Kaupthing Edge CHAPS Transfer

tintin52

yowza wrote: »

I know this is not the place for politics ... but since there's a captive audience some may be interested in this alternative view of what happened when Alastair Darling first spoke to his Icelandic counterpart Mr Arni Mathiesenthing.

http://my.telegraph.co.uk/tsiglaugsson/blog/2008/10/15/a_smelly_brown_object_and_the_little_little_darling

(I didn't write it, I only read it.)

I have no idea what was said in a private conversation but remember that the Icelandic PM made it very clear in TV interview that the change in legislation regarding prioritisation was for domestic depositors only. No fan of Brown or Darling but thinks some rewriting of history is going on here!

More importantly, however, only one day to go until money arrives - allegedly with interest!

chairman_miaow

mondriver wrote: »

Oh no....have you guys seen this.....


I think we are all !!!!!!ed after all:


UPDATE: WEDNESDAY 15TH OCTOBER, 20.00PM


PAYMENT UPDATE
We have been working hard to restore normal service for Kaupthing Edge customers and resolve the issues around delayed payments.
We've now come to the conclusion that instead of paying outstanding payments to our customers by Friday of this week, we are instead going to go to Spearmint Rhino on Thursday night and blow the whole lot on the finest your gals we can find.
Keep checking your linked accounts. We will be at the pub.

Ha ha...brilliant....I read the first bit and thought "oh !!!!!! , what now ?!"

Roll on Friday....

yowza

I've been checking out the origin of thing. It has its roots in both Old English and Icelandic when it meant the same thing. It first meant a political or religious assembly, or a place of commerce. Later it became an event, a deed, a being or an object.

So I guess when they discuss the financial crisis in the Iceland parliament it becomes the 'thing thing thing'.

Thought you'd like to know that!

MSE_Martin

ADVANCE WARNING!

This thread is going to be closed soon.

Not to curtail discussion but as it has got so long its getting slow to open for many people (and the servers)

Normally I would just close it and start and link to a new thread for things to carry on. Yet in the circumstances I know people are sensitiveso wanted to warn in advance this will happen in a day or so...

Martin

sweetfreedom

MSE_Martin wrote: »

ADVANCE WARNING!

This thread is going to be closed soon.

Not to curtail discussion but as it has got so long its getting slow to open for many people (and the servers)

Normally I would just close it and start and link to a new thread for things to carry on. Yet in the circumstances I know people are sensitiveso wanted to warn in advance this will happen in a day or so...

Martin

I can understand that...but best see what friday brings though?

10_66

Oh Great, I've just tried to log on to my Cahoot account (where my Kaupthing funds are to be transferrred) and their sites down, and has been since Tuesday evening!! People have made enquires about it, and guess what, there is no explanation for it!! So now, I won't know if the damn money will arrive there or not, and if it does, I still won't be able to access it!! I can see another extensive thread coming on!!

goodethernet

MSE_Martin wrote: »

ADVANCE WARNING!

This thread is going to be closed soon.

Not to curtail discussion but as it has got so long its getting slow to open for many people (and the servers)

Normally I would just close it and start and link to a new thread for things to carry on. Yet in the circumstances I know people are sensitiveso wanted to warn in advance this will happen in a day or so...

Martin

Would it be possible just to delete the first 100 pages and carry on?

goodethernet

miserable_ol_so_n_so wrote: »

If you wrote a cheque, had money in your account to cover it, paid it to someone, who deposited it into their account, but your bank did not pay out the money, then your bank is in default. This takes 5 days. Similarly, in my case, I instructed Kaupthing to pay into my linked account, by CHAPS, they acknowledged the instruction, but have failed to carry it out. The rest is history. FSCS is our first port of call. We have been patient, and gone along for nearly 2 weeks. Friday will be my limit.
I dont care whether FSCS does or does not declare ING in default. They have already declared Kaupthing in default, and I had an account there. I have not signed any documents to open an account at ING either. My contract was with Kaupthing Edge, which the FSCS has declared to be in default. If FSCS chose to pass on the Kaupthing bank to some other bank, ING in this case, it does not give the new bank the right to ride roughshod over customers rights. ING will I am sure want to carry out its responsibilities, but in case it does not do so by their deadline of Friday, some of us will have no alternative except to make our plight public. ING should have the necessary resources to honour a few hundred transfers. Each one of us could fax them our transfer out instructions as acknowledged by Kaupthing.

A couple of points:

1. The FSCS declared Kaupthing Singer and Friedlander in default and the government has transferred the KE accounts to ING to sort out. There is NO process currently available for claiming against Kaupthing Edge via the FSCS.

2. Are you saying that, if it gets to Friday and ING haven't paid you, then you will ask them not to and will try to claim via the FSCS and the Dutch compensation scheme? As with your 10% Isle of Man Interest plan. Good luck with that.

3. Have you actually read your contract with Kaupthing Edge? I certainly haven't but you can be sure there are some clauses in there that allow them NOT to pay you for a certain period of time and also to pass the deposits on to a third party under certain circumstances plus something about force majeure and blah blah blah. Trying to extract your money through the use of your "contract" with KE would take months and cost a fortune.

4. Our plight ALREADY IS PUBLIC. This is the internet.

5. Do you really believe that ING is dealing with "a few hundred" transfers here? More like 10s of THOUSANDS. If it had only been a few hundred, KE would not have got into trouble (so soon anyway) and we'd all have been paid.

I wish you luck with your Friday evening crusade against the might of ING and the likely administrative quagmire of the the FSCS but the smart money says you can leave your shield and your sword in the cupboard under the stairs as we'll all have been paid by then.

Stormy

This bothers me:

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.

I wonder how small this number is?

goodethernet

I would guess at hundreds. I think they relate to people who tried to take the same money out twice during the frantic scramble on 5/6/7/8 October. Some people called in to make a payment, saw nothing had happened and repeated it via the web site. I think that was the story...