Kaupthing Edge CHAPS Transfer

EalingSaver

My bank just confirmed they can see £7000 credit to hit my account tomorrow, (BACS). Still missing a separate £500 transaction done a day earlier though, but fully expect it will arrive.

That's one issue now ticked off. Now back to Icesave.....

bigg

cissybay wrote: »

I just wanted to say what a resource this thread has been to me - not just in advice but in sanity. Although I've not posted before (shy like that) THANK YOU (including Luke;)) to all to have shared and joked and made me feel soooo much better about 'losing' my money in the ether. I'm currently watching my current account sink to single figures (all my other savings in icesave ISAs - yes I know, big mistake, won't be making it again:eek:) and I have a big DD coming out on Monday so I really am hoping its sorted by tomorrow! As others have said, it's not easy to talk to other people about this sort of thing so many many thanks.:A

Hopefully this will be goodbye and not au revoir! (I only read in the evenings... fingers crossed for tomorrow)

Contact your bank and describe your problem. Under the circumstances, I think they should show you some lenience. If they don’t, change banks. I would think banks ought to be bending over backwards to keep their customers happy, at the moment.

moneysavingmatthew

blowupiceland wrote: »

====================STOP PRESS============================

Reuters, London, October 17th, 2008
British savers face an anxious wait over the weekend as the electronic payments system, C.H.A.P.S, used by banks to transfer funds, collapsed at 2pm GMT today under the pressure of an enormous backlog of inter-bank transactions.

It is thought the vast majority of transactions originated at Icelandic bank, Kaputhing, who were declared bankrupt earlier this week and whose UK arm was subsequently acquired by the Dutch instituition, ING.

A large number of Kaupthing's estimted 200,000 British-based savers rushed to move money out of their savings accounts when it became apparent that Iceland was facing insurmountable financial difficulties.

In many cases, savers' Kaupthing accounts showed that funds had been transferred, but did not subsequently arrive in destination accounts within 3-4 business days.

A spokesman from ING refused to comment even though the company had earlier issued a statment guaranteeing that all outstanding payments would be cleared by Friday.

:rotfl:

worst case tomorrow is there will be what's known in the trade as a CHAPS extension....

I hope ING understand all this - in The Netherlands I believe a Chap's Extension means something completely different

downs523

EalingSaver wrote: »

My bank just confirmed they can see £7000 credit to hit my account tomorrow, (BACS). Still missing a separate £500 transaction done a day earlier though, but fully expect it will arrive.

That's one issue now ticked off. Now back to Icesave.....

how did they tell u that? u ring them, didnt think they could know that?

blowupiceland

Amazing how these banks "know" money is coming your way but won't give it to you.

"we can see it but you can't have it till tomorrow"

Crazy that in this day these payments aren't instantaneous.

EalingSaver

cissybay wrote: »

I'm currently watching my current account sink to single figures ...and I have a big DD coming out on Monday

As someone else said, for GAWD'S SAKE cissybay, phone your bank and let tell them the situation now. It can't be guaranteed that everyone;s will hit Friday - though hopefully it will - but if you tell them in advance of the problem they are far far more likely to 'make an arrangement' for you than if you do it after the event. You are their customer after all, and this is exceptional circumstances.

R4CHY_3

blowupiceland wrote: »

====================STOP PRESS============================

Reuters, London, October 17th, 2008
British savers face an anxious wait over the weekend as the electronic payments system, C.H.A.P.S, used by banks to transfer funds, collapsed at 2pm GMT today under the pressure of an enormous backlog of inter-bank transactions.

It is thought the vast majority of transactions originated at Icelandic bank, Kaputhing, who were declared bankrupt earlier this week and whose UK arm was subsequently acquired by the Dutch instituition, ING.

A large number of Kaupthing's estimted 200,000 British-based savers rushed to move money out of their savings accounts when it became apparent that Iceland was facing insurmountable financial difficulties.

In many cases, savers' Kaupthing accounts showed that funds had been transferred, but did not subsequently arrive in destination accounts within 3-4 business days.

A spokesman from ING refused to comment even though the company had earlier issued a statment guaranteeing that all outstanding payments would be cleared by Friday.

You had me totally going there you meanie - I didn't check the date . Have just checked with my bank and they are not showing any transactions yet for me and hubby. Called KE and they said that they are paying everyone with the original payment method they selected when they did the original transfer. Mine was CHAPS which is why it is not showing with my bank as it will just appear at some time tomorrow.

Also wanted to say a HUGE thanks to everyone on the forum who has made life less stressful over the last 10 days. The humour has definitely helped a lot and it's nice to know that I'm not the only one worrying. Hope everyones money arrives very soon and no doubt will bump into a few of you on the Icesave forum as that's the next problem to sort out!

Rachel :wave:

Methusala_3

I'm sitting here with a large mug of Pinot Noir, hoping along with everyone else, that my monies reappears from the CHAPS ether and plops into my linked account tomorrow. Grateful thanks to this forum - I am a single girlie, with no one to share this trauma with - my mum is on holiday, so I can't even talk to her! It has provided more substance and information that any of my frustrating encounters with the FSA phone jockeys delivered (and that's a story in itself). The consolation of knowing I am just one of many has helped alleviate the feelings of isolation I would have felt dealing with this without my virtual friends. Please post details of the Icesave thread (once it's started), 'cos yep, you guessed it....I got hit with that one too.

EalingSaver

downs523 wrote: »

how did they tell u that? u ring them, didnt think they could know that?

Yep. Same as I did about both Icesave (before they were credited back) and KE transactions last week - sadly didn't get a positive answer that time.:cool:

fleurie12

I haven't posted much on here but checked the postings every day. I would like to endorse it has been a security blanket. If this KE debaucle is sorted I then have to face the Ice one too. I have a stocks and shares ISA and a c**p financial advisor persuaded me to invest £50,000 in a stocks and shares portfolio which has gone down overnight. I think we have to sit tight and hope for the best. Now an example of how wrong it is to be a saver - I know a woman of 35 who gets every benefit going. Right now she's better off than me.