Kaupthing Edge CHAPS Transfer

Roberta1

On Monday I withdrew some £ from KE, and again on Tues (both BACs). Balance was updated and transactions appear on statement but nothing in receiving bank yet....

However, on Weds I tried to make a further withdrawal by BACs which, although I got a confirmation page, didn't change my balance at all.

I've just checked and Weds transactions are now showing on my statement and my balance has changed.

Signs that things are starting to move perhaps?

genny

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

"If APACS is right, ING Direct will now need to trace the transactions customers have made and ensure that everyone’s money is returned to them -- which I think might take some time."

What absolute nonsense, all the details are electronically stored on each account, if the accounts are frozen, then before unfreezing, surely the BACS/CHAPS payments can be automatically cleared off all accounts, balances set back to beforehand and £20 fees refunded.

They make it sound like it's a manual process.

Especially as they say the money may not have left KE at all:

"According to APACS, this processing problem means that although some people's money appears to have been moved from Kaupthing Edge, it has not in fact left the bank."

10_66

Just spoke to ING and was told that they are "trying" to transfer KE accounts over to ING at present, but are having some problems with the process. They hadn't any idea how long the process would take. I asked about the probable loss of interest caused by the request for the closure/withdrawal being made but not processed. There was no answer to that either.

trevs707

Roberta1 wrote: »

On Monday I withdrew some £ from KE, and again on Tues (both BACs). Balance was updated and transactions appear on statement but nothing in receiving bank yet....

However, on Weds I tried to make a further withdrawal by BACs which, although I got a confirmation page, didn't change my balance at all.

I've just checked and Weds transactions are now showing on my statement and my balance has changed.

Signs that things are starting to move perhaps?

Afraid not. It's just that there system has taken ages to update your balance. The BACS initiation is still eith them and none of us have any idea when or if it ever will. I have no truse in this bank given the situation the country is in so sorry to be the bearer of bad news. BTW - the same thing happened to me when I did a BACS transfer last Sunday.

shabba_shabba

Just checked my account and still nothing.
Made a CHAPS on Wednesday.
Doesn't look like i will be seeing my money tonight
Another night of uncertainty ;-(

ramit

Hope someone can help me out with a couple of questions

1) My money is still showing in Kaupthing Edge. Shall I attempt a BACS transfer now, or wait till it turns into an ING direct account?

2) Will I get paid interest this month?

shabba_shabba

If I was you I would wait till all this settles. At least you can still see your money, so to speak. You dont want it to get lost in the banking MATRIX

hellyboo_2

Leave it!!! you don't want to join us who can't even SEE our money

nomorekids

so far no call from channel 4, gone home for the night I suppose or may be they have their spokesperson already?

mobfant

ramit wrote: »

Hope someone can help me out with a couple of questions

1) My money is still showing in Kaupthing Edge. Shall I attempt a BACS transfer now, or wait till it turns into an ING direct account?

2) Will I get paid interest this month?

1) Personally I would wait until people start getting their money. If ING was going to default imminently, the government would have moved the money elsewhere so your savings should be fine.

2) Likely I would imagine, but not clear.