Kaupthing Edge CHAPS Transfer

emohawk11

pass - they will have transaction logs showing all outstanding payments in and out, so your money is NOT lost.

its just a question of when those transaction logs will be actioned, it could be days, or weeks.

maybe i'm crazy, but I actually put in 2k into KE (ING) on Monday, because the money is guaranteed, and apart from NS&I, or Northern Rock, all banks are unsafe with regards to stability right now

Locoblade

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 can't answer that question for certain but the obvious answer is that during a take-over, there does, at some point need to be a cut-off where all accounts are frozen in order to A) value the assets accurately, and then pay for those assets.

Maybe they've kept us in the dark a bit, which isn't good, but I suspect that's what's happened, nothing to do with a lack of liquidity.

linnyk

Posted on the ING site, very recently I think;

http://www.ingdirect.co.uk/general/faqs/keandhb.asp

So they seem to be saying 'business as usual'...

formulaonefan

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.

Is that the statement from the future? 9th October 10pm hasn't even happened yet. Today is 9th October 2008 and the time now is 2.46pm. Still few hours to go for 10pm.

How can we take that statement seriously when a simple date & time stamp is not even correct?

allanmc

Just off the phone to KE customer services and they advised that they have a payments backlog and it WILL be processed. They estimated that my cash, transferred on Monday and Tuesday, should start arriving in my current account on the forthcoming Monday or Tuesday. In the current circumstances, they estimate a 5-6 working day period for it all to happen. I am sorry, but I didn't ask about CHAPS.

Don't know if that is a proper fact, or they are just passing on meaningless, reassuring mesasages. I will give them the benefit of the doubt.........until Tuesday.

Chin up, everyone.

Locoblade

formulaonefan wrote: »

Is that the statement from the future? 9th October 10pm hasn't even happened yet. Today is 9th October 2008 and the time now is 2.46pm. Still few hours to go for 10pm.

How can we take that statement seriously when a simple date & time stamp is not even correct?

The Stop Press announcement is "old" news anyway, all its doing is re-hashing the statement yesterday that ING had taken over.

cucadas

I don't understand why KE couldn't have left everyone's cash in their accounts until they were able to enable a transfer either CHAPS or BACS instead of blaming an overload on the BACS / CHAPS system. We would all then feel a lot happier and KE,ING etc wouldn't need to field so many enquiries and spread so much misinformation. I made my CHAPS last week and it hasn't been credited so I'd love to know how far back in the queue I am. KE and ING are just making things worse by not issuing consistant statements thereby causing more people to join the transfer line. It's my money and I feel I ought to be told where it is, and when I can get my hands on it!

zippygeorgeandben

allanmc - that's what i've been trying to tell people. If you did BACS on Monday or Tuesday, don't expect to see it until 5-7 business days.
On the KE site it states usually 3 days. The big word there is usually. This is an extremely unusual situation so hold fire people please!
Ben

euroaccountpls

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.[/quote]



What exactly does that mean if it is UPDATED 10pm THURSDAY, I make it only 3.30pm and im in France....?!

euroaccountpls

theres no back log... its a dam. and hopefully it will break soon. and we will all get flooded. you may even end up with more money in your account than you started with.