Kaupthing Edge CHAPS Transfer

boknows

I concede that I am ignorant of the world of banking and transfers, and whilst I am almost certain that this post is going to be met with disdain, I will make it anyway:

If ING was making chaps payments on Friday (which I think we all concede that it was). Chaps, by its very nature, ar "same day", hence why they were received (by some) on Friday.

The problem is now that the transfers appear to have stopped (or at least dried up significantly). We have reached this conclusion because no transfers were made yesterday (at least not to any contributors to this thread).

My point/question is this: if yesterday ING had devoted their time to processing BACS transfers, these transfers would not arrive until Wednesday at the earliest? (because Bacs tends to take up to 4 working days).

(I appreciate many of you will say that ING should have cleared the Chaps backlog first but given the time delay perhaps tackling some bacs transfers is fair)

Many of you will say "if that is what they are doing why don't they just tell us?” I agree. It is wrist slittingly annoying that we have not heard.

Yes it is annoying that the customer services team appear to either know very little or are giving (given?) conflicting information. But, how many times (in better economic times even) have you encountered a utility company, an insurance company, a bank(?) that has given you first class, well-informed customer service each time you have requested it? I would suggest very little (that is not meant as a cynical statement just a statement of fact/experience).

ING will be no different. I appreciate that, given that the sums/livelihoods at stake the lack of information is even more astounding/disheartening but nevertheless the fact remains ING have just taken over 300,000 customers and some £4 billion of deposits in systems and accounts of which they had little or no knowledge of just 6 days ago. Not to mention the existing ING customers.

At present we have a promise of payment and a “guarantee” that our money is safe. The speculation and reports of fruitless phone calls do nothing but fuel the fear and anxiety.

I made a payment on Monday (processed Tues) and it hasn't been received. That is 8 days. If payments do not start being reported on this thread by Thurs am then I will worry, but at present we need, as ever, to stop panicking. The interest is secure (to those of you to whom that is a concern) and the capital sum will reach you.

In the event that any one of us lost £1 out of this I think we, as a group, are united enough to raise all kinds of hell to get that person their money back but unless that happens bear in mind the following:

1. No one has “lost” their money.
2. People have received their money (albeit on Friday) thus proving that ING are beginning to get to grips with the systems and
3. ING have specifically stated that interest will be covered.

Best wishes to you all.

Ivana_B_Rich

Still waiting :mad: :mad: :mad:

I thought ING would want to impress their new customers. I don't see many impressed people here

goodethernet

jillyc wrote: »

Just had a chat with Rachel (ING Customer Relations), she admitted that payments hadn't been made to people yesterday but did not know why... apparently even she cant get to speak to the processing team...
She was very sympathetic and vowed to look into why the transfers had ceased and when they will start again. She will call me back today with news - will post something on if that happens...
I have lost out on buying a property I’ve been saving for in an auction yesterday because of this. It's too much now and is really affecting my happiness and family’s future. I am very upset!

I feel for you. But look on the bright side: The next house you go for will be better than the one you just missed out on AND cheaper :-)

zaphod_beeblebrox_2

boknows, agree with your post, the issue is that nobody knows whats happening (why bacs converted to chaps and paid on Friday but not Mon/Tues)

hometune

UPDATE: TUESDAY 14TH OCTOBER


PAYMENT UPDATE
ING Direct is continuing to work through the backlog of payments and can also confirm that customers will not lose interest because of this delay.
FIXED TERM PRODUCTS UPDATE
Those customers with deposits in a Fixed Term Savings product can be assured that these rates will be honoured by ING Direct.
We are fully committed to returning services to normal as quickly as possible and we will continue to keep you updated, via this page, on further progress.

nomorekids

I am still waiting for my CHAPS yes CHAPS transfer requested Tuesday and how upset am I that some people got their CHAPS transfers Tuesday on Friday.

I have put in four call back requests now and logged up over 3 hours hanging on the phone to talk to monkeys basically reciting the same "we are doing all we can"

I would have thought ING would be trying to keep us. I even offered to allow them to reverse the CHAPS request as I just wanted to see a non zero balance but no one is doing anything.

Not ringing me back, not transferring money, just sweet FA.

goodethernet

miserable_ol_so_n_so wrote: »

ING are in default, not having settled transfers out in good time.

Yes we should do something along this line. The best way is to publicise the fact that ING are in default. Perhaps other ING customers will then realise this bank is defaulting. If that starts a run on ING, then so be it. ING have brought it upon themselves. No bank can survive a run as they never have enough money to pay everyone at the same time. The Dutch authorities will then have to look into the matter. It will also send a signal to any other ING customers what sort of bank ING really is.

Total nonsense. ING are not in default. This thread is getting silly.

genny

zaphod_beeblebrox wrote: »

They are only taking questions DURING the program !!

No you haven't read it properly:


You can send us an e-mail with your question for the panel right now using the form below.
You will also be able to use this form to send in a question or make a comment during the live programme between 8-9pm on Thursday 16 October.

So you can email them RIGHT NOW, not just during the programme.

Panorama: http://news.bbc.co.uk/1/hi/programmes/panorama/7667716.stm

Gwhiz

goodethernet wrote: »

Total nonsense. ING are not in default. This thread is getting silly.

Agreed! There are a lot of hysterical people on here who need to take some serious chill pills.

Locoblade

miserable_ol_so_n_so wrote: »

ING are in default, not having settled transfers out in good time.

Yes we should do something along this line. The best way is to publicise the fact that ING are in default. Perhaps other ING customers will then realise this bank is defaulting. If that starts a run on ING, then so be it. ING have brought it upon themselves. No bank can survive a run as they never have enough money to pay everyone at the same time. The Dutch authorities will then have to look into the matter. It will also send a signal to any other ING customers what sort of bank ING really is.

Do you honestly believe a run on ING followed by it's collapse then waiting for the Dutch authorities to compensate you will mean you get your money back faster?

Some people really do want to bite their own nose off to spite their face :doh: