Kaupthing Edge CHAPS Transfer

echelon101

Would I be right as interpreting the above threads as withdraw for KE with haste?

Thinker

Always nice to hear from somone who can reassure themsleves. Good luck

northern5

don't get me wrong, I am affected by all this with money in both KE and icesave, and know that the Icelandic govenment is out of order by refusing to honour its commitments, but using a terror law against them to freeze the assets ... How does Gordon expect to get away with that! If it wasn't our money involved then we would all be up in arms about this.

My point is that maybe Iceland were going to get this russian loan and then pay us back, well they're certainly not going to now which is going to mean charities and our council tax will suffer!

fudgie1980_2

codger wrote: »

A calm and soothing post, for which much thanks, because there's still far too much alarmist speculation on here and elsewhere on MSE.

Certainly we can all see the smoke that has engulfed KE in the UK but that doesn't mean that, right this moment, all of us are on fire.

My BACS transfer was begun last Saturday morning and so couldn't have gone into APACS processing until Monday. The fact that my KE account shows "transfer complete" means nothing at all: on Monday, KE's UK subsidiary would have known just how much money was about to take flight and so I'm not at all surprised at ING's statement that actually, no money went out of KE at all to depositors.

My transferred funds still haven't arrived in my linked account but I'm not surprised. Nor am I worried -- apart from anything else, what is worrying going to achieve apart from another unsettling post here?

Assuming that the transfers system will again not work this weekend, and accepting ING's assurance that it's working flat out to clear the transfer back-log, I'm assuming the following timetable:

1) No monies left KE to UK depositors despite the accounts showing a transfer;

2) ING didn't acquire KE's UK customer base / accounts until Wednesday of this week;

3) ING couldn't begin to get to grips with the transfer situation until yesterday (Thursday);

4) Even if some transfers are initiated today, I've no idea if CHAPS completion will occur tomorrow (on a weekend) but I'm equally pretty certain no BACS transfer will complete;

5) If I'm lucky enough to be at the head of the BACS transfer queue, then hopefully I'll see the funds in my linked bank account next Tuesday, October 14th;

6) If I'm not that lucky, or the whole system gets clogged because of the volume of transfers, then that date moves to Wednesday, Thursday or Friday of next week.

Our family's position, therefore, is that if we "see" our KE money in our bank at any time before a week today -- Friday, October 17th, 2008 -- then that will be fine.

If funds are not showing by mid-afternoon next Friday then we'll start to wonder -- wonder though, not worry, because there's no point in anyone conjuring up nightmares that can only fuel wider anxiety, if not wider hysteria.

You're right. We can't panic or be too suspicious. These are banks regulated by official bodies/governments after all - they are not allowed to rip us off. It's not like we're trying to buy festival tickets from them or something and are worried about whether they're genuine retailers or not.

*thinking calm thoughts...whilst still obsessively checking bank accounts "just incase"...*

Thinker

Dare I say, charity starts at home northern5. It certianly did for Iceland

Charles1968

behelzebub wrote: »

Yet more confusion by the BBC and CH4, understood the money was held in a british bank by RBS and not in Iceland.

In which case ING is presumably not in receipt of the funds and won't be able to complete any of suspended transactions this week.

We still don't have clarity on what's happened to our money. Is RBS acting as a clearing bank for the transactions or has all the money been diverted there by Kaupthing?

The reassurances are starting sound rather hollow to me.

behelzebub

codger wrote: »

A calm and soothing post, for which much thanks, because there's still far too much alarmist speculation on here and elsewhere on MSE.

Certainly we can all see the smoke that has engulfed KE in the UK but that doesn't mean that, right this moment, all of us are on fire.

My BACS transfer was begun last Saturday morning and so couldn't have gone into APACS processing until Monday. The fact that my KE account shows "transfer complete" means nothing at all: on Monday, KE's UK subsidiary would have known just how much money was about to take flight and so I'm not at all surprised at ING's statement that actually, no money went out of KE at all to depositors.

My transferred funds still haven't arrived in my linked account but I'm not surprised. Nor am I worried -- apart from anything else, what is worrying going to achieve apart from another unsettling post here?

Assuming that the transfers system will again not work this weekend, and accepting ING's assurance that it's working flat out to clear the transfer back-log, I'm assuming the following timetable:

1) No monies left KE to UK depositors despite the accounts showing a transfer;

2) ING didn't acquire KE's UK customer base / accounts until Wednesday of this week;

3) ING couldn't begin to get to grips with the transfer situation until yesterday (Thursday);

4) Even if some transfers are initiated today, I've no idea if CHAPS completion will occur tomorrow (on a weekend) but I'm equally pretty certain no BACS transfer will complete;

5) If I'm lucky enough to be at the head of the BACS transfer queue, then hopefully I'll see the funds in my linked bank account next Tuesday, October 14th;

6) If I'm not that lucky, or the whole system gets clogged because of the volume of transfers, then that date moves to Wednesday, Thursday or Friday of next week.

Our family's position, therefore, is that if we "see" our KE money in our bank at any time before a week today -- Friday, October 17th, 2008 -- then that will be fine.

If funds are not showing by mid-afternoon next Friday then we'll start to wonder -- wonder though, not worry, because there's no point in anyone conjuring up nightmares that can only fuel wider anxiety, if not wider hysteria.

I didnt think you could buy rosey coloured glasses anymore, maybe its now the 'head in sand' approach to paying bills on monday morning

echelon101

Is the best course of action to sit tight if I still have money with KE as nothing will happen due to their backlog?

aceswest

I telephoned ING yestarday evening to ask them where my missing money was and was told about the backlog etc. The very efficient lady took may details, transaction details etc and my telephone number and she told me that some one would phone me asap.
An hour a go someone from customer services telephoned me to say my withdrawl to my lin ked account will be honoured asap and my money was safe. But they are giving priority to chaps withdrawls regardless of what date they were actioned so my withdrawl of the 6th will just have to wait its turn sometime late next week so approx 10 days from here on in before i see it.

Megalomaniac

Chaps (excuse the pun),

Thanks for everyone doing the things they are doing. I transferred money out on Tuesday and Wednesday but no sign of it (by BACS). As long as I get it before the end of the month I'll be happy. It seems a lot of people are not too fussed about the money moving since ING have taken over. Well, let's hope we hear something definite on the ING website or Kaupthing website by the end of today. Have a funny feeling things will all go quiet as of 6pm tonight (and over the weekend).

I'm sure the moneys not lost. Its great that KE is one bank who leaves a record of the APACS number etc... on your statement, just in case this time next week no money has shown up anywhere!