Kaupthing Edge CHAPS Transfer

Chippy99

<I have removed my post because on balance I feel it was not very helpful>

kasbridge

Snakebite,
The problem (I think) is that none of us know where our money is - still with KE in a pending file or sitting with KSF.

If it's KE we are with ING if it's KSF we are in administration and looking at teh FSCS scheme whose staff do not seem to know whether monies in transit are covered.....
k.

tintin52

mjmal51 wrote: »

"The official line is that all money has left Kaupthing when requested, it will not bounce back as it did with Icesave. The money is with the Chaps clearing bank which is inundated with requests and they are working through the backlog."

I think above explanation is plausible because I doubt very much that KE themselves were "direct" members of CHAPS. Having said that, I suspect KE were and probably still are responsible for some of these processing delays.

Some of you may find pages 3-7 on this link helpful as it explains CHAPS system and also gives some examples of how things can go wrong:
http://www.financial-ombudsman.org.uk/publications/ombudsman-news/42/42.pdf

As I mentioned in my earlier post, I don't believe a transaction showing as "actioned" on a KE account is the same as the tranaction having been processed into the bank clearing system - because for the smaller operations the latter seems to involve a manual process.

thinker_2

For info:

A CHAPS request for closure of a KE account (which now shows zero balance) was made Tusday morning. Money isn't in target bank yet. After several phone calls and endless holding on yesterday and this morning to the KE numbers (ending 33 and 34), to my bank, and to ING Direct, only reassurances have been given form KE that the money will appear at some unspecified future date in target account - delay due to high volumes (a change from the earlier claim of a technical hitch at clearing bank NatWest). In fact ING and own bank say they are unable to help at all.

Haven't tried NatWest yet - has anyone else?

dksmile

mmmm, I did a CHAPS on Tues as well, never recieved it, I logged on again today and the balance was still there, I tried to do another CHAPS this morning and have given it over an hour, when i go back to the KE website the balance has still not cleared.
to me it looks like they have frozen the account :-(
Kam

UnhappyHarry

Just spoke to Addy at APACS, and their understanding is that the money was removed from individual accounts, but not actually put into the transfer system. It's believed that it now sits in a KE holding account, which is now under the control of ING. They think that the money will probably bounce back to the original accounts.

The good news? She's pretty positive that the monies are still guaranteed.

The bad news? They reckon that it will take at least 2 weeks for the money to re-appear.

According to Addy, the best source of information is Treasury announcements on the BBC website.

formulaonefan

Updated List (09:54 - 9th October):

I'm putting together a list of ppl in this forum

Who did a BACS/CHAPS transfer and money is out of KE and still not showing in Current Account:

Me
Locoblade
Pyewacket338
doctorscooby
tellustuff
Briskly
oldagetraveller
Foggy
pixiep
Chippy99
Ivinda
Behelzebub
briona
steveky
Bigwedgie
moneychump
UnhappyHarry
Charles1968
jcb_digger
t-rev
clue
heliman
mobfant
kasbridge
chairman miaow
trulyscrumptious
muddledofmiddlesex
nine tails
concisethinker
benjdr
mjmal51
chippy99
petal
10_66
cshowell
r4chy
loveabargin
roberta1
kasbridge
rhinestonemaiden
pmorrison
ianrobgill
ashpatel82
altocumulus
sebtomato
sph1971sph
jbanks
westcoast
coolio
tabsy
mmistry
landyman64
rugbygary
moneyloser
ricksterSB
darren72
keith
jogto
drob4
doctorscooby
trevs707
vectra
mumoftwoandapig
oridley
leosayer
gpender
johnpoleman
thefirs
esperluette
terrysdelight
vortexsteve
yowza
johno77
alm721
pandora205
tipsychick
zippygeorgeandben
pickle123
227 BHA
dealmad
kaylor
kara_p_uk
elbe
northern5
somerset
bisoy
mssloan
toshii
little miss late
tintin52
nigelinthai
caudle
edgeyboy
cordelia0507
mjmal51
smithquintus
brindles01
In a state
pompompo
miserable_ol_so_n_so
euroaccountpls
genny
jean28mo
Vancat
AndyD777
debbie42
narrowboat
blizeh
Major Clanger
mark49152
203ivy
waltd
snakebite
TypeR
dksmile
azucena
sunflowerseeds
jrs101
brydlesmansteve
cucadas

I'm confident our money is safe. Let us wait and see what happens.

azucena

I made a BACS transfer on Sunday 5 Oct. It still has not reached my bank (Thurs 9 Oct). I managed finally to get through to Kaupthing Edge by phone. They admitted that they have no idea where the money is. Please add me to the list. Has there been any mention of this problem on TV news?

Andrew64

Snakebite wrote: »

Also, not sure if this is the right forum but did anyone read the ING information on the KE website? It seems to suggest we are covered under the Dutch Compensation scheme up to £77,000. It didnt say anything about being covered under the UK scheme now!?

ING Direct is only under the Dutch scheme. The FSCS is not invloved at all.

formulaonefan

KIND REQUEST TO EVERYONE! Please do not speculate or make assumptions for now. We all have been very patient and calm throughout this tough times. It looks very clear! ING took over KE savings account. We all will wait until end of play monday and then see what happens. Don't speculate please. I'm extremely positive we all will be ok.