Kaupthing Edge CHAPS Transfer

zaphod_beeblebrox_2

brydlesmansteve

Quote

"Thats very insulting to the people in the contact centre who may be out of a job soon. They are doing all the can but it is very limited at the moment.

With everyone ringing and emailing them I am sure that they are not intentionally ignoring you!

Just be patient and show a little bit more respect! Monkeys?! Grow up! "



You should show more respect for nomorekids, this is the Lady that went on TV last week to fight our cause!!

MSE_Martin

Update 18.30 14 October

In case anyone hasnt seen the update yet from ING Direct, the following message has now been posted for ex-Kaupthing customers

PAYMENT UPDATE

We have been working hard to restore normal service for Kaupthing Edge customers and resolve the issues around delayed payments.

In addition to the payments already made, we are now able to confirm that all payments will arrive in their destination bank account by close of business Friday 17 October. There are a very small number of manual payment instructions which are still being processed and which will take slightly longer.

Once again we apologise for the inconvenience and distress this delay has caused. It has taken us longer to resolve the issues at Kaupthing Edge than we expected due to the significant disruption caused when the business was taken into administration. Understandably, customers have been asking for clarification on when this issue was going to be resolved, but this is the first time we have been in the position to give firm assurances.

Thank you for your patience and we can confirm that customers will not lose interest as a result of this delay.

Back to Martin's original post......

The Problems with Chaps

Hi folks, I've had a number of emails all asking what can be done on this...

First let me clip the information from the Safe Savings guide (which we are checking and updating three times a day, and is the prime place to check for updates on this

"Did you attempt to transfer cash out before it went bust?

A large number of MoneySavers are worried that savings they attempted to transfer from Kaupthing to other accounts before it went bust, either by BACS or CHAPS, now appears to be missing from both Kaupthing and the destination account.

We have spoken to both the FSCS and APACS, the payments organisation, and both are very confident this money will be repatriated to your Kaupthing (now ING Direct) accounts.

There is no final confirmation on why the money is currently floating about the ether, but first signs are that the CHAPS system itself is still working fine and the money is still residing with Kaupthing.

APACS also said that any charges for CHAPS transfers (usually around £20) are deducted from the money that is transferred, not actually charged on top as fees. Therefore when the money gets reunited with you, they would expect it to be the full amount."

I can more than understand peoples concern on this. Yet it is only a couple of working days since a forced bank takeover crossing countries. Kaupthing (ING) has specifically said it is working on the back log and both APACs and Kaupthing have said the money won't be lost.

Yet its perfectly plausible that this will unfortunately take a few more days. Many people have asked me to "put pressure on". I won't be doing that yet for two reasons, firstly in these strange times press pressure isn't the most effective thing and secondly I feel it is simply too early to do this and we need to give them a little time in this more than exceptional scenario to sort it out. By trying to push too early, I simply limit any impact we can have in the long run.

While it will be disconcerting, the most important thing to do is print out all records of your transfer (if there are any) and your statement details and hold on. It's important to remember the government brokered and sorted this deal to put savers cash in ING direct, so we must assume it did its due diligence and ING is a safe (as anywhere in current climates) place to have cash for the time being.

For those people who havent had their cash sorted by the beginning of next week, I (or MSE Dan) will happily speak to ING about this issue in more detail and see if there's any route we can set up to try and help sort things out more quickly.

Kind regards

Martin .

Celt08

genny wrote: »

I agree with others, we all have a lot of money missing, hundreds of us here and potentially tens of thousands with KE accounts not on this forum. One case isn't more important than another, they are all of equal importance, ranting and raving will get you nowhere, except disliked by others and by call centre staff.
This mess will get resolved, it could be a whole lot worse, all we are getting is rumour and counter rumour, I think until a week has passed giving ING sometime to sort out all of this, we really need to sit tight.

Yep we are all sitting tight ... we have no other choice... we should all have a party once this mess is sorted :beer:

welovedarling

It's OK to say that our money is guaranteed but is EVERYTHING guaranteed? That's what bothers me.

I (stupidly I know) like many others here had a large sum of cash in KE.

I'm extremely grateful to Mr Brown & Darling for passing KE to ING - it has hopefully saved my bacon.

I transfered out a very large sum (in excess of 50K) on Monday and this was actioned Tuesday. I like everyone else rang and was told it had been transferred out - this was a lie because a freeze was put on the accounts.

I THINK that the people who got paid on Friday (by CHAPS even if they requested BACS) were sitting in a transaction queue that KE had previously created but had been blocked from sending off.

I THINK that all that happenned on Friday was that someone let these transactions go through via CHAPS.

