Kaupthing Edge CHAPS Transfer

ChloeRadshaw

swils wrote: »

Not sure if this is the same product but i have a fixed term deposit which phoned KE and broke last thu 9 , rang KE this am and was told fixed deposits will NOT be paid tomorrow and no timescale for settlement yet

Has anyone actually been able to confirm where complaints should be addressed to?

This is now extremely worrying - I am seriously thinking of complaining to the FSA about this.

bigg

web_ferret wrote: »

Spoken to First Direct (HSBC) - nothing showing for me yet - Nice lady (as usual at FD) says that incoming funds can show up at any time of day so call back this afternoon.

Original transaction
CHAPS Tues 7th late evening so probably counts as Wed 8th

Same with me.

Some banks are saying that CHAPS don’t show up till the last minute and others are saying call back later today?

Can we ever believe anything they say?

web_ferret

bigg wrote: »

Same with me.

Some banks are saying that CHAPS don’t show up till the last minute and others are saying call back later today?

Can we ever believe anything they say?

I think the issue is that these transactions are not BACS or CHAPS but FREECHAPS as mentioned in an earlier post.
and when I googled freechaps:
Web


Your search - freechaps - did not match any documents.
Suggestions:

• Make sure all words are spelled correctly.
• Try different keywords.
• Try more general keywords.

goodethernet

bigg wrote: »

Same with me.

Some banks are saying that CHAPS don’t show up till the last minute and others are saying call back later today?

Can we ever believe anything they say?

CHAPS can show up ANYTIME during the day, not just at the end.

I'd be a bit concerned if I'd made a BACS and there was nothing showing but I guess there could be some other reason why it's not there yet.

catbaloo

brionz wrote: »

Not so I'm afraid. I requested a BACS transfer on 7th Oct (evening) and have been told by my bank that there is nothing in pipeline.

Same here!!

bigg

FreeCHAPS:

For women and gay men?

Someone had to say it. I’ll get my coat. :wave:

MABLE

Well went to two Lloydstsb branches today and they both confirm they are not able to see any bacs payments until the hit the account.

MadBill

Although my on "in limbo" transfer was finalised last Friday (10th), I'm still interested in what's been going on, and I found the following...

Deposits from Kaupthing Edge were transferred to ING Direct by the Treasury after the Financial Services Authority said the Icelandic-bank could not meet its obligations to savers. The transfer was backed by cash from the Financial Services Compensation Scheme and the Treasury.

I had wondered about all the statements referring to the fact that "cash had not left KE" - and the assumption I made was that it was still there. It rather looks as if, yes, the cash had not left KE, but that was because there was effectively NO CASH left there anyway. I know the delay is painful, but if the above is correct, then it appears that the FSCS *and* the Treasury stepped in. The delay, distressing as it is, would seem to me to be much, much less than it would have been had it gone the other way and the FSCS had to individually contact every saver by snail-mail, with lots of forms to fill in etc etc....

The one thing gov.uk does not want is for the whole system (and individual savers) to lose REAL cash. They are quite happy to lose (somehow) the crazy debt mountain and also to let investors (stock market - past performance is no guide to future returns, etc...) suffer. Folks with savings (real cash) *will surely* be reimbursed, otherwise it would be anarchy on the streets.

Just a thought (I know it doesn't help a lot)

poodlediva

Sadly my bank have confirmed that there is nothing on the way for me either :-(

I am hoping that those that have BACS in the pipeline originally asked for BACS ans us CHAPSters are not the 'manual' transactions that will take longer. That would be absurd.

webwalker

While I'm happy that some good news is starting to emerge it also places me in a quandry. Is now the best time to sell my worry bead shares?