Kaupthing Edge CHAPS Transfer

fudgie1980_2

Onionman wrote: »

We just don't know, which is very worrying, another Ing cust service told me that I was lucky because KE weren't covered by the FSA, what rubbish!

Why has Martin Lewis been recommending KE for ages? Even when the Icelandic bank warnings came out in March he still continued.

Is is because of the click through commision he has made from us?
Who's laughing all the way to the bank now?

You're on the wrong thread, mate. Try the "Have a go at Martin" thread.

See ya.

Landyman64

hometune wrote: »

I was told yesterday by KE if I withdrew my money from my KE account today by CHAPS it would be added to the to do list and would take a considerable length of time to be transferred to my linked account!
Withdraw at your peril!

I have nothing left to withdraw, it's all still out there somewhere!!!

I was just making the point that it is very easy for somebody to get themselves into the same state that we are all in, (in my case, not a good one!!!). A note on the webpage after login could easily prevent them from this stress. At least if they didn't try to withdraw their money, it would remain visible to them in the account.

lindabloo

Just spoke to ING direct and the guy said there had been a hold-up, but they are now continuing to process payments. He said that they guarantee that all payments will definitely be honoured but couldn't give a time-scale. He said he doesn't think it will be months as mentioned in a previous post, but should be much sooner.

fredhaben

linnyk wrote: »

Many of the latest posts here and martin's message refer to transfers attempted prior to the takeover by ING. I transferred - or tried to - after the takeover on Tuesday afternoon and still have not received any money. Are others in this situation?

The takeover was effective as of 12.15 p.m. on Wednesday afternoon, not Tuesday.

I requested a CHAPS payment of £30K+ on Thursday (after the takeover, and largely because of the takeover) - and have seen nary a sign of it, nor of the smaller sum I'd tried to withdraw on Tuesday to pay a bill.

ontherun_2

lozzy73 wrote: »

I believe the real reason for the current apparent 'freeze' on payments being made on our behalf is due to the interbank borrowing rate still being too high. In order for KE/ING to honour our withdrawals, they need to borrow money to fund this. If you look at the current LIBOR rates these have in fact increased despite the injection of capital yesterday. Only when banks resume normal lending (which was what the injection of capital over the last week was meant to do) will we see any of our money. If share prices keep rising as they have done today, however, the economic mood may improve resulting in an eventual move back to normality. This is my theory. If it is correct, it perhaps does not seem ethical that we have to wait because the bank does not want to be faced with increased borrowing costs but it is probably sensible in the long run. After all, KE's borrowing costs increased by 400% and we don't want that happening again to any bank as we all lose out. Patience is a long lost virtue we all need to regain now, I guess.

I think some peoples imaginations are running riot now......This would be illagal at best I presume! ...I have an imaginative theory of my own that these accounts are frozen on the instruction of the treasury...haha!!

I think that we do need something concrete coming out of ING to explain what is actually stopping us from processing transaction from our new ING accounts in a reasonable timeframe to the normal perameters - All this backlog !!!!!!!! is obviously not washing anymmore!! ;-)

genny

linnyk wrote: »

Apologies if I am behind the curve here. I last logged in to the site last week and there seem to have been a lot of posts since then. Many of the latest posts here and martin's message refer to transfers attempted prior to the takeover by ING. I transferred - or tried to - after the takeover on Tuesday afternoon and still have not received any money. Are others in this situation?

No one has received their money as yet, read up a few pages for lots more detail. Hundreds of us here and thousands in general in the same situation....

tintin52

lindabloo wrote: »

Just spoke to ING direct and the guy said there had been a hold-up, but they are now continuing to process payments. He said that they guarantee that all payments will definitely be honoured but couldn't give a time-scale. He said he doesn't think it will be months as mentioned in a previous post, but should be much sooner.

Another definitive and reassuring piece of communication from ING. Beginning to understand the meaning of the phrase "double Dutch" now!

MABLE

nomorekids wrote: »

Are you listening Channel 4?

Do you fancy another visit to Channel 4? You were brilliant last time.

welovedarling

I'll try again.....is all our money in hyperspace guarenteed - even if its more than 50K?

lozzy73

There's nothing too imaginative in that theory, just simple economics. Money in = money out. ING don't have a pot of money sitting there for our payments, they borrow to lend and make a profit on the margins. They simply aren't going to pay through the nose to honour our withdrawals or it could cripple them as it did KE! We will be paid when the interbank lending rate falls and ING / KE borrows the money at a reasonable rate.