I THINK that ING have been giving a priority to calculating exactly how much money they have taken over - and that they have deliberately stopped any further transactions until they get the sum right.

I want my money transferred so that I can split it into 50K chunks and put it into several banks - same as quite a lot of others.

I just want to know that my TOTAL SUM (way in excess of 50K) is TOTALLY GUARANTEED. If that's the case then I'll relax and wait on the number crunchers doing their stuff then on the backlog clearing.

ING - if you're reading this please clarify - is all our money guaranteed irrespective of the amount?

As far as interest is concerned I will seek to get it back. I raised a complaint with the banking Ombudsman on Tuesday and I will not let ING get away with it. I have already said that I will give £1000 to one of the charities affected by the Iceland crash and my lost interest will go quite a way towards that.

If someone else in a similar position (waiting on more than 50K) and has been told that they are fine please let me - and others like us, know.

brydlesmansteve

zaphod_beeblebrox wrote: »

brydlesmansteve wrote: »

Thats very insulting to the people in the contact centre who may be out of a job soon. They are doing all the can but it is very limited at the moment.

With everyone ringing and emailing them I am sure that they are not intentionally ignoring you!

Just be patient and show a little bit more respect! Monkeys?! Grow up! /quote]

You should show more respect for nomorekids, this is the Lady that went on TV last week to fight our cause!!

Then she should know better!

I was one of those monkeys! - Does she not realise that the customer facing staff are not the decision makers of the organisation?!

fudgie1980_2

MSE_Martin wrote: »

The Problems with Chaps

Hi folks, I've had a number of emails all asking what can be done on this...

First let me clip the information from the {Safe Savings} guide (which we are checking and updating three times a day...

"Did you attempt to transfer cash out before it went bust?

A large number of MoneySavers are worried that savings they attempted to transfer from Kaupthing to other accounts before it went bust, either by BACS or CHAPS, now appears to be missing from both Kaupthing and the destination account.

We have spoken to both the FSCS and APACS, the payments organisation, and both are very confident this money will be repatriated to your Kaupthing (now ING Direct) accounts. There is no final confirmation on why the money is currently floating about the ether, but first signs are that the CHAPS system itself is still working fine and the money is still residing with Kaupthing.

APACS also said that any charges for CHAPS transfers (usually around £20) are deducted from the money that is transferred, not actually charged on top as fees. Therefore when the money gets reunited with you, they would expect it to be the full amount.</SPAN>"

I can more than understand peoples concern on this. Yet it is only a couple of working days since a forced bank takeover crossing countries. Kaupthing has specifically said it is working on the back log and both APACs and Kaupthing have said the money won't be lost.

Yet its perfectly plausible that this will unfortunately take a few more days. Many people have asked me to "put pressure on", the first thing to say is in these strange times press pressure isn't the most effective thing - and I also feel it is simply too early to do this.

While it may be disconcerting, the most important thing to do is print out all records of your transfer (if there are any) and your statement details and hold on.

If these aren't sorted by the beginning of next week, I will happily talk to ING and try and see if we can find a way to help out and push to get people money back to them by then

Kind regards

Martin .

The voice of reason as always! Thanks Martin.

Lasertek

genny wrote: »

I agree with others, we all have a lot of money missing, hundreds of us here and potentially tens of thousands with KE accounts not on this forum. One case isn't more important than another, they are all of equal importance, ranting and raving will get you nowhere, except disliked by others and by call centre staff.
This mess will get resolved, it could be a whole lot worse, all we are getting is rumour and counter rumour, I think until a week has passed giving ING sometime to sort out all of this, we really need to sit tight.

I agree also but I have been sitting tight and patient for over a week now. I have my substantial life savings with KE and Icesave, I rely on the capital and monthly interest to live. Now 'technically' I have nothing until KE (ING) transfer my funds instigated on the 5th Oct, and I receive forms from the FSCS to get my Icesave savings and Isa.
Once my money is in my linked current account I am investing in my Northern Rock account, regardless of current interest rates.

genny

I did mention a few days ago that it was likely the funds would appear back in the KE accounts, seems Martin agrees...

Spicey

Just spoken to Jack at ING.
He didnot know when I would get my money, me surprised....

I asked if I made a transfer of money from my KE account today, would it be processed today or join the list. I was told it would join the list.

Seems my money is not available to me, whatever.
I'm staying cool and really rather calm for me!

brydlesmansteve

LuKeNuKuM wrote: »

brydlesmansteve wrote: »

i don't think there's many people who don't like monkeys :-) i for one am a big fan.

I believe they were a popular beat combo of the mid 60s