!! It was a bit offputting but the poster has not reappeared.

Guys, apologies that my previous post came across with a "them and us" slant, it certainly wasn't intended to read like that.

What I said wasn't in any way aimed at new members in general which I have absolutely no issue with (I've only been active on here 3 months myself!), it was merely that if people hadn't read the previous 60 odd pages of this thread, the post I highlighted sent out a message that could easily be seen as a summary of the feelings of the whole group with many others voicing similar intentions. That's quite a long way from the truth though IMHO, as nobody had mentioned group action up to that point and only a few had mooted the point of lost interest. Add that to the post coming from someone who hadn't participated in the thread up to that point, I simply thought it worthy of bringing up. Apologies though if the way I did it upset anyone

altocumulus

I didn't have a lot in KE, but it is still in go-between-land; I've worn out the logon buttons on both KE and my nominated banks...
But at least the KE site is still working...

goodethernet

The more I read about the CHAPS system as a whole, the more I am tending to believe that there is a genuine backlog. OK so there are 10s to 100s of people on here (including me) who have CHAPS payments from KE in limbo but KE has one hundred and sixty THOUSAND customers, a big proportion of whom tried to take money out 5/6/7/8 October as Icelandic banks got deeper into trouble.

When you read cases of house sales falling through and chains hitting trouble due to the odd failed CHAPS payment because there was a "backlog on that day", then you can believe that the volume of transactions generated on KE accounts could have a big impact on the process. I found some data on the internet that showed that total DAILY CHAPS volumes in 2004 were around 100,000 transactions per day, so let's assume that has grown to 120,000 per day in 2008.

Iceland's increasing troubles were well publicised and if even 30% of (160,000)customers tried to get their money out, that would be close on 50,000 attempted transactions in a 24/36 hour period, which is a significant volume compared with the usual "situation normal" volume of transactions. If EVERYONE tried to get their money out, then that would pretty much double the entire volume of CHAPS transactions in the system (and all originating at a single bank - KE) When I spoke to KE (after a long wait as we all know), they confirmed that 95% of the calls they were taking were related to missing payments. That's a LOT of calls as the switchboard has been jammed for days.

As far as money being "in limbo", this is not the case. Just because your KE account web interface, shows £xxK being transferred out, it does not mean that it has left the bank. It will be in a holding account until the outbound CHAPS is confirmed and the money wings its way to your nominated account. Until that transfer is confirmed it is still linked to your personal KE account and as such, is still "your" money with KE. Just because we can't see it on our KE accounts does not mean that it is not on the balance sheet of the bank- it is.

I'm waiting myself for a big lump of money but I am lucky enough not to need it in the short term. I have a lot of sympathy for people that need it now and are still waiting and if there was some way of prioritising payments to them then that should be done but I think that, practically, that would be hard to achieve.

Of course, the info on CHAPS I got from google could be wrong but it looks to me like the volumes generated by KE attempted withdrawals ARE significant and in all likelihood ING ARE simply working to clear it.

goodethernet

...here's the CHAPS info I was talking about. It's the blue graph for sterling CHAPS that I was referring to...

http://www.apacs.org.uk/resources_publications/chaps_facts_and_figures.html

goodethernet

Yep, I think all is cool. It's just a waiting game now....

PJL1

By the look of these postings I seem to have been extremely fortunate to get £30K out by CHAPS on the 7th. A lot of you seem to have lost transfers before that which makes me wonder whether they are done in any sort of time/date order.
As we've got over £50K stuck in Icesave (JOINT account) I'm only now realizing how lucky we've been. I really agonized over withdrawing the money anyway as I realized that if everyone was doing it it might precipitate the banks collapse given the dodgy state of Icelands finances. Having said that I was in the process of transferring our funds from Icesave to Kaupthing because of the British banking guarantee when this all kicked off! Our £30K is now in a very low interest Barclays account but we've got it !

MABLE

Today I just feel so frustrated and angry with KE. Whatever bank it is I will be very wary of anything they say and do. None are to be trusted.
Not a helpful post but I feel a better.

MABLE

oldmanof_the_sea wrote: »

Well, you are seriously right with the first part of one sentence. Come on cheer up, what happened to "being like the Americans and seeing a problem as a challenge".

Your're right of course. Just feeling sorry for myself today. I know I am going to take to the moors this pm as it is a beautifuly day.

behelzebub

LuKeNuKuM wrote: »

there's moor to life than money

im gonna hit the countryside too, fresh air bit of contact with REALITY never fails to make me feel better. enjoy.

Luke, get a shaver !

Chippy99

LuKeNuKuM wrote: »

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When Kaupthing Edge encountered difficulties, withdrawals were not able to be completed. ING Direct has now started to make payments and is in the process of clearing the backlog of pending transactions in the system.
ING Direct will be honouring all withdrawals and will continue to work to clear the backlog as quickly as we possibly can.

---

this statement was personally all i was waiting for (apart from my wonga!).

In "normal" times, I would be very relaxed as a result of that statement. However, god knows what shape ING will be in by (say) Wednesday. Banks are wobbling left right and centre and every day brings more woes.

I won't be completely relaxed until I have my money in a major UK bank. Fingers crossed it will show up Monday.