Icesave transaction payable?

ming60

Yesterday (Monday 6th October) at 1.30pm my wife and I withdrew all funds (approx £6000) in our ISA's we have with Icesave, and closed the account. The transaction went through, so it was before they shut down this part of the website.
Are they therefore legally bound to process this transaction (which it states, takes 4 days), even though it seemed to be very close to the 'closure'?
Our accounts are now actually closed, so where do we stand if they don't pay up?
Thanks in advance for your replies.
Ming60

dinkle

Hi Ming

According ti Icesave's t&c's on their webpage

10f. In very exceptional circumstances only, to enable us to comply with
legal requirements and maintain appropriate liquidity levels, we may
temporarily cease or limit withdrawals from accounts for up to 60
days. This limitation on withdrawals will apply even if we have already
received notice of a withdrawal from your account. Money in your
account will still earn interest during any such period and we will follow
any instructions received during the period of suspension once this
period has finished.

Although it doesn't actually specify at what point a transaction is deemed to be completed and thereby to far through the system

Hope that helps

realaledrinker

Can't understand why you have closed your ISA & lost your tax free status - given the guarantee?

br1anstorm

Dinkle - I've clicked on the thanks button for your helpful post. Ming60 raised more or less the same point as I've done in a separate thread about the processing of CHAPS transfers.

I'm sure Icesave would regard present circumstances as sufficient to invoke the clause you quote. But it's interesting that it only provides for a temporary delay (of up to 60 days) - NOT a reversal or refusal to implement. And it accepts, more or less explicitly, that once the suspension period (=freeze) is over, the bank "will follow instructions received during the period of suspension".

The key question is however precisely the one you referred to in your comment...

dinkle wrote: »

(text of ts&cs edited...)

..... it doesn't actually specify at what point a transaction is deemed to be completed and thereby too far through the system

Maybe I'm clutching at straws - but these are desperate times.

br1anstorm

dinkle

Thanks brainstorm

I agree - these are desperate times. I suppose for now we have to wait and see what tomorrow brings.

I'm kicking myself as I was only saying to my husband last week that I think we should move from Icesave - just didn't get chance to do anything about it!

Still - hindsight is a wonderful thing. I don't see the point in laying blame. We all made a decision to place our money with this organisation and we all had the same information available to us to enable us to make this choice.

On a lighter note - have a laugh at my expense!

Some of my money was originally for a holiday although that has been on hold for a while now anyway. Where were we going? Iceland!! And to really rub salt in the wound we've had two emails tonight from Icelandair!!

Oh well

Jo

br1anstorm

Hey Jo (or Dinkle)...

I hope you're still planning to take that holiday trip. If you take some sterling with you, you might pick up some bargains...

But seriously - as you say, hindsight is easy but ultimately not that helpful, and I just wanted to echo your remark that it's pointless trying to lay blame. Doesn't do any good, and more important it diverts attention and energy from efforts to assemble information, establish the facts and identify constructive options for action.

Maybe we could suggest that MSE moderators set up a specific sub-forum for angry people who want to let off steam by criticising Martin or anyone else (incidentally I thought Jon Snow's dialogue with Martin on Ch 4 news was a shameful example of the worst kind of "blame game" journalism)? And perhaps another subforum for those who feel the urge to tell their stories simply in a search for comfort and sympathy?

Then the cooler heads and those with at least some knowledge and expertise can focus on discussion of the core issues.

br1anstorm

dinkle

I completely agree - I'm not a regular poster here although I do lurk quite often but there seems to be a lack of moderators tonight especially given the understandably high amount of concerned people on the boards.

Who knows maybe one day I'll get that holiday - you never know at this rate they may well be paying us to go if things get any worse! Always look on the bright side - no point in making the situation any harder on yourself by moaning!

Anyway that's me for the night

No doubt our paths will cross again!

Jo