Kaupthing Edge CHAPS Transfer

tmvc2007

105 transfers not received of which 100 are CHAPS. 2 didn't send a value, of the others we have a total of £3,362,033,

If you haven't either PM'd me or send an email with details [EMAIL="tolovelife43@hotmail.co.uk"]to lovelife42@hotmail.co.uk[/EMAIL] then you are not in the total.

Make sure you tell me - the more info in one place the stronger our position.

goodethernet

I really think all the stuff about timing of transfers is just idle speculation. The fact is, any transfer that did not leave KE before ING took over will still be a liability on the balance sheet of KE and, as such will have been included in the deal, whether or not it was sitting in an individual's account at the time.

These transactions that were in this unprocessed holding account could well be the ones that need some sort of manual intervention, who knows?

ING really need to get themselves into a position where they can tell each individual some specifics about where their money is. They have failed to do that so far and that's the biggest part of the problem.

hometune

If we wait too long monday AM we'll miss the chance to get C4 lunch news and working lunch to look at this. Anyone got ideas on how long it will take them to see if payment is coming in on Monday.

Mine is into HSBC and if they can't see it at 9am I don't reckon it will be coming on monday.

fredhaben

dag wrote: »

Therefore, as far as ING are concerned, this transaction dates from before the takeover, and therefore shouldn't be their problem; it should have already happened, and, more importantly, it's not part of what the UK government told ING their new liabilities would be. But the snag is, the transaction didn't go through, because of the freeze on KSF assets, which would mean that the transaction would have bounced back, and the money is probably now in the hands of the KSF administrators.

Add to this the fact that there were a whole load of new transaction requests for ING to deal with, which they naturally fell behind on because of the need to set up a system to actually deal with them.

So, my guess is that ING will try to clear the backlog of transactions that were raised or scheduled for after their takeover, simply because these transactions are more straightforward; they can process these without getting the KSF administrators involved in checking them. But in order to sort out the transactions that were put through by KSF in the window of the freeze just before the ING takeover, they will have to find them, which means that they will need to reconcile their up-to-date balance roll with the historical data held by the administrators of KSF.

Dag, this was my theory too initially (and gave me a lot of sleepless nights), but the actual data in re received transfers doesn't bear it out. The freeze on assets would've applied to all transfers, BACS and CHAPS. If the freeze that were the problem, the issue of administrators would also have affected BACS transfers made on Monday. We know for a fact that it didn't - ergo, the freeze can't be what's holding things up.

As far as bouncing back is concerned, BACS transfers are only held in the bank's holding account overnight - they leave the next day and can no longer be recalled by the transmitting bank. So a BACS transfer made on Monday and a CHAPS made on Tuesday should be in the same position as far as bouncing back is concerned. This means that that, too, can't be the issue.

I stick by my view that the problem is that ING overestimated how soon they could get things done. We'll know on Monday if I'm right or not - because if I am, a number of us should see the money hitting our account then. Let's keep each other posted, hmm?

goodethernet

tmvc2007 wrote: »

105 transfers not received of which 100 are CHAPS. 2 didn't send a value, of the others we have a total of £3,362,033,

If you haven't either PM'd me or send an email with details [EMAIL="tolovelife43@hotmail.co.uk"]to lovelife42@hotmail.co.uk[/EMAIL] then you are not in the total.

Make sure you tell me - the more info in one place the stronger our position.

Can you say what's the earliest and latest date of the 100 CHAPS?

nomorekids

goodethernet wrote: »

I really think all the stuff about timing of transfers is just idle speculation. The fact is, any transfer that did not leave KE before ING took over will still be a liability on the balance sheet of KE and, as such will have been included in the deal, whether or not it was sitting in an individual's account at the time.

These transactions that were in this unprocessed holding account could well be the ones that need some sort of manual intervention, who knows?

ING really need to get themselves into a position where they can tell each individual some specifics about where their money is. They have failed to do that so far and that's the biggest part of the problem.

thats my point, they are saying there is only a few (although we know different) therefore they should be contacting us all individually. They could then even offer us a choice as to what to do with the money, continue tothe nominated account, bounce it back, shove it in a bond. whatever we want and actually provide some real customer service. They would then revert from negative to positive in our estimation and get some much needed good publicity. We the last 10% could really do some good for them, we could equally do some damage. Its up to them but they are missing a golden opportunity if they don't take up the challenge to satisfy us.

catbaloo

hometune wrote: »

If we wait too long monday AM we'll miss the chance to get C4 lunch news and working lunch to look at this. Anyone got ideas on how long it will take them to see if payment is coming in on Monday.

Mine is into HSBC and if they can't see it at 9am I don't reckon it will be coming on monday.

Not strictly true, I rang HSBC at 2pm on Friday and they could see nothing, they even went as far as to tell me there was nothing for Monday either. I checked my account at 4pm and my transfer had appeared.

hometune

catbaloo wrote: »

Not strictly true, I rang HSBC at 2pm on Friday and they could see nothing, they even went as far as to tell me there was nothing for Monday either. I checked my account at 4pm and my transfer had appeared.

Interesting, up until now I'd tended to believe hsbc, prehaps no more. Did your info come from the automated transaction report option or speaking to a human?

Landyman64

At least the BBC haven't forgotten about us yet :T

http://news.bbc.co.uk/1/hi/programmes/moneybox/7677803.stm

Linked from business home page under:

Icelandic bank savers await help

bigg

goodethernet wrote: »

I really think all the stuff about timing of transfers is just idle speculation. The fact is, any transfer that did not leave KE before ING took over will still be a liability on the balance sheet of KE and, as such will have been included in the deal, whether or not it was sitting in an individual's account at the time.

These transactions that were in this unprocessed holding account could well be the ones that need some sort of manual intervention, who knows?

ING really need to get themselves into a position where they can tell each individual some specifics about where their money is. They have failed to do that so far and that's the biggest part of the problem.

I agree, it’s speculation, that’s all we have to go on, I don’t see many ING representatives posting on here, but idle, no.

Nobody is scaremongering. We are all working towards the same end, to retrieve our loot. You ask 6 different car owners which car they recommend, you’ll get 6 different answers. We all have differing ways of doing this but we will find a solution eventually.

I don’t believe ING deliberately withheld our money; they have had a monumental task to sort out the mess. My main criticism is their lack or communication.

I’m repeating myself now. Time for my tea, followed by some Tennessee Whisky.

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