Kaupthing Edge CHAPS Transfer

bigg

ontherun wrote: »

http://www.iht.com/articles/ap/2008/10/17/business/EU-Netherlands-ING.php

http://in.reuters.com/article/businessNews/idINIndia-36035420081018

I wouldn’t worry about ING’s financial situation. They were provided with the funds from the FSCS to pay us. I would think this money is ring fenced. If they default, Mr Brown will put them on his terrorists suspects list.

I feel very confident and half my life savings are at stake.

goodethernet

bigg wrote: »

I agree with most of what you say but I am slowly warming to the theory that ING saw the CHAPS transfers as completed, even after the takeover.

This opens up a whole new can of worms; do banks really know where the money is, during electronic transfers? If it has disappeared from a customer’s account, they assume it has reached the destination account. I’m very surprised there is no system of confirmation from the destination bank. This must be one of the many shortfalls that need addressing with some new banking regulations.

I would be happy with an acknowledgement from ING that they’re specifically looking into the CHAPS issue and a genuine timescale. Let’s hope this happens sooner rather than later.

I think the bold part of what you wrote above is a flawed assumption. Money does leave customer's individual accounts but does not necessarily immediately leave the bank. There's a holding account that all the transfers go into before processing. Think of it as moving your luggage from your cabin to the door of the Titanic. Still on board, still your luggage, just not in your cabin. Lots of our luggage got to the door before KE hit the iceberg but it was still on board and still had your name on it.

To back this up, I also made a CHAPS from Icesave as they went down and this has now bounced back into my account, despite having shown as processed for about 48 hours. It did not leave the bank. Same with KE but they haven't sent them back as they do intend to pay them.

I admit that there is still a chance that ING and the cusotmers' definition of "all payments" is different but I do believe they will be sorted. Again, specific individual account and payment infromation from ING is the only solution.

10_66

goodethernet, I'm going to hang on to your theory for the rest of the weekend to help calm me!

bigg

goodethernet wrote: »

I think the bold part of what you wrote above is a flawed assumption. Money does leave customer's individual accounts but does not necessarily immediately leave the bank. There's a holding account that all the transfers go into before processing. Think of it as moving your luggage from your cabin to the door of the Titanic. Still on board, still your luggage, just not in your cabin. Lots of our luggage got to the door before KE hit the iceberg but it was still on board and still had your name on it.

To back this up, I also made a CHAPS from Icesave as they went down and this has now bounced back into my account, despite having shown as processed for about 48 hours. It did not leave the bank. Same with KE but they haven't sent them back as they do intend to pay them.

I admit that there is still a chance that ING and the cusotmers' definition of "all payments" is different but I do believe they will be sorted. Again, specific individual account and payment infromation from ING is the only solution.

I don’t know how the banking system works but I would imagine that the money is transferred electronically and not physically, then every month or whatever, somebody somewhere transports gold bars or lorry loads of actual cash between the banks accordingly.

I would like to hear from someone who has actually worked in the bank clearing system and then we will know how it works, instead of keep on guessing.

In fact, an honest statement from ING wouldn’t go amiss.

goodethernet

bigg wrote: »

I don’t know how the banking system works but I would imagine that the money is transferred electronically and not physically, then every month or whatever, somebody somewhere transports gold bars or lorry loads of actual cash between the banks accordingly.

I would like to hear from someone who has actually worked in the bank clearing system and then we will know how it works, instead of keep on guessing.

In fact, an honest statement from ING wouldn’t go amiss.

I'm not guessing. The money does not go straight from your account to the outside world. If it did, we would all of had it as soon as our individual account web pages said "transfer complete" wouldn't we? Same with Icesave. Same with any bank - they need more control than that for releasing deposits

Fact is we didn't see our money because there is at least one more step in the process before the transfer is completed and that gate was closed from early October as far as I can see.

mark99

Oblivion wrote: »

Steady on dag. If you start posting common sense responses like this, you'll be branded a troll by all the sheep and ostriches in this thread.

Dave.

You are a smug one. No amount amount of wad in the bank will change that.

There are no pockets in shrouds - in case you forgot.

Mark

foinavon

Having had enough of speaking to customer service types, it was an act of desperation, time to turn to my Horoscope………..


TAURUS

A special month for Taureans as there has been an unprecedented amount of bull flying around recently.
There is somethING, lurkING in the back of your mind, which is irritatING you, but you can’t put your fINGer on it.
You are feeling particularly sarcastic at the moment, which could be something to do with the fact, that, your life savings have gone missing for the best part of a fortnight.
The words “hopefully”, “should” and “don’t worry” are really beginning to annoy you.
Good news for some, the Sun has moved into Uranus, which means you have got your money back.
For the rest of you CHAPS, the Moon is waning along with your patience and sanity.
However, don’t worry, hopefully your money should arrive on Monday, failing that I guarantee it will arrive by the close of business on the day Satan takes up ice skating.



Funny that, I never used to believe in this sort of thing,

Perhaps you would like to post yours……………;)

LeonW

I'm still waiting and my surname begins with W - perhaps there is an alphabetic element to the way these transfers have been processed, I'm used to being last when lists are made out ;-)

POR_2

UnhappyHarry wrote: »

Stop Responding!!!!

I agree, Dave is clearly a troll and this thread WILL descend totally into chaos, which is the aim of a troll if he is not ignored!

tmvc2007

Morning everyone.
I have now received information from 108 transfers (2 with no value sent) and the total stands at...(pregnant paust)...£3,456,531