Kaupthing Edge CHAPS Transfer

Chippy99

I make it 170 people affected, as follows:

$h@d0w
203ivy
227 BHA
allanmc
alm721
altocumulus
AndyD777
ARC
ashpatel82
azucena
behelzebub
benjdr
bigg
bigwedgie
Bisoy
blondieleopard
blowupiceland
BMagwood
BobbyBlade
brydlesmansteve
bunny62
bytie bit
Caudle
Charles1968
Chippy99
clare_mc
clue
concisethinker
cordelia0507
craig86
cshowell
cwhite4
D.Ricardo
darren72
Dealmad
debbie42
dksmile
dmd22
dnmharwood
doctorscooby
drob4
dutch123
Edgeyboy
elbe
endure
esperluette
euroaccountpls
eyeshigher
flibbertigibbet
formulaonefan
FridaysVictim
Garry R
genny
GoToGal
gpender
greigster
Gwhiz
Heliman
hellyboo
hometune
ianrobgill
In a state
indian chief
Ippylady
Ivinda
jbanks
JCB_Digger
jean28mo
jille
jogto
johno77
johnpoleman
jolizzie
jrs101
kara_p_uk
kasbridge
kaupthingedgy
kaylor
Keith:)
Landyman64
leafmould
Leigh79
leosayer
linnyk
LIT
little miss late
Locoblade
lolly1963
loveabargin
LuKeNuKuM
lyndasharp
mahmoodt
Major Clanger
mark49152
markwickens
mirfieldx
miserable_ol_so_n_so1
miserable_ol_so_n_so2
miserable_ol_so_n_so3
mjmal51
mletters
mmistry
mobfant
mondriver
moneychump
moneyloser
monkey1234
mssloan
MuddledOfMiddlesex
mumoftwoandapig
narrowboat1
narrowboat2
Neonoptic
nigelinthai
Nine Tails
nomorekids
northern5
oldmanof the sea
oridley
Pandora123
pandora205
Petal
philiprn
pickle123
pmorrison
polophonic
pompompo
qwe3333
R4CHY
rainywindow
rhinestonemaiden
richdeniro
RicksterSB
Roberta1
roley
rugbygary
savit4l8er
sebtomato
shabba_shabba
shuttleworth96
Smithquintus
Snakebite
Somerset
sph1971sph
steveky
sunflowerseeds
Tabsy
Terrysdelight
THE WORRIER
thefirs
thinker
Timmythetortoise
tintin52
tipsychick
toshii
T-rev
trevs707
Trulyscrumptious
UnhappyHarry
Vancat
Vectra
vn108
VortexSteve
WaltD
welovedarling
WestCoast
!!!!!!
yowza
zaccy
zippygeorgeandben

THE_WORRIER_3

Hi, has anyone read the home page? It was updated at 6.00pm tonight. We are really worried, we stupidly had our life savings in a KE account - worked out we are losing £100 a day in interest - so you can guess what a large amount we are talking about - were ready to retire and feel its all gone - red wine and sleepless nights have been the order of the week. We did a CHAPS transfer on Tuesday via the phone and as that didn't seem to work did another on Wednesday via internet, as initially our log in was blocked - we thought it was us in panic that was keying in the wrong details, now we realise many people couldn't log in either - so we are sitting here reading all the posts and can't understand why BBC. ITV, Channel 4, Sky not reporting anything about individual savers - please if anything comes on the news about individuals can you post back.

We know we been stupid and no one would have much sympathy with us, but we were taught to save and work hard - now we are thinking our kids were right SPEND SPEND SPEND - only wish we had it to spend.

Don't know why I am rattling on - just needed to get my feelings down on paper - husband gone into his shell, I am just trying to remain positive - he worked long hours and hard work all his life for THIS.

Somebody give me something positive to read before we hit another bottle of red!!

Keep up the good work all your forum members - it has been a little bit of solace knowing we are a community all fighting together.

Would you think we could claim for the lost interest now our LIFE SAVINGS are lost in cyber space - to date it is £400 and rising.

Why did I call myself THE WORRIER - that was a year ago when I first joined - never thought this would happen.

