Kaupthing Edge CHAPS Transfer

EalingSaver

Blonde wrote: »

...but it gives me no option to cancel & transfer my money in to the standard linked account then in turn i could bacs or chaps it to my everyday normal current account, it looks like ING have there own compensation scheme which covers an amount of £77,000 so i dont know if the uk come in to it now

Blonde, why would you want to do this right now? I'm starting from the point that since you had it in a term you don't actually need access to the money - that of course is an assumption. But if that is the case, why not wait for things to settle then take a considered opinion of whether you want to leave it in the term (I would be very surprised if ING don't both let the term investments run to maturity and honour the current rates on existing KE term deposits; in fact they may well have a legal obligation to do so, though who knows).

If it's because you're worried about having it with ING and the dutch compensation system. I understand, but look at it another way. If anything really did go t***s up, and the dutch didn't honour, what position does that leave the UK government in? They decided to move KEs depositers to ING rather than invoke the FSCS (though strictly they may have done both, but not in a way investors got their money out).

Could they really sit there later and wash their hands of it?

mrfixit1

mrfixit1 wrote: »

Folks,

I'm a new poster here, but a long time lurker.
Firstly, thanks to everyone for the community support - esp those folks who went on TV last week.

Today, just in the last hour I received the proceeds of my BACS transfer that I initiated at approx 1.00 pm on Friday 3rd Oct. The amount was £1000. I cannot tell you whether it arrived in my destination account as a BACS or CHAPS. It certainly set off on it's (long!) journey as a BACS.

I still have an outstanding CHAPS from 11.00am on Tues 7th for ~£33,000 - nothing showing for this yet.

Cheers all.

Folks, mrfixit1 here again.

I have received (what started out as) a BACS transfer into my account today. Amount = £1000. Initiated Fri 3/10.

I'm certainly not defending KE/ING since I think a simple, accurate statement and a bit more evidence of the same would certainly help, but I can at least report 1 successful BACS delivery today.
I still don't have my £33000 via CHAPS from Tues 7/10 though, so my anger still simmers, but I just wanted to remind people that the trickle still seems to be running...

Cheers

musehead

I broke my fixed rate bond today because I need the money (now that my liquid money in icesave is frozen). I suspect it will take at least a week to be transferred to my savings account - but hopefully by then the payments will be back to normal.

EalingSaver

Blonde wrote: »

Can anyone advise why everyone is moving there money out of ING/Kaupthing is it because its not covered by the UK compensation scheme.

I would be suprised if the treasury would let ING take over if they were not sound i feel as im being scaredmungered in to moving the money from ING/Kaup

Only just read this - read your later first.

They aren't - well, some have/are, but if you're referring to all the missing BACS/CHAPS stuff the answer is they are not.

this is referring to transfers that were initiated shortly before (or during/after but 'before the public was told') that have ended up showing as debited from KE accounts but not arrived at their linked accounts.

Which is not surprising since the systems shut up shop.

You can either view them as transactions that are stuck in the ether, or transactions that never actually got processed out of KEs system at all, or did get transacted out but the receiving banks had to 'not process/reject' since by the time they got to action the bank was formally 'up s**t creek'.

pickle123

EalingSaver wrote: »

Blonde, why would you want to do this right now? I'm starting from the point that since you had it in a term you don't actually need access to the money - that of course is an assumption. But if that is the case, why not wait for things to settle then take a considered opinion of whether you want to leave it in the term (I would be very surprised if ING don't both let the term investments run to maturity and honour the current rates on existing KE term deposits; in fact they may well have a legal obligation to do so, though who knows).

If it's because you're worried about having it with ING and the dutch compensation system. I understand, but look at it another way. If anything really did go t***s up, and the dutch didn't honour, what position does that leave the UK government in? They decided to move KEs depositers to ING rather than invoke the FSCS (though strictly they may have done both, but not in a way investors got their money out).

Could they really sit there later and wash their hands of it?

I work in a establishment where is break term deposit accounts regulary. When the Bank of Scotland (HBOS) ran into trouble they stopped all early encashments of term deposit accounts and they can read the small print

Blonde

EalingSaver wrote: »

Blonde, why would you want to do this right now? I'm starting from the point that since you had it in a term you don't actually need access to the money - that of course is an assumption. But if that is the case, why not wait for things to settle then take a considered opinion of whether you want to leave it in the term (I would be very surprised if ING don't both let the term investments run to maturity and honour the current rates on existing KE term deposits; in fact they may well have a legal obligation to do so, though who knows).

