Kaupthing Edge CHAPS Transfer

Chippy99

LIT wrote: »

Just got off the phone with ING. I was passed up the line of customer service agents to a supervisor. He stated that KE became effectively unable to trade from the end of last week.

Begs the question whether there is any criminal liability here. As of Tuesday morning, KE were still overtly saying all is well and happy to allow deposits and other transactions, when from the sound of it, they were trading whilst insolvent.

trevs707

Chippy99 wrote: »

Begs the question whether there is any criminal liability here. As of Tuesday morning, KE were still overtly saying all is well and happy to allow deposits and other transactions, when from the sound of it, they were trading whilst insolvent.

I agree. It's ashame we don't appear to have any solicitors who are members of MSE who would be able to give us all a steer here.

kasbridge

kasbridge wrote: »

Thanks for this, this seems very significant.

I have just called the Treasury and complained about the lack of clarity also, let's see if I get the promised call back.....
K.

Just go a call back from the treasury...their advice "this is a banking matter and you should call 08451 313233"!!!!!

I advised them that this was not good enough, to run it up the chain of command in the treasury and issue a public statement to reassure the 1000s of people who tried to get money out of KE in the final few days whose credit balances do not reflect their exposure to the bank.

He promised to reflect my views up the chain of command.....dont hold your breath......
K.

leafmould

Add me to the list
Transferred £28,000 by BACS Tuesday morning. Plenty of time yet but it won't hurt to be counted.

Tabsy_2

LIT wrote: »

Just got off the phone with ING. I was passed up the line of customer service agents to a supervisor. He stated that KE became effectively unable to trade from the end of last week. He confirmed that whilst ING only took control of the bank at 10am on Tuesday, all transfers out of KE which were attempted between the point at which KE could no longer function and the point at which ING took over would be honoured.

In other words, ING will backdate its reponsibilities and all transfers, including those inititated before Tuesday, will go ahead. It seems that further delays are likely, however, as ING has to manually check each transfer request for some reason.

CAVEAT: whilst I was very careful to ensure that I fully understood the situation, this was a verbal assurance only. I suggested that ING might care to confirm as a matter of urgency and in black and white (well, black and orange...) the security of ALL transferred funds.

So, in the space of the 25 and a bit hours it took for an announcement to be made, from Alastair Darling during PM's question time on Wednesday, our money was effectively held in a company that was declared insolvent.

I can see part of the reasoning behind this, cushion the impact of another NR fiasco and allow a take over to affected. But it doesn't stop the fact that our money has been held for what amounts to ransom by our government.

genny

I cannot find anything very concrete anywhere, this probably is what most know already, but at least appears informed http://www.citywire.co.uk/adviser/-/news/adviser-news/content.aspx?ID=316891

Vancat

Do you think Martin and the MSE team have seen this thread?
If so, it would be very reassuring to have some clarity from them, and if anyone can get a straight answer, surely Martin could!:money:
I'm sure it will be ok, (eventually) but the uncertainty and conflicting answers is what's getting people worked up.

I think all people (well, I do!) want to know is :
Did the transfer happen? Yes or No?
If yes, when will it arrive?
If no, is the money frozen?
If so, when will it be unfrozen?
Or is the transfer money in a suspense account?
If so, Whose suspense account?, (i.e. KE or Ing)
And when will the suspense account be cleared and to where ( back to KE, into Ing or into receiving nominated bank accounts?)
VC

kaylor

Just spoke to KE - they are now saying that all the money is safe and will be honoured by ING but all transactions are being held up by backlog with clearing banks who process CHAPS and BACS payments. Told them that I had spoken to CHAPS this morning and they said there was no backlog, but KE said backlog is not with CHAPS but clearing banks who are struggling with volume of requests. How many more stories, before we get the truth!!!!!

genny

I think we should wait for updates to the official response and thread by MSE over here http://forums.moneysavingexpert.com/showthread.html?t=1208883

craig86

LuKeNuKuM wrote: »

Craig i had to smile when i read this... it's a whole thought process wrapped up in a nice neat bundle.

now c'mon, lets be positive here!

"Whatever I do will probably be the wrong choice"

change that to:

"whatever i do will have been the right choice at that particular moment"

That's the problem - the "right" choice changes every couple of minutes. One moment I decide to cancel the transfer and then someone posts something that makes me decide not to (and vice versa).

Does anyone else have any advice (post #402)?