IceSave - Cleared Balance?

SephirothX

My account says:
Processed Balance as at 07/10/08 £2,000.00
Cleared Balance as at 07/10/08 £200.00

£1800 went in on Friday but it has not cleared yet. Is there a chance I can get this £1800 reversed as it hasn't cleared? The money has left my normal bank account. According to IceSave it won't be cleared until 7 working days after it went in. It went in on Friday. I am a student and the majority of that was my student loan for this semester so it would be nice to not have to survive on an overdraft.

SephirothX

Does no one know anything about this? The thread seems to be getting lost in all the chaos.

SeanW

Unfortunately the money is now in Icesave.

It's not cleared for several days after the money arrives to allow for issues with direct debit. I doubt you have any claim on the direct debit guarantee.

SephirothX

Can my bank not creates "issues with direct debit" to prevent it clearing and get it returned? I suppose I should talk to my bank. I'm quite worried that Iceland won't cough up the first E20000 or whatever that they're supposed to guarantee. I know people have potential to lose more but £2k is a lot for a student living off loans.

SeanW

The bank will already have cleared funds, it's just something Icesave implemented to stop you withdrawing the funds within the 7 days.

I can't remember the exact reason, but I think it's to allow for things like fraud and money laundering checks to occur after the funds have been received but before you have the opportunity to withdraw.

I understand what you are saying, I know people with just £1K but this is all their savings, in fact a start to saving, and what a bad start to be told you may (tiny risk) lose it. Personally I got £25K in there, the tiny risk is slowly sinking in, but I am not yet too worried.

jetfighter

I put £500 into my Icesave account on 01/10/2008 and it's still not showing as cleared, even though I made the transaction some time at the end of September. It appeared in my account but isn't included in the cleared balance. It has left my current account.

I'm really curious to know whether this will be returned to my current account, or now part of the amount I have to reclaim? Anyone know?

IT_nerd

Yeah. I have the same thing. Been meaning to ask about it.

jetfighter

My guess is that what the OP said about it taking 7 days to clear means I was just a little bit late in getting it in... probably would've cleared by the 8th! :rolleyes:

I'm sure this will be a common issue so hopefully the FSCS form will take this into consideration.

halight

I dont have any money in icesave but i really feel for all the people thaty do.
I wish you all the very best with getting all your money back. I hear our Gov is going to helping out with this so evey one stands the best chance of getting all there hard earnd money back.
GODD LUCK FOLKS