MalcC

According to Citywire.co.uk at 6.25pm tonight ING are planning to start processing the backlog of withdrawals tomorrow morning.

blondieleopard

pixiep wrote: »

As I understand it, if you have an internet account, then you are with Kaupthing Edge. The 3000 related to Kaupthing Singer Friedlander (KSF), which is different. It's the Kaupthing Edge (i.e. internet accounts) that have been taken over by ING Direct and therefore theoretically safer.

Hope this helps!

thanks pixiep

Charles1968

Twaddell wrote: »

I finally got to speak to someone at Kaupthing a moment ago, having been trying all day. She stated that all payments that have been made since MONDAY are in a holding account and will be sent on. But they do not know when this will happen!

if this is correct, then the next question is: who is in charge of the holding account and what is its legal status? Note that UK and Iceland are now embroiled in a diplomatic row over compensation for Icesave customers. If the icelandic authorities or Kaupthing HQ has any claim on this holding account then the money might be tied up until the diplomatic situation is settled, or it may even be necessary to may a claim to the FSCS if Iceland withholds the cash.

Most likely scenario in my opinion is that these funds remain under UK control and will be distributed once ING gets its head round the admin and starts clearing the backlog. In any case, we'll all get the money back at some point, so there is no need to panic.

Newsnight now on the case too after I tipped them off. Something might be on TV about this mess tomorrow night.

Charles1968

the citywire story is reassuring:

http://www.citywire.co.uk/adviser/-/news/adviser-news/content.aspx?ID=317137

rosgar

One more name for the list, Three 'BACS' transfers missing since last weekend for a total of just over 8k

Valleycommando

To all who have Accounts in Kaupthing Edge and Heritable

ING direct have aquired the savings parts of these banks

Your funds will continue to earn interest in exactly the same type of accounts as they are in now. Your savings are safe, rest assured your transfers will be carried out ASAP please continue to contact Kaupthing Edge or Heritable in order to transact on your account.

At present ING direct cannot access your account details, however we are managing the savings funds for these banks so I repeat you are in good hands

I work for ING direct customer services team.

MalcC

Here is the Citywire article. This is the best news this week and I hope everyone feels reassured.

Kaupthing Edge payouts start tomorrow, says ING
By Iain Martin | 18:25:43 | 09 October 2008
ING Direct has said it will start to clear the backlog of transactions at Kaupthing Edge and will let some consumers withdraw cash on Friday morning.
A log-jam of transactions has built up at the Icelandic-owned internet bank as customers try to withdraw the £2.5 billion of savings locked inside. ING Direct said the first money would be moving out of Kaupthing Edge in the morning but it could not say how long the backlog would take to clear.
Customers like Simon Tong of Maidenhead, who tried to withdraw £65,000 on 8 October, were able to transfer money out of Kaupthing Edge but it never appeared in the bank account they sent it to. Tong thought many of Kaupthing Edge's 160,000 savers had shared the same problem.
‘Kaupthing Edge appeared to do the transaction but the money has not appeared and there is no statement from Kaupthing to say it was in transit,’ said Tong, a research scientist for the Transport Research Laboratory, Wokingham. ‘Is it just in limbo?’
The problem was not with the bank transfer and the money never left Kaupthing Edge, said the Association for Payment Clearing Services, which represents the systems Chaps and Bacs, which pass money between banks.
ING Direct said its staff had been working at Kaupthing Edge for 24 hours and could not say how large the backlog was or how long it would take to clear. ‘We have had our people in Kaupthing Edge today and they are getting that backlog moving,’ said a spokesman for ING Direct. ‘The first payment should be issued tomorrow morning.’
Deposits from Kaupthing Edge were transferred to ING Direct by the Treasury after the Financial Services Authority said yesterday the Icelandic-bank could not meet its obligations to savers. The transfer was backed by cash from the Financial Services Compensation Scheme and the Treasury. Kaupthing in Iceland was taken over today by the Icelandic government, in the latest episode of the country's banking crisis.
Heritable Bank savers were also transferred over to ING Direct but should be able to access their accounts normally, according to the Dutch financial services group.

Sebby*

I'm wondering if I should not withdraw, yet. Perhaps let things die down.