Kaupthing Edge CHAPS Transfer

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

Chippy99

trevs707 wrote: »

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!

You assume Sky are correct, which they may well not be.

The BBC came out with a right load of guff on the breakfast news on Monday, with inaccuracies all over the place.

The reality is, in these uncertain times, there are many unknowns and with people clamouring for information, opinions are being presented as facts.

Locoblade

trevs707 wrote: »

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!

Ive not seen the report but I think you'll find that will relate to Kaupthing Bank itself, the main business in Iceland, not the Kaupthing Edge savings accounts which were a subsidiary company in the UK, who's accounts were sold to ING as we know.

If thats the case, then what ING are saying may well be true, as the savings accounts (as of yesterday) are no longer an asset of Kaupthing, so the two events are not directly linked. It may well be that councils etc who invested millions may well have different accounts with Kaupthing so they're still tied up with the parent company, not with the personal savings accounts that ING have taken on.

trevs707

Locoblade wrote: »

Ive not seen the report but I think you'll find that will relate to Kaupthing Bank itself, the main business in Iceland, not the Kaupthing Edge savings accounts which were a subsidiary company in the UK, who's accounts were sold to ING as we know.

if thats the case, then what ING are saying may well be true, as the savings accounts (as of yesterday) are no longer an asset of Kaupthing, so the two events are not directly linked.

Q: If what you say is correct, then why won't KE (ING) put something on their website to reassure people about the transfers currenlty in the system?

A: The have blocked all of the due to the lack of liquidity but don't have the balls to inform their customers.

moneychump

If you guys subscribe to google alerts on "Kaupthing Edge" you will see this from the press association (the plot thickens....):

Bank customers to receive payout

40 minutes ago
The Financial Services Compensation Scheme (FSCS) said it would be paying out to 180,000 customers of two Icelandic banks.
The scheme said it would pay out the first £50,000 that people had lost through Heritable Bank and Kaupthing Singer & Friedlander, whose operations include Kaupthing Edge, with the Treasury topping up the rest to ensure that no consumer lost money.
The announcement comes the day after the Financial Services Authority (FSA) said the two groups had gone into default, and the Treasury announced that the bulk of their savings businesses were being transferred to Dutch savings bank ING Direct UK.
The FSCS said that compensation for the people whose savings had been transferred to ING Direct would be paid directly to the group.
But it said around 3,000 savers who did not have internet accounts with Kaupthing would be paid directly by it, as would around 100 depositors at Heritable Bank whose accounts were also not transferred.

RMWD

I am waiting for a BACS transfer from KE on Monday to reach my nominated account and eventually spoke to someone at ING about this.
Dedicated number for these queries is 08456038888
Very helpful. The person reassured me that ALL transactions will be dealt with as a priority and that I would need to wait a few days.
No money in the BACS system will be lost.
Hope this helps

emohawk11

why so much panic? I only have the one question

1) do we get interest on our account whilst the money is frozen?

maybe i'm missing some info here, but your money is guaranteed, and unless you need the money ASAP to pay for something, its not so bad.

read this:

STOP PRESS. Updated 10.00pm Thurs 9 Oct. Kaupthing Edge savings bought by ING Direct

Yesterday, the savings held in Kaupthing Edge accounts were bought by Dutch bank ING Direct, as have those in Heritable Bank (which was part of Landsbanki, which also owns Icesave). This was widely reported, then confirmed by the Treasury in a statement at lunchtime. It said:

"Kaupthing Edge deposit business has been transferred to ING Direct, a wholly-owned subsidiary of ING Group, which operates through its branch in the UK. ING Direct is working to rapidly ensure that it is business as normal for all customers."

This means there is no need for Kaupthing Edge customers to claim money from the FSCS, savings will simply transfer to be adminstered by ING. Read the full statement.

MABLE

trevs707 wrote: »

Q: If what you say is correct, then why won't KE (ING) put something on their website to reassure people about the transfers currenlty in the system?

A: The have blocked all of the due to the lack of liquidity but don't have the balls to inform their customers.

I understand where you are going from but this is pure speculation. We are all in the same situation and all we can do is now wait. I would have thought Martin would have helped us.

MABLE

emohawk11 wrote: »

why so much panic? I only have the one question

1) do we get interest on our account whilst the money is frozen?

maybe i'm missing some info here, but your money is guaranteed, and unless you need the money ASAP to pay for something, its not so bad.

read this:

STOP PRESS. Updated 10.00pm Thurs 9 Oct. Kaupthing Edge savings bought by ING Direct

Yesterday, the savings held in Kaupthing Edge accounts were bought by Dutch bank ING Direct, as have those in Heritable Bank (which was part of Landsbanki, which also owns Icesave). This was widely reported, then confirmed by the Treasury in a statement at lunchtime. It said:

"Kaupthing Edge deposit business has been transferred to ING Direct, a wholly-owned subsidiary of ING Group, which operates through its branch in the UK. ING Direct is working to rapidly ensure that it is business as normal for all customers."

This means there is no need for Kaupthing Edge customers to claim money from the FSCS, savings will simply transfer to be adminstered by ING. Read the full statement.

But what about if it was in transit prior to takeover.

welovedarling

what Sky News has said is not relevant to us ordinary Joes. All accounts relating to retail customers of KE have been passed to ING Direct. Councils are not retail customers so are not protected unless the Government chooses to do this.

Main questions still for me;

Is the money in cyberspace full covered? even if it is more than 50K?

Will this money go back into our KE accounts or will it go to destination accounts when the authorities un-freeze them?

KE say all our savings are safe. Does this cyberspace money count as savings or is it to be covered by the compensation scheme?

When will we get to make withdrawals again from KE?

If I get any answers I will let you all know.