Kaupthing Edge CHAPS Transfer

esperluette

lloyds tsb says today thursday 9yham no sign of CHAPS made on wednesday 8th 0800 am yet so nothing will come in tomorrow friday 10th either; it will be sometime next week i think.does anyone know if under normal circumstances CHAPS works at weekends?

AndyD777

debbie42 wrote: »

It's all up in the air, from what I'm reading. I made a CHAPS transfer tuesday am from KE and no sign of it yet into my linked account.

ok many thanks.

mjmal51 - Thank you for the useful info.

Andy

blizeH

Is there a chance that ING could be completely ****ed by taking over Kaupthing and everyone withdrawing their money?

genny

esperluette wrote: »

lloyds tsb says today thursday 9yham no sign of CHAPS made on wednesday 8th 0800 am yet so nothing will come in tomorrow friday 10th either; it will be sometime next week i think.does anyone know if under normal circumstances CHAPS works at weekends?

Why do you say that nothing will come in on Friday? If KE are saying there is a backlog but everything is being processed, it doesn't mean it won't get them before the weekend, it might, but it might not. Guess we'll all have to sit tight.

behelzebub

As ING have bought KE ‘lock, stock and barrel’ its possible they’ll just cancel/reverse the chaps/bacs requests, post a positive statement and allow us to take a deep breathe and decide what to do next

Major_Clanger_2

We requested a BACS transfer last Sunday from Kaupthing-Edge which still hasn't appeared in our linked account (although it showed as "cleared" with KE on the 6th. Having finally got through to Customer Services this morning the (somewhat harassed) person I spoke to said that all transactions had been enacted - but due to the volume of requests there was a "backlog" and they were unsure as to how soon my money would appear...

Bit confused about this "backlog" - I thought the "A" in BACS stood for "Automated".....but wasn't going to tackle Customer Service on this - they can only give the company line after all....

esperluette

I have contacted CHAPS
https://www.apacs.org.uk/media_centre/contact_prteam.html

Mark J Bowerman
PR Manager
Tel: +44 (0) 20 7711 6251
Mobile: +44 (0) 7799 627 256

and asked to put something on their website about delays. he wasnt aware of any backlog and thought the accounts had been frozen. I told him the KE website message from the ING CEO says to operate the accounts as normal.
ING and KE may be using CHAPS delays as an excuse but if the accounts are frozen then they should say so! and reinstate the amounts we tried to transfer out!

mark49152

I just got through to KE customer service.

I paid out a large sum via CHAPS at around 1pm on Tuesday using the KE website. My KE balance dropped immediately to zero and the money has not yet shown up in my current account.

The KE representative told me that the process for making a CHAPS transfer is that Kaupthing Singer Friedlander (KSF) withdraw the funds from the account and manage the transaction with NatWest, who are their clearing bank. The clearing bank then complete the transfer to the destination bank.

(Note: I'm not 100% sure that CHAPS does go via a clearing bank, I thought the point of CHAPS was to bypass that - possibly he was describing BACS, but either way I assume KSF handle the transaction).

The guy said that most probably if my balance is showing as zero, the funds have gone at least as far as KSF. There have been delays throughout the system, but my destination bank is NatWest so I would not expect the clearing step to incur a delay. Therefore my best guess is that KSF have not yet transferred the funds to NatWest. Unlike KE, KSF are now in the hands of the administrators and are NOT being operated as normal. If that is where the funds are stuck, whether and when the transaction will get completed depends on what the adminstrators decide to do and when they do it.

He could not confirm anything regarding whether the FSCS applies to funds in transfer, and wouldn't speculate on how these transactions might be handled by KSF's administrators. I have read elsewhere that KSF (not just KE) does subscribe to the FSCS scheme.

The KE website is now under the control of ING and is unlikely to carry any future notices regarding KSF. He could not provide a contact number for KSF's administrators. If they do contact people directly, that will take some time. In the meantime the easiest source of information would be reports on the forums.

Finally, he stressed that these are unprecedented events and he couldn't be certain about any of the things he commented on (likewise nor can I, since I'm not a banking expert - I'm just relaying what I noted down).

behelzebub

"I thought the "A" in BACS stood for "Automated" "

As stated earlier in this thread, It is but it has to be check/authorised by the HO first

203ivy

Hi all - as with the rest of you am worried about my savings in Kaupthing - only realised yesterday somthing was happening and did a transfer of my savings back into my RBS account - my Kaupthing account now shows a balance of zero but the transfer has not yet reached my bank!!! can anyone reasure me that I have not lost my savings "in Transit" my transfer was done via BACs not CHAPS as i did not realise things would progress this fast