At what point could ICESAVE legally stop withdrawels

marklee

snikpoh wrote: »

If it's cleared, how it be recalled?

...perhaps their system would flag items as cleared when they were not actually cleared? (The funds may have been moved into a CHAPS clearing account at their side for further processing, but the CHAPS request was never actually processed).

StevieJ

snikpoh wrote: »

Same for me. I transferred about 100k VERY early on Monday - two hours later I checked and it said Processed and Cleared. Today I check and it has been returned as a correction.

If it's cleared, how it be recalled?

Let's hope we do get some compensation - any one know how long this might take?

You should have moved it on.

Richard_Cocks

What's dodgy is locking in UK depositors so that Icelanders can withdraw their money and carry on as normal!Freezing all our assets and refusing to cough up compensation so that Icelanders can all go around to their branches and take out their money is so far beyond reasonable it hurts, but I think the government is pretty !!!!ed off about that too, and have frozen all Landsbanki assets in this country in response!

climbgirl

Richard_Cocks wrote: »

What's dodgy is locking in UK depositors so that Icelanders can withdraw their money and carry on as normal!Freezing all our assets and refusing to cough up compensation so that Icelanders can all go around to their branches and take out their money is so far beyond reasonable it hurts, but I think the government is pretty !!!!ed off about that too, and have frozen all Landsbanki assets in this country in response!

I agree, it absolutely stinks that we're locked out and domestic (and seemingly Netherlands) depositors aren't.

They need to be a little careful who they annoy though, by all accounts they'll be looking for some EU support to prop up their country soon enough and they'll be wanting friends then, not enemies.

ianmr65

Well The Gurnsey Goverment put landsbanki gurnsey into administration as early as monday night, even before Landsbanki HF was nationalised. Basically seizing the bank's assets to protect depositors. They pretty hot on this sort of stuff over there.
Hertiable bank (part of landsbanki) went into adminsitration yesterday, and was sold today, so I don't understand why the UK Gov has taken untill today to seize the Icesave assets .....
Still they've learnt from this and seized Kaupthing Singer and Friedland, and Kaupthing edge, this afternoon.

The icesave terms, in fact all bank terms say they have a right to temproraily halt withdrawls, and so no it's not illegal.

The fact that Landsbanki has been nationalised, (even if the icelandic goverment is hiding behind the technicalility that it is in recivership) and not has defaulted: and it's new owners are the islandic goverment should make claims against the icelandic goverment, (over landsbanki) in the international courts, a great deal easier. I for one will persue them for any losses, and for loss of aminity, stress, and anything else i can think of, even if i do get all my money back!!


In terms of supporting Iceland, the Icelandic goverment has been seeking support from the US, UK and EU for weeks and months, not a lot has been forthcoming, so they seem to be throwing in with the Kremilin. Much to nato's dismay.

Oblivion

climbgirl wrote: »

They need to be a little careful who they annoy though, by all accounts they'll be looking for some EU support to prop up their country soon enough and they'll be wanting friends then, not enemies.

It seems they are very keen to get into bed with the Russians. I can see another cold war looming here.

Dave.

edwinac_2

marklee wrote: »

I should add that I'm not trying to discredit any allegations of criminality! (Not sure if you were referring to me or not)

No, not at all. Although you have unearthed what looks like a bullet-proof get-out clause for the bank.

I admit I rarely read Ts&Cs, but is this a normal clause to find in the terms for a savings account? In the current crisis, I can see its potential for abuse, if it is commonplace at other banks.

My gut feeling reading that clause is that it is EITHER for legal requirements OR for maintaining liquidity levels. Which pretty much gives them free reign to suspend accounts whenever they want, as they can dictate what they consider to be "necessary" liquidity levels.

Unbelievable, and frightening.

For those living hand-to-mouth, this clause allowing 60 days of frozen accounts could lead to starvation and hypothermia. For those exchanging house contracts, a sudden lack of funds could trigger a costly breach of contract.