Kaupthing Edge CHAPS Transfer

craig86

helix wrote: »

i would cancel the transfer (if you can), and wait until nearer the 20th and do a CHAPS transfer. It'll cost you £20 but at least you can wait longer to see how things pan out.

Thanks helix. I am worried that if I cancel the transfer today, it will go missing from my KE account and never turn up in my current account (although there is also the same risk if I don't cancel). Whatever I do will probably be the wrong choice, so I think I will just allow the transfer to go ahead as I have already set up my request.

trevs707

Caudle wrote: »

I have spoken to Kaupthing Edge and also to the bank which has my linked account.

They have both confirmed that CHAPS transfers are taking about 5 business days at present (rather than the usual 3) because of the huge volumes of money currently being moved around the financial system. It is not KE's fault or indeed anyone else's really. The CHAPS system was not design to cope with financial meltdown!

Effectively this means the money won't appear in your linked account until a week after it left the KE account (ignoring weekends of course).

In my case I initiated the transaction on Sunday 5th Oct, so it is unlikely to be in the linked account before Monday 13th Oct.

I am reassured......... so far!

Not sure that is quite true. I did a BACS from Bradford & Bingley to my linked account on Monday & it was in my linked account today.

pompompo

Pandora123 wrote: »

I just spoke to customer services at ING and they assured me that transfers that were enacted BEFORE the takeover of KE by ING, WOULD BE HONOURED.

This is the ING phone number; I got through in about one minute: 0800 376 8877

That's not what they just said to me.... they said that they weren't anything to do with them and to ring Kaupthing. This is not very reassurning is it?

hellyboo_2

Thanks Pandora123, I just rang and they said the same. They said ALL transactions would go through but just slight delay due to large volume of traffic. He assured me this was the case for those of us with money showing up nowhere at present.

Heliman

Although I am sure we will see our money eventually, it is not a bad idea to have a list of contacts in the same situation. So please keep it going. Thankyou to all those that have obtained hard information regarding CHAP's and quotes from the FSC.

roley_2

OhPoopy wrote: »

Stick me on the list please.

Set up 2x CHAPS transfers at approx. 14:30 on Tuesday, each for over £32k. One each from mine and my wife's accounts. No sign of money yet and as with the majority of the rest of you the balance is down to £0 in the KE account.

The great irony is that when I did the first transfer I forgot to leave £20 in the account to pay the CHAPS fee. So I phoned them and agreed with the nice lady that I would pay £20 back in from my linked account by BACS. This arrived in the account today.

So the system still works. But clearly only when making deposits not withdrawals. (I'm being somewhat flippant here as I believe BACS is entirely automated, whereas CHAPS requires manual intervention so could in theory have a backlog of transactions).

I've just got through to KE and they've advised me that there is a CHAPS backlog that the administrartors are working through ( that doesn't give me much confidence). They can not confirm whether your money will appear in your uk bank or be sent back to KE account (now ING Direct). They've basically told me to keep an eye on both accounts, but they could not offer me any advise as to what to do if the money desn't turn up in either of the accounts. I think its a case of wait and see the lack of communication from both companies is deplorable.

linnyk

Looking at these posts, one of the concerns is - is there going to be different treatment of transfers which happened before or after ING took over.

I know this is not going to be of any help here as it's too late, but if you have other savings accounts and if the same kind of takeover happens to other banks, this may be useful:

I have never kept any sort of copy of an internet bank statement, but yesterday after I heard ING had taken over KE, I logged on and saved a copy of the webpage showing my balance before I did the transfer. I have just looked at that file and 'Properties' shows the time at which the page was saved. So if ever there is a question about whether I transferred under KE or ING ownership, I at least have some evidence. But am hoping it doesn't come to that!

trevs707

hellyboo wrote: »

Thanks Pandora123, I just rang and they said the same. They said ALL transactions would go through but just slight delay due to large volume of traffic. He assured me this was the case for those of us with money showing up nowhere at present.

How can this be true when BACS transfers between other banks are working just fine. I am sure that there is nothing wrong with the BACS & CHAPS messaging networks as they have huge capacity regarding traffice volumes.

As I have already said I have done BACS transfers earlier this week between other banks and they have been just fine. I truely believe that KE (ING) has placed a block on all transfers (BACS & CHAPS) which is probably due to their liquidity at the moment. The messages we are being fed by ING are probably just there to act as buffer for them to buy more time whilst they consider their options (hence no formal web site messag at the moment, which they could do in about two minutes if they were bothered about us or knew what to say) and to stop us complaining.

Whatever way you look at it; it's YOUR money and they should not be stopping you getting access to it.

Please see my previous postings and complain like hell to everyone, that way we all have a glimmer of hope that some action may be taken against this bunch of theives.

Gwhiz

Do you not think we should all stop panicking (well actually I am not) and wait a few days to see what happens.

There was obviously a mass of transfers and the system (s) just can't cope.

Maybe we should wait 5 days and only post when the money arrives at it's destination. I see no benefit from all these postings of worry when this is all so recent!!

Just my 2p

trevs707

KE Savers – We all need to bring some more focus on this situation by complaining outside of this website via;

http://www.moneymadeclear.fsa.gov.uk/contactus.aspx
[EMAIL="news@sky.com"]news@sky.com[/EMAIL]
[EMAIL="news@channel4.com"]complaint.info@financial-ombudsman.org.uk
news@channel4.com[/EMAIL]
[EMAIL="admin@number10.gov.uk"]admin@number10.gov.uk[/EMAIL]
[EMAIL="working.lunch@bbc.co.uk"]working.lunch@bbc.co.uk[/EMAIL]
[EMAIL="ministers@hm-treasury.gsi.gov.uk"]ministers@hm-treasury.gsi.gov.uk[/EMAIL]

I have contacted all of the above and I suggest you do the same. As soon as I hear from any of them I'll let you know.

If anyone can add to this list please do so.

FYI:
ING freefone number 0800 561 8840
KE Use either 01159836332 or 01159836331