UK Govt to ensure savers get money back

moneyluvva

After transfer of funds & closing my account on Monday I decided to let the dust settle & ring Icesave today to see if there is any sign of the cash reaching my bank. I have read that Icesave stopped processing withdrawals etc on Friday & that may still be true but when i spoke to a customer advisor she was unaware of this & checked my account & told me the funds were transferred out & marked as actioned. Because the account was closed it will remain locked but if the funds dont reach my bank they are held in a holding account & transfer back to my Icesave account upon which time they can unlock & allow access to view online. So its just a case of keep checking to see if the funds have landed & if not back on the phone to Icesave.

Has anyone who made a withdrawal on either the weekend or monday actually recieved any of their funds yet?

br1anstorm

Might be useful to link, or merge, this thread started by Martin, with this one about the Darling/Treasury statements
http://forums.moneysavingexpert.com/showthread.html?t=1206047

Are any mods working on this sort of housekeeping?

DigitalJedi

sss555s wrote: »

!!!!!! :rolleyes:

Cant any of you super smart investors who chased that extra half a percent thinking you were so smart and ahead of the game have a thought for where YOUR "bail out" money is coming from?

Loads of threads on here now all about will i get every penny of "MY" money, how can they do this, oh how great AD is now that he's gonna give me back my money. :rolleyes:

I bet some of you guys were the ones moaning about the greedy banks and cwap government last week!!!

I have money invested too but is this really the right thing for the UK to step in and guarantee way above what was required when the poor guy on the next street who is just keeping his head above water is gonna have to pay more "tax" to pay your bail out?

Well done AD for shafting the UK to look good for a bunch of people who have more money than they need :money:

BTW i bet it costs us twice as much to chase the money through the legal system than the amount we'll get refunded from Iceland.

The quoted post was just one of many along the same lines showing it is really dog eat dog out there. If it gets much worse and we start having hyper inflation then your 33k may just about buy you a bag of potatoes

Some people's stupidty really astound me.

The biggest problem at the moment is confidence. The last thing the government needs right now is the general public worried that their savings are not safe.

And bravo you for having "money invested too". However I bet it wasn't held in Icesave otherwise I suspect you'd be dancing to a different tune.

And yes it may cost more to pursue them legally than we get back. Just in the same way that it would cost your mobile phone company more to pursue you for your bill than the money they get. Its the principle. The UK government allowed the Icelandic banks to operate here based upon guarantee's given by their government.

We're not talking about people here who were investing irresponsibly. If Icesave had offered 15% interest then perhaps you could argue if it looked too good to be true.....But to suggest that prudent people who invested in a bank backed by the UK government, Iceland government and recommended by MSE, Moneyfacts and various other respected sources were irresponsible just astounds me.

collingwood21

The BBC website has just updated its Icesave story to say that: "The Treasury said that arrangements were being put in place to ensure that all ISA customers of Icesave would continue to benefit from the tax-free status of their accounts. "
That is quite a relief! :beer:

ElusiveLucy

collingwood21 wrote: »

The BBC website has just updated its Icesave story to say that: "The Treasury said that arrangements were being put in place to ensure that all ISA customers of Icesave would continue to benefit from the tax-free status of their accounts. "
That is quite a relief! :beer:

PHEW!!! :T

Now to decide where to put it.........that's the difficult decision!

babylonfree

ElusiveLucy wrote: »

PHEW!!! :T

Now to decide where to put it.........that's the difficult decision!

I'm starting a new bank in my garden shed, perfectly legal and i'm offering 25.2% interest. I'm completely covered by the passport scheme also. So should something go wrong, you're money is as safe as an Icelandic fishing boat straying into waters anywhere near me.

Nick_C

Eezageeza wrote:

14804585The number of savers and the total liability in Icesave is quite low, so the cost to the UK is relatively small.

With regards to the implication that Icesave depositors are reckless/greedy or can in some way afford to lose their money, I can only say that is an easy thing to allege if you are of below-average intelligence and have no understanding of the economy!

According to the BBC, about 350,000 savers had deposits of about £4,500,000,000 in Icesave. A relatively small cost then of about £170 for every Income Tax Payer in the UK.

To attack someone's intelligence for expressing an opinion is rather puerile.

I think its time the tax payer stopped picking up the bill for people's reckless behaviour. People will only start being more cautious if they have to pay at least some something towards the price of their folly. Why should we UK taxpayers have to bail out people who have been let down by the Icelandic Government? And why the hell are we bailing out people who were utterly foolish and had more than £35k in Icesave?

Eezageeza

collingwood21 wrote: »

The BBC website has just updated its Icesave story to say that: "The Treasury said that arrangements were being put in place to ensure that all ISA customers of Icesave would continue to benefit from the tax-free status of their accounts. "
That is quite a relief! :beer:

Yes, a relief indeed. What I would like to know is what happens next. Do we wait for Icesave to be declared insolvent and then wait for a form to arrive in the post to reclaim our money? Or do we have to chase for it? I wonder whether under these circumstances the government will adhere to the EU "rules" that we should get our money back within 3 months.

strav100

Reckless behaviour for putting money in an Icesave SAVINGS account with the guarantees promised! ABSOLUTE NONSENSE!

I wasn't blowing it on the stock market!

Nick_C

But the guarantee from the Icelandic Govt was worthless, and many people on these boards predicted this months ago.

I think it would have been reasonable to assume that a higher rate of interest in a foreign bank not fully covered by the FSCS carried with it an element of risk.