Kaupthing Edge CHAPS Transfer

brionz

djrobe wrote: »

There has been a slow down of transactions today because they have been reviewing their procedure of last week in order to make it more automated and quicker. He said all transactions would be done in days not weeks.

Sounds like those of us who requested a BACS payment will get it paid via BACS (more automated) - so a few more days to wait . To be honest I was surprised that they were paying BACS requests on Friday using CHAPS as ING would have to foot the bill for those payments. I guess it was done to keep us happy (maybe not the right word) for the weekend.

ES10

You see now everyones coming up with their own theory...not really a subsitute for quality information straight from the horses mouth ... I still can't understand why the payments were stopped in the first place ...I thought that the 'A' in BACS and CHAPS stood for Automated .. my theory for what it's worth, is I don't think that they have a system of making the payments and that's why they can't tell us anything ... ( or is it alphabetical ????...hope not cos I'm in the S's)

phased

Disappointed that there has been no update from Martin since 6pm Thursday.
Not even reporting the favourable flow of money transfers from ING on Friday, nor the ING statements made since . . .
An informed rational statement at this time would be helpful ~ as was the case with the updates last Wednesday & Thursday.
The silence adds to my worries and I would feel happier if I knew that he was active alongside us. Evidence of this would make me sleep better. Is he contactable ?
:money:

poodlediva

If that is the case (as per CEO's comments) then why T.F. did they not tell us this morning that nothing was happening today to save us all anxiously checking our accounts every 10 minutes? Not good enough. Also, if they managed to clear nearly all the backlog up to Monday in just that one day (Friday) surely one more day of the same would have cleared the rest. I'm sorry but my faith is all but gone.

EalingSaver

goodethernet wrote: »

Things that you COULD NOT reasonably have expected to benefit from when KE went bust:
1. ING stepping in to take over the deposits
2. Getting any cover for lost deposits above 50k
3. A likely payment into your account within 14 days of KE going bust (assuming this is sorted within 14 days - just a guess)
4. Getting any interest from the point KE went bust.

So......those are all good things considering how it could have gone down

Exactly, though still not good for those who need access to their money for some reason.

I'll add one of my own to your list:

Six month term bond maturing on 9th Oct, showing as credited to my instant account with maturity interest on 10th Oct.

Fortunately as I don't need immediate access, the £7k BACS transfer that is still locked in the ether I'm relaxed about. Confident it will appear somewhere, and probably not too long now.

sweetfreedom

poodlediva wrote: »

If that is the case (as per CEO's comments) then why T.F. did they not tell us this morning that nothing was happening today to save us all anxiously checking our accounts every 10 minutes? Not good enough. Also, if they managed to clear nearly all the backlog up to Monday in just that one day (Friday) surely one more day of the same would have cleared the rest. I'm sorry but my faith is all but gone.

well said poodle
ING are dragging their feet now and are taking advantage of the situation.
the lack of communication is deafening
what are people supposed to do if they really need their money now?

djrobe

ES10 wrote: »

You see now everyones coming up with their own theory...not really a subsitute for quality information straight from the horses mouth ... I still can't understand why the payments were stopped in the first place ...I thought that the 'A' in BACS and CHAPS stood for Automated .. my theory for what it's worth, is I don't think that they have a system of making the payments and that's why they can't tell us anything ... ( or is it alphabetical ????...hope not cos I'm in the S's)

they are both automated! CHAPS same day and BACS 3 wkg days. They do need to process the files though and the clock starts ticking from when they are submitted. As CHAPS all need to be individually manually keyed thats why I think they will all be processed by BACS and they will refund CHAPS fees. The timescales have gone out of the window for all of us now. We are just concerned about receiving the money and I will breathe a hugh sigh of relief if it is this week sometime. We will have got out of jail!!

zaphod_beeblebrox_2

What part of this statement do you not understand ...

UPDATE: MONDAY 13TH OCTOBER 17:40

PAYMENT UPDATE

The ING Direct team are onsite working with both the Administrators and Kaupthing Edge, and our top priority remains addressing the backlog of payments as quickly as possible, whilst ensuring they are correctly processed.

ING Direct understands how concerned our new customers are and would like to reassure them once again that their money is safe, and we are working hard to return service to normal.

The good news is payments are continuing to be made, and we can also confirm that we will compensate for any loss of interest because of the delay. We are committed to keeping you fully up to date with our progress.

bigg

I can’t see anyone who has received money today. I wonder if any transactions have gone through since ING took over?

It can’t be that difficult. The infrastructure is already in place, to clear these transactions.

Come on ING, if you want us to bank with you, tell it, like it is, straight from the hip.

bigg

zaphod_beeblebrox wrote: »

What part of this statement do you not understand ...

UPDATE: MONDAY 13TH OCTOBER 17:40

PAYMENT UPDATE

The ING Direct team are onsite working with both the Administrators and Kaupthing Edge, and our top priority remains addressing the backlog of payments as quickly as possible, whilst ensuring they are correctly processed.

ING Direct understands how concerned our new customers are and would like to reassure them once again that their money is safe, and we are working hard to return service to normal.

The good news is payments are continuing to be made, and we can also confirm that we will compensate for any loss of interest because of the delay. We are committed to keeping you fully up to date with our progress.

The bit that says ‘The good news is payments are continuing to be made’. Which payments to who?

It’s just stock piffle, to keep the sheep happy, while they hang on to our spondulicks a bit longer.
If a few people reported here that their money is appearing, I would be a lot happier.