Kaupthing Edge CHAPS Transfer

nomorekids

OK guys left message with Channel 4, if she rings me back and wants me to represent you all then please be prepared to PM with consensus on what to say.

I don't mind coming across as foolish, I'm a mum of 4 with her life savings showing as zero and been charged £20 for the privilege not to mention the pounds and pounds spent hanging on the phone trying to get through to Kaupthing listening to their "your money is safe" message.

Believe me, I am so angry, I will get our point across.

formulaonefan

LuKeNuKuM wrote: »

hi folks,

i had a call from the bbc and have been penciled in for a tv interview - waiting for the greenlight back from them.

i don't mind looking like a panicing numpty with accounts with Icesave and Kaupthing, at the end of the day they were both being operated in the UK under the FSA paying tax to the UK gov. as for the panic if anyone else had seen their savings in one icelandic bank go under im pretty sure they'd have made the same moves to shift their cash out of the other bank asap...

if anyone gets a chaps transfer before the day is out *please* let us know, right now this is a big black hole story - if the money starts to come in i'll then look a bit of an out of the loop spoon!

Good luck mate. I have some of the things in post #561 which you may want to bring up in the interview.

BobbyBlade_2

Please Add me to the list of non-recipients.
I requested a BACS transfer of all but the last couple of pounds of my balance on Sunday. The money shows as having left my KE account on Monday and hasn't yet shown up in my Barclays account.
I phoned the ING freephone number today and was told that they would look into it.
A lady phoned me back this afternoon and promised me that my money is 100% safe. She admitted that all monies had been frozen due to the takeover process and stated that they were now working flat out to ensure that all of the BACS and CHAPS payments are processed as soon as possible. I am now getting a little worried as I'm due to go on holiday to the Caribbean in a couple of weeks (been saving up for nearly 3 years now,) and the money in limbo is all of my hard earned savings for this holiday!

Charles1968

at the risk of causing alarm, is there any possibility that Kaupthing's parent iceland company could misappropriate funds during BACS or CHAPS transit?

I've no doubt they would do it if they could. As Alaistair Darling told the BBC:
"The Icelandic government, believe it or not, have told me yesterday they have no intention of honoring their obligations here" (source: http://ap.google.com/article/ALeqM5hJdb2RwrEg_X8yNRHcVvn_OE9vKwD93MAN000)

Iceland is bankrupt and will take whatever it can lay its hands on. Even if they get away with it, I'm sure Darling would ensure that all savers were fully reimbursed, so there is not need to panic. But there is certainly a strong argument for raising the media profile on this story to get the wheels rolling so that something is done about it.

trevs707

nomorekids wrote: »

OK guys left message with Channel 4, if she rings me back and wants me to represent you all then please be prepared to PM with consensus on what to say.

I don't mind coming across as foolish, I'm a mum of 4 with her life savings showing as zero and been charged £20 for the privilege not to mention the pounds and pounds spent hanging on the phone trying to get through to Kaupthing listening to their "your money is safe" message.

Believe me, I am so angry, I will get our point across.

Undoubtedly she is the hero of the day.
Let's not let her down. PM her with the most salient points so she is armed and dangerous.

edrumit

More info here just confirming some of the posts.

http://www.apacs.org.uk/Icelandicbanks.htm

formulaonefan

MoneySaverROI wrote: »

If you tried to make a transfer from your Kaupthing Edge savings account this week -- and you're still missing your money -- here's what may have happened to it.

http://www.fool.co.uk/news/your-money/savings/2008/10/09/wheres-my-kaupthing-cash.aspx

Worth a read.

Well it talks about problems with CHAPS but what happened to BACS processing then? Many of them made BACS transfer on saturday/sunday which was cleared from accounts on monday. What happened to that? What is the glitch there?

jolizzie

Hi
I opened K-E account for myself and husband last week and on Sunday 5 October I transferred the whole lot back to our Nationwide account, it has gone from both K-E accounts but as yet not appeared in Nationwide (4 days) At what point should I panic and where is our dosh. Anyone know who to contact

Pandora123_2

UnhappyHarry wrote: »

Spoke to the Helpline at FSCS just before 5pm, and she referred me to:

"In the case of Kaupthing Singer & Friedlander, FSCS understands that the accounts of about 3,000 eligible retail depositors did not transfer to ING Direct. FSCS will contact these depositors directly in the next week with the help of the administrators and send them an application form to claim compensation."

I asked if someone would put in black and white that we fell into this category, but in effect, she's only on the helpline (wouldn't even give her name, because I said I would post her response on this site).

Their view is that we should only listen to FSCS and the Treasury, as everything else is speculation.

It's a pity that the silence from both these organizations on this situation has been deafening.....

The 3000 depositors whose accounts were not transferred were those who had NON-INTERNET accounts at Kaupthing Singer & Friedlander (NOT Kaupthing Edge). If you had an INTERNET account with KAUPTHING EDGE, then your account would have been transferred to ING.

Link

wadeall

I know people can't help being worried as for many people they have large amounts of money at stake but I don't see anything sinister at work here. CHAPs/BACs payments were obviously suspended when the sh*t hit the fan and alot of people's cash has been caught in limbo. I seem to be prety much the only one who has been caught trying to put money INTO KE. The reason is that their fixed rate deposit offer is now market leading and with rates already lwoer and about to drop further anyone able to do so should think about locking in that rate now.

We may or may not get recompensed for the interest lost whilst our funds are in CHAPs/BAC's limbo but I have no doubt that they will be covered, either by being rolled into the ING acquisition or less attractively via the Depoist protection scheme. What will have happened re ING is that the Treasury would have struck a deal with ING to take the deposits probably paying a small amount. The Treasury or deposit insurance scheme would then have agreed to pay ING an amount equal to the total value of the deposits they take over leaving the Treasury to try and get as much as it can for whatever assets are held within the KE UK. My guess would be that the treasury will take a substantial hit but they are being coy about that as the moment as they wish to manage newsflow. The Government wants this one to be as smooth as possible so that it maintains a veneer of competence at least in respect of this one. They will certainly want the few hundred people caught in CHAPs/Bacs limbo to be sorted out properly as soon as possible. Once things have settled down people are going to be asking some very difficult questions of the FSA and Government. In retrospect it seems blindingly obvious that the Iceland economy would topple in a week as soon as confidence was lost in one of its three banks, so what was the FSA doing allowing Icelandic banks to effectively rob the UK taxpayer/bank customer (its not clear whether the Governmnet will stick this bil on the taxpayer ofr the banking system as yet take in GBP7-8bn of deposits very little of which they are in a position to pay back.

Bottom line, it may take a few days, but we will get our money back.