If it's because you're worried about having it with ING and the dutch compensation system. I understand, but look at it another way. If anything really did go t***s up, and the dutch didn't honour, what position does that leave the UK government in? They decided to move KEs depositers to ING rather than invoke the FSCS (though strictly they may have done both, but not in a way investors got their money out).

I know what your saying and thats why i havent moved it, thats not what the banks need eveyone withdrawing money like what happend with the rock im just worried like everyone thats all

Locoblade

To those those who are struggling to understand why this might be difficult and time consuming for ING, what I'll bet is that you guys don't work in IT?!

As I mentioned several pages back, its almost certain that Kaupthing's database / back end applications that control the business (customer info, account info, automated transactions etc) will not be compatible with INGs system, and KE's existing system will be designed to function on Kaupthing's banking system (which no longer exists), so they probably can't use KE's existing system and they don't yet have the information in the ING system so can't use that normally either. In order to get KEs customers and all their transactions into INGs system, there's only really one of two ways, either do it manually, or spend some time developing a reliable way of porting all that information into the target system.

Given how quickly they need to turn this around, I very much doubt the latter is a short term option, which leaves the manual input method. It may only be people printing out lists of pending transactions then putting them into INGs computer system so the payment is then processed automatically, but its going to be a process very out of the ordinary for ING staff, and given the amounts of money involved and the need for accuracy, its not something you can give to anyone who walks into the office to undertake, at least without some training and some procedures in place to ensure mistakes are minimised and picked up when they do happen.

This doesn't account for the lack of reliable, non-conflicting information I agree, but given the probable computer system issues I've mentioned, its hardly suprising that ING call centre staff don't have all this information in front of them on their terminals to answer precisely whats happening with an individual's money.

bigg

Blonde wrote: »

I can see my money in my fixed term deposit Acc which is situated below the standard linked savings account but it gives me no option to cancel & transfer my money in to the standard linked account then in turn i could bacs or chaps it to my everyday normal current account, it looks like ING have there own compensation scheme which covers an amount of £77,000 so i dont know if the uk come in to it now

That’s good news to know you can see your money, I wish I could see mine. Do some printouts of your statement, just in case you need proof, at a later date, belt and braces. The bottom line is that you are covered by the FSCS. It seems people are happier if they can see their money and have not tried transferring it, just to disappear into thin air.

The UK is not covered by the 100,000 euros compensation scheme but your money in ING is now covered by it.

Although I am annoyed that were are not being informed, 95% of me believes we will receive our money, eventually.

bigg

Locoblade wrote: »

To those those who are struggling to understand why this might be difficult and time consuming for ING, what I'll bet is that you guys don't work in IT?!

As I mentioned several pages back, its almost certain that Kaupthing's database / back end applications that control the business (customer info, account info, automated transactions etc) will not be compatible with INGs system, and KE's existing system will be designed to function on Kaupthing's banking system (which no longer exists), so they probably can't use KE's existing system and they don't yet have the information in the ING system so can't use that normally either. In order to get KEs customers and all their transactions into INGs system, there's only really one of two ways, either do it manually, or spend some time developing a reliable way of porting all that information into the target system.

Given how quickly they need to turn this around, I very much doubt the latter is a short term option, which leaves the manual input method. It may only be people printing out lists of pending transactions then putting them into INGs computer system so the payment is then processed automatically, but its going to be a process very out of the ordinary for ING staff, and given the amounts of money involved and the need for accuracy, its not something you can give to anyone who walks into the office to undertake, at least without some training and some procedures in place to ensure mistakes are minimised and picked up when they do happen.

This doesn't account for the lack of reliable, non-conflicting information I agree, but given the probable computer system issues I've mentioned, its hardly suprising that ING call centre staff don't have all this information in front of them on their terminals to answer precisely whats happening with an individual's money.

All I need to see, is a trickle of transfers getting through, to keep me happy.

Locoblade

bigg wrote: »

All I need to see, is a trickle of transfers getting through, to keep me happy.

Yep I can completely understand, following on from Friday's positive actions, I was most suprised that nothing at all seemed to happen today.