ICESAVE Anyone else do a BACS transfer on Sunday ?

harrowing_3

From Martin's are-you-safe guide...

VERY IMPORTANT. To ensure you have a record of the money in there, and hopefully smooth out any compensation procedure, log into Icesave immediately and print out your current statement.

SoozyJ22

10_66 wrote: »

I've just reset my password and to my relief the balance is showing as it was before I requested the closure of the account, though it doesn't show any other transactions and has it as an opening balance, which might make it difficult to claim for the interest due between May (last interest payment date) to yesterday.

I'm in the same position. I closed my instant access account at about 8am on Tuesday, it returned online with a zero balance yesterday with the opening date set to yesterday and then some time during the day today my balance has been reset to what it was on Tuesday morning, but without any accrued interest. I'm wondering if the interest might still show up as a separate transaction, but if there's no sign of it by Monday I'll try to call Icesave and see what they have to say.

hra_2

NeilJ1975 wrote: »

As icesave were technically still a functioning organisation until being taken into receivership, the reversing of these funds is surely illegal if it was done for any reason other than fraud?

Very good point. As Britain is already taking legal action against Iceland and there were obviously large sums tied up in withdrawals which were later reversed, wouldn't it make sense to add these sums to the UK's claim?

It would save the FSCS and/or the taxpayer a lot of money if these funds can be claimed back as opposed to being refunded from our end!

Icesave's Ts&Cs did have a clause allowing them to freeze withdrawals, including notice of withdrawals, but can this legitimately include retrospective suspension of withdrawals, actioned in some cases days before?

10_66

SoozyJ22 wrote: »

I'm in the same position. I closed my instant access account at about 8am on Tuesday, it returned online with a zero balance yesterday with the opening date set to yesterday and then some time during the day today my balance has been reset to what it was on Tuesday morning, but without any accrued interest. I'm wondering if the interest might still show up as a separate transaction, but if there's no sign of it by Monday I'll try to call Icesave and see what they have to say.

I spoke to Icesave this afternoon and was told that people who had "closed" their accounts before the 6th have had their accounts reinstated with accrued interest because the system had time to calculate the closing interest before they ceased trading. Those of us who "closed" their accounts on the 6th have had their accounts reinstated without accrued interest added because their system didn't have time to calcualte interest before they ceased trading. They said the IT dept are prioritising getting money back into peoples accounts. They may then try to reinstate previous transactions (proving the funds were in the account from when interest was last paid). Alternatively, it might be that when the compensation scheme process starts, Icesave will send out itemised statements to customers.

SoozyJ22

Thanks 10_66 that's really useful and saves me a phone call.

I can't actually remember when interest was last paid (some time in spring or summer) but I should be able to roughly work it out if I can find the account opening letter they sent me, so at least that's something to work with if they don't get the previous transactions back.

I do feel so sorry for the poor icesave employees who are having to do all these system changes and back-outs and also the people answering all the phone queries. They really do seem to be doing an excellent job even though they'll know that they most likely not have jobs for much longer.

10_66

SoozyJ22 wrote: »

Thanks 10_66 that's really useful and saves me a phone call.

I can't actually remember when interest was last paid (some time in spring or summer) but I should be able to roughly work it out if I can find the account opening letter they sent me, so at least that's something to work with if they don't get the previous transactions back.

I do feel so sorry for the poor icesave employees who are having to do all these system changes and back-outs and also the people answering all the phone queries. They really do seem to be doing an excellent job even though they'll know that they most likely not have jobs for much longer.

I asked the person I spoke to yesterday eveing about her job, and she said their job's are safe (something to do with working for a company doing work for Icesave, I think).