Kaupthing Edge CHAPS Transfer

hometune

Hi
Has anyone had any luck in receiving their CHAPS transfer payments yet?
I did a CHAPS transfer yesterday morning at 8.30am from Kaupthing Edge to my HSBC account and as of now the money is still not showing!

Chippy99

mletters wrote: »

I must admit, I reacted out of gut instinct, zero'ing my KE balance, after hearing the news of the take over yesterday. My reason for doing it? The compensation cover for ING going 'South', means applying to some Dutch authority that is out of our Country and out of our control.

I think this is extremely relevant and its why I decided to move as well. At this point we just don't know how bad this crisis is going to get. Its all well and good the government(s) saying they will do everything possible to protect their savers, but there could come a time when they just don't have the funds to continue to bail people out when their bank has failed.

It is not hard to envisage a scenario where the UK government will protect UK savers with money in UK banks preferrentially to (say) Dutch savers with money in UK banks.

Whereas the Dutch economy is very strong, might not the Dutch do the same and protect Dutch nationals in preference to foreign depositors?

Anyway, that's the view I took. That as a UK citizen, I would be safest with my money in a UK bank. For the timebeing at least.

kaupthingedgy

I tried to withdraw large sum from KE savings account by BACS on Mon (6th) evening. Account showed money deducted on Tues. Money has not arrived at target account today & there is no pending BACS for tomorrow either.
Can anyone advise whether BACS transactions in progress will be picked up by ING or whether these are covered by the FSCS compensation scheme?

genny

hometune wrote: »

Hi
Has anyone had any luck in receiving their CHAPS transfer payments yet?
I did a CHAPS transfer yesterday morning at 8.30am from Kaupthing Edge to my HSBC account and as of now the money is still not showing!

I imagine not, if you've read all the pages of this thread!!

People are waiting for CHAPS transfers initiated several days ago, so yours will take longer and BACS longer still.

tellustuff

Hi
Has anyone had any luck in receiving their CHAPS transfer payments yet?

wow.....!:T

tellustuff

so, you do the right thing by placing your savings in a uk bank with UK protection and the UK government can, without warning, transfer all their obligations to Holland and make no provisions for those that had transfers going through at that exact point. What message does this give about how they treat individuals? What worth is the Fscs protection if they can remove it at an instant without warning?

MABLE

Ive come to the conclusion that these poor guys at KE contact centre will say anything to get us off the phone. Who can blame them. Not only do they have the stressed customer to deal with but whether they will still have a job.

genny

Quite, I think we need a bit of calm.

We need to wait and act on official statements, not constant rumour.

We are all in the same boat, and I doubt any of us will lose a penny, however the inaccessibility of the money is an issue.

trevs707

Just watched Sky News (13:00) and they have confirmed that KE have had their assets frozen (hence the panic by councils as they need the money to pay staff).

Now see what a load of b*****ks we are getting fed by ING about delays with the CHAPS & BACS system!

mobfant

MABLE wrote: »

Ive come to the conclusion that these poor guys at KE contact centre will say anything to get us off the phone. Who can blame them. Not only do they have the stressed customer to deal with but whether they will still have a job.

Given that we're put on hold for 15-20 minutes, if I worked there I'd have FAQs running while customers are waiting on hold, and stressing that the assistant won't be able to give any more info.