Kaupthing Edge CHAPS Transfer

behelzebub

Im still waiting for £270k CHAPS transfer from yesterday


From BBC ..

Savers with money held by KSF, that is not related to the Edge internet bank, will be able to get their money back by claiming from the Financial Services Compensation Scheme (FSCS). However they will be repaid in full, not just to the current £50,000 compensation limit.

"The FSCS working with the administrator of KSF will endeavour to contact these individuals and make payments to them within two weeks," said the Treasury.

The Treasury confirmed that customers of both the Heritable and Kaupthing Edge should be able to operate their accounts again shortly.

Trulyscrumptious

I transferred around £35k to linked Smile bank account around 2pm yesterday using and paying for CHAPS transfer, as did my husband.

Nothing yet appeared in the linked account - but I feel it's likely that the CHAPS system can only cope with so much at a time and with what would be an unusually high demand it slows down - what other system in the UK could cope I thought! (Trying to find some humour amidst this awful time).

THANK YOU to others who've posted their similar circumstances and their feedback of actually getting through to KE - keep logging onto bank account - not so bad now - but feel I will feel really awful if it's not there by end of today (is that midnight?). Thanks to Martin & Team for all the updated info too.

Neonoptic

I did a CHAPS transfer for 5k about 11pm last night, I have the same as everyone else... the CHAPS transfer was confirmed but my account remains unchanged with the full balance still showing.

behelzebub

"... with the full balance still showing"

Thats interesting because my balance has deducted the CHAPS payment (which i havnt received yet)

sebtomato

Well, I have tried twice, yesterday evening and this morning. My balance on KE has not changed each time, so it looks to me that CHAPS does not work at all.

Looks to me that they are doing the same as Icesave, but instead of displaying a message on the homepage of the site, they have just disabled withdrawals.

Ivinda

Behelzebub, I'm totally in the same boat as you - it deducted my money happily enough yesterday afternoon and this morning, but no sign in my linked account. All very confusing... I hope there will be some guidance soon.

Chippy99

sebtomato wrote: »

Looks to me that they are doing the same as Icesave, but instead of displaying a message on the homepage of the site, they have just disabled withdrawals.

Interesting speculation (although in their defence, I did get a confirmation screen with a transaction reference number, which would tend to indicate it is still functioning.)

The other possibility is that the queue of transactions to process is massively longer than it was even as recently as yesterday and that it might take some time for our withdrawal requests to be actioned.

I have to say with the ING takeover, I am much less worried now about losing my money in KE. I am more worried about it disappearing altogether somewhere inbetween KE and Lloyds - i.e. where I am trying to send it. God *knows* how much hassle (/ pain?) that would be in the circumstances??!??!

behelzebub

From the Financial Ombudsman Website ..

Although the CHAPS payment itself is made electronically, the sending
bank has to make various clerical checks first – typically to check signatures/payment
authorities, as well as to ensure customers have enough money in their accounts to make the payments.

formulaonefan

Updated List (16:23):

I'm putting together a list of ppl in this forum

Who did a BACS/CHAPS transfer and money is out of KE and still not showing in Current Account:

Me
Locoblade
Pyewacket338
doctorscooby
tellustuff
Briskly
oldagetraveller
Foggy
pixiep
Chippy99
Ivinda
Behelzebub
briona
steveky
Bigwedgie
moneychump
UnhappyHarry
Charles1968

anyone else???

steveky

Add me in, transferred saturday, showed going out monday not in RBS today
Steveky