Icesave/Kaupthing BACS/CHAPS Transfers - anyone received them yet?

zaccy

Just spoke to the FSA about KE money in transit ie BACS or CHAPS. Was assured that the money can not be in limbo and has to be in one account or the other, so it will be protected under the UK FSCS. They could not advise me if the money would go back to KE or on to my linked account (left KE Monday) and gave me the ING freefone number 0800 5618840 to make further enquiries. Only took about 5 minutes to speak to someone BUT she could not tell me what was happening to my BACS transfer and advised me to ring KE on 08451313234 which of course is constantly engaged.

In short no one at customer support level seems to know, what is going on with the missing BACS transfers from KE, even the FSA. It would be helpful if someone who is in the know posted a short message on the appropriate site.

decadentlywasted

Just come back from holiday yesterday! Can anyone give me a plain English answer to "How long before I can get at my Icesave instant account cash and how do I do it?" Cheers.

markbloke

decadentlywasted wrote: »

Just come back from holiday yesterday! Can anyone give me a plain English answer to "How long before I can get at my Icesave instant account cash and how do I do it?" Cheers.

No, they can't. I'd get back on holiday if I were you mate.

TypeR

You can't they (Icesave) are effectively in administration, the Financial Service Compensation Scheme will be paying us all out to the tune of 100% if all deposits with IceSave.

Tax Status on ISA's will be protected.

decadentlywasted

Cheers for the quick replies. I guess that's good and bad news then. Just as well I don't need it in a hurry!

fredsie

decadentlywasted wrote: »

Just come back from holiday yesterday! Can anyone give me a plain English answer to "How long before I can get at my Icesave instant account cash and how do I do it?" Cheers.

No, I'm afraid they can't. Icesave accounts are effectively frozen, but because the bank hasn't actually been declared insolvent yet, the compensation scheme isn't yet operating.

So what has to happen is

• the bank has to be declared insolvent, triggering the protection arrangements
• the UK FSCS then starts to operate the compensation scheme, where presumably you'll make a claim with all the rest of us. How long this will take depends on how well the FSCS is geared up to processing perhaps 300,000 claims.

If there is still any prospect of the bank being bought out by another bank then the insolvency declaration might not happen for a while, holding all this up further.

thumshie

nope it has declared by the FSA as in default, so the compensation will start - more info by end of friday as to how...
http://www.fscs.org.uk/consumer/

peaksoft

As far as I'm concerned, this has turned into a real merry-go-round.

I've just spoken to ING, who say I must speak to KE, but their phone is constantly engaged.

ING say they will be writing to all KE account holders in the next few weeks.

However, the BACS transfer I initiated on Sunday took every penny of my money out of the KE account, which means I'm no longer an account holder.

More than £35,000 of my money in now floating round in cyberspace, with no one accepting responsibility for it.

teecee90

I transferred by entire balance from KE to my linked account on Tuesday. No sign of it yet.

What are the chances that those of us with money in transit are part of the " 3,000 eligible retail depositors did not transfer to ING Direct" as per the FCSC web site....!!!!!!

If so, it means I am going to have to wait months to get the money back. My KE and Icesave money is all the asvings I have (and i didnt have much)..

:mad:

marksandsparksgal

Hi guys,

Have been reading this thread with interest, I have 12k with KE in a normal account. Am I better off leaving it there until everything calms down somewhat, and then moving it back? Should have left it in the Sainsbury's e-saver it was in before methinks! Also, if ING have taken over, I know if the worst happens with them, it's Holland we need to apply to. How is the situation looking with ING?

Thanks!