Icesave collapse: What customers should do to get their money back

Babycakes

All compensation for Icesave customers is being handled by the UK authority, The Financial Services Compensation Scheme.
This body should, over the next few weeks, contact all British customers and ask if they think they are entitled to compensation. They will soon have your details; you should not need to contact the organisation.

It is likely to enclose a relatively simple form that you will need to fill in. You will need proof of your customer account number and how much money was in your account when the bank collapsed.
For this, you will need to log onto Icesave's website – which is still operating, even though the bank has stopped all transactions – and print off your latest balance.

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3160539/Icesave-collapse-What-customers-should-do-to-get-their-money-back.html

Aegis

Cool, useful to know

nouf

any idea on how long before seein the funds as it been mentioned

thanks

nouf

any idea on how long before seein the funds has it been mentioned

thanks

R4CHY_3

Fingers crossed something happens soon! update on Friday (see bit in pink below)

Icesave – statement to customers

The UK branch of Icelandic bank, Landsbanki, which includes Icesave, has been declared in default in the UK.
So in the interests of consumer protection, we have triggered the Financial Services Compensation Scheme (FSCS) to safeguard retail customer savings held in Icesave.
In addition, the Chancellor of the Exchequer has put in place arrangements to ensure that no retail depositor will lose any money as a result of the closure of Icesave.
The FSCS will provide further information for customers shortly, to set out what will happen next and how they can make a claim.
Icesave also intends to provide more information to customers as soon as possible.


Is my money with Icesave safe?

Yes. The Chancellor of the Exchequer has put in place arrangements to ensure that no retail depositor will lose any money as a result of the closure of Icesave.


Will I get all of it back or just the first £50,000?

No retail depositor will lose any money as a result of the closure of Icesave.


When will I get it back?

As quickly as possible. HM Treasury, the FSA and FSCS are working closely together on the practical arrangements for paying back customers and the FSCS website will be updated with further information on Friday.

Babycakes

This whole process could take up to four months but hopefully this will be dealt with speedily to show people that the FSCS can handle future bank failures without difficulty.

sideysid

Thats all good, but what about those who can't log on to their accounts after closing and trying to transfer their money but are now in limbo?

collingwood21

I was looking at the FSCS website yesterday and noted that it said compensation claims could take up to 6 months to complete, but it depeneded on circumstances. I hope that with the circumstances of Icesave they are able to process out claims faster than that! :eek:

The first thing I did when I heard there were problems was to print out a statement so I know what was in my account - and therefore how much to claim back if it came to that. Hope I get some interest too, given my money was in that account since last March.

Megalomaniac

Sounds like they won't be paying the interest if you are owed some then. Anyone reckon it's worthwhile changing to monthly interest to see if they add it or not?

Edit: well I have done. Never know, if they do pay up I'd rather be able to send a statement with the interest on it if possible. Just have to keep an eye on it and see if it changes!

South_Bound

Just for the record, I found the ICESAVE employee I spoke to yesterday really helpful in resetting access details for my ISA. Visibility of accounts is still there at the moment.

As for saving account details, I use a PDF writer (available free off the web) that saves your statement electronically and can be printed at any time. Free and easy to do. The one I use is cutePDFwriter or something similar (if I am allowed to say so, if not, sorry!)

paintfly

South_Bound wrote: »

Just for the record, I found the ICESAVE employee I spoke to yesterday really helpful in resetting access details for my ISA. Visibility of accounts is still there at the moment.

I just went there and found my a/c locked for security, although I was given the option to change my password. Do I need to do this to get in and get a statement?