Kaupthing Edge CHAPS Transfer

brydlesmansteve

poodlediva wrote: »

Money is NOT flowing. There is no reason why chaps payments should not have continued on Saturday and Monday. I only read of a couple of people who received funds yesterday and these were BACS, not CHAPS and were sent last week. Nothing was released by CHAPS on Saturday or Monday and that is unacceptable unless they can offer a very good explanation, which they haven't.

I urge EVERYBODY to PLEASE go to www.writetothem.com This is a very easy way to write to your local MP. You enter your postcode and they find your MPs details for you and give you a simple form to fill. Let's put the pressure on here. (this site is a free service)

I have just sent this letter to Steve Pound, my local MP

Dear Stephen Pound,

I am one of the many thousand unfortunate savers who have money tied up in Kaupthing bank at the moment. Like thousands of others, I attempted to remove my life savings (£33.5k) from my kaupthing account by telegraphic transfer last Tuesday, just before they went into liquidation and the savings funds were passed over to ING. After the take over we were all told (eventually) that ING had our savings and that they were completely safe. However, many thousands of us have been contacting online forums as those who had made transfers shortly before the takeover had seen their online balances reduced to nil but the money never being transferred to the requested external account. There were several days of panic as chaps payments which should have arrived on the same day they were sent had just disappeared into the ether.

Eventually, ING made a statement promising to honour these withdrawals and promising to clear the backlog as soon as possible. Finally, on Friday people started to receive their funds. It seemed to work in chronological order. First of all people who had transferred on 3 October, then 4th, 5th and finally 6th October. By the close of business on Friday most people who had made transfers up to 6th October seemed to have received their lost funds. That left many thousand more, like myself who had made transfers on Tuesday 7th October or beyond. We assumed they were working in order and that payments would contuinue throughout Saturday and Monday. Had they continued to work at the rate payments were being issued on Friday of last week then all payments should have been through by now.

I was very disappointed to discover that no money was issued on Saturday 11th October, and then extremely alarmed to not receive my funds yesterday. Furthermore there are thousands more like me. If you visit one of the many online forums that have been set up by anxious savers you will see that there are thousands in my position whose money has literally become lost in the system. The official ING / Kaupthing line is that they are systematically working their way through the backlog. This is clearly not the case as no payments have been received by customers for nearly 4 days now. One thread on the moneysaving expert site has some 92,000 hits from anxious savers who have lost their funds.

I am completely devastated by this. My life savings have disappeared and nobody within ING can offer an explanation. The labour government offered a 50k guarantee on this account before the events of last week. This is the only reason I invested with this bank. I thought I was safe. I had no idea that my savings would be sold off to a third party without my consultation, resulting in them disappearing into the ether. Online calculations reveal that there are 10s of millions tied up in 'the ether' as I write and ING have simply stopped releasing funds. Equally alarming, they have also stopped releasing any accurate information and call centre staff have no idea why the funds are no longer being released. Presumably they are also earning a very nice sum of interest on this which we will never see as the funds do not appear in any of our accounts. I am desparate. Please please can you do all in your power to help me and the other savers who have lost their life savings.

I have just read your letter in full and I can honestly say its all rubbish!

KE was taken over without your consultation - This deal HAD to be done quickly to ensure that savers money was secure. Are you THAT nieve to think that you will be personally consulted over a take over?!

Also, NO ONE has lost their money. NOT ONE. Monies have not stopped being paid.

It is through irresponsible letters to MPs like this that get acted on and start/exasserbate fear in the market.

Since Icesave announced it went under £2bn was withdrawn from KE. How many INDIVIDUAL transactions do you think that is?!

You are not going to lose your money, you just have to wait a few more days.

brydlesmansteve

northern5 wrote: »

Well if KE have gone bust and ING are processing all the payments, what are they doing there... sounds like you've been fed more pork pie.

Checked mine and still no money!!

To all those who keep saying whats a few extra days, the FSCS would take months..... No one has asked when we're getting our icesave money, cause we've had communication, its the KE/ING silence thats !!!!ing us off!

The reason is Icesave are out of business and KE is in administration, believe it or not there is a difference.

We will get communication, try and keep calm about this.

Celt08

I havent heard of any money being paid since last Friday....

brydlesmansteve

Celt08 wrote: »

I havent heard of any money being paid since last Friday....

You wouldnt cos the weekend days are not bank working days.

Onionman_2

Just spoke to Ing Direct and they said that no interest will be lost.
But there is still no time scale on when the Chaps & Bacs will come through.

My Chaps was made Wed 10th Oct am.........nothing yet

Please post when your funds come through

Celt08

Monday is a working day, well it is for me anyway

brydlesmansteve

Celt08 wrote: »

Monday is a working day, well it is for me anyway

It is for me too.

brydlesmansteve

LuKeNuKuM wrote: »

mornin all,

who's for an virtual coffee? my shout.

Only if I can have a virtual bacon buttie

hellyboo_2

latte please!

brydlesmansteve

LuKeNuKuM's coffee run has been taken over by a rival coffee shop.

Dont worry though as they are guaranteeing all coffee's, however you will need to wait for it!

lol