Kaupthing Edge CHAPS Transfer

Charles1968

Valleycommando wrote: »

We will be processing all transfers ASAP

Our payments team are working with Kaupthing to ensure we can get this rolling ASAP.

ING direct is working as hard as it can to sort out the issues, as you can imagine we now technically have 200,000 accounts just from Kaupthing edge and heritable bank to deal with, thats without counting our own 1.2 million savers.

Rest assured though all transfers will definatly be made ASAP, and I can confirm you WILL be getting interest on your savings at the same rate as your normally would.

sounds good & thanks for the reassurances, but can you confirm that ING is holding the missing BACS and CHAPS funds already, or is ING awaiting payment from Kaupthing?

If messages don't start appearing on this thread Friday about the money turning up, then we'll know that this situation is getting more complicated not less complicated.

sonig

I did a CHAPS transfer for 30K at 8am yesterday from KE (8th Oct) but there is still no sign of it in my linked account either. I spent 45mins in a queue on the phone to KE yesterday 5pm and gave up but managed to get through lunch time today.

They said the money would be on its' way as soon as possible but they could not tell me when things would start moving or how long it would take, they just said it was due to the events of the last few days not the CHAPS system itself and that the money would still go through to my linked account, they also said that my £20 fee would be re-instated.

I also wouldn't mind staying now with ING but don't know if it's too late to stop the CHAPS!

musicman2004

Until finding this forum tonight I was very worried. I thought I was the only one who seemed to have 'lost' money after doing a CHAPS transfer. Mine was on Tuesday morning for £35,000 life savings to Nationwide. It hasn't arrived of course and Nationwide can't help at all. They suggest phoning Kaupthing! Ing are reassuring but don't give anything definite.... except to wait.
I wonder why this hasn't been mentioned on TV yet? Maybe too much other news. But I find it very interesting that although my 35K hasn't arrived anywhere, a BACS payment sent to Kaupthing last Sunday, DID arrive and showed up on the web-site TODAY! Seems that they are happy to receive money but not return it! Will we ever trust any bank again - ever? I won't be going to Iceland - country or shop!

frumball

i'm another - requested withdrawal of £16000 tuesday to CLOSE a/c - KE a/c immediately showed NIL balance BUT not seen any dosh in my UK current (nominate a/c)

EEK!!

problem is I only opened the KE a/c last week after reading momneysavingfexpert tips on best savings account!!!

Evelyn_2

Add me to the list as well please. Did BACS transfer of nearly £20k, early Monday 6th October. Gone from KE but not arrived at Natwest linked account.

nigelinthai

Friday am Thai time (0121 UK - no dosh arrived as yet either back in KE or in Nationwide.
A worrying weekend ahead
Add me to the list by the way

JohnAnt

Given that ING still have to clear the uncleared transactions that are 'somewhere in the ether', I'm just hoping they'll be able to identify all the uncleared transactions, as individual accounts show the money as debited. And the money is not floating around the BACS or CHAPS syatem, apparently.
I 'withdrew' my £7K on Monday 06/10. The printout confirms the time as 14:10 (though I see the account page now shows it as 'debited' on the following day, 07/10).
I don't think we should shrug our shoulders about this. We all debited our accounts with a transfer, and the bank booked the debit, and pretended to make the transfer (BACS or CHAPs), but did not do so. Where I wonder is that money now? And how can ING trace it and distinguish the tranfers actually effected from the ones KE just told us were effected, but weren't? Maybe (fingers crossed!) ING will have no diffculty in doing this, though the irksome backlog may cost us all several days or more access to our money, presumably without daily interest payments. But as KE saving accounts were not frozen by the FSA until Tuesday, why 24 hours previously were they already debiting our money without transferring it as they claimed to do so?
Not a computer glitch, obviously. The computer did what it was supposed to do. But the bank then sat on the money. Curious. Perhaps even grossly negligent, or even a case for the Fraud Squad? Or possibly some more innocent explanation?
Let's hope we just get it all in our home accounts soon.

JohnAnt

It's just occurred to me that a less worrying explanation (but only my speculation) is that as the UK government used terrorist legislation to freeze the KE accounts on Tuesday morning, that might trigger a stop (like stopping a cheque) to every BACS/CHAPS or IBAN transfer en route and forcing it back to its origin where it's then locked down. That diversion process might reasonably take a few days to complete. Still, a bit unnerving, isn't it!

alared

I`ve been away for a few days,so just catching up.
I`ve read a couple of theories about the CHAPS/BACS transfers.

1 the system is simply "clogged up" and it will take time to clear (how long?)
2 all transfer payments will be bounced back to KE/ING (eventually)
3 according to the BACS site,the payment is put in the system on day one,cleared on day two and received in the nominated account on day three.

With assetts being frozen and siezed and ING trying to get to grip with things at KE I would imagine things will take time but the money can be traced because it has to go to the nominated account or bounce back.
On the KE site you can get a print out of your transaction ID,reference account etc.

Latest on the compensation:
http://news.bbc.co.uk/1/hi/business/7662000.stm

hometune

On Monday I did a BACS transfer into my KE account and that arrived yesterday! So BACS seems to be working fine! Yet CHAPS transfer out of KE done on wednesday has still not arrived! I guess ING dont mind receiving my money but are reluctant to part with it!