** Kaupthing Edge: All Transfers Apparently Affected, No BACS Delay?? **

Kauptd

I am aware of a separate thread whose title relates to CHAPS transfers.

But I have started this thread because all transfers involving Kaupthing Edge's UK subsidiary -- BACS and CHAPS -- appear to have been affected.

I am concerned that a considerable amount of money formerly on deposit with Kaupthing Edge's UK subsidiary is presently unaccountable, and that I am not the only one who has no idea where their savings are.

I should be most grateful for Kaupthing Edge savings holders to pass on any information on this thread, and especially details of monies involved, in order to gauge the scale of the problem.

My £10,500:

My own position is that at 20:09:24 on Sunday, October 5th I initiated a BACS transfer of £10,500 from my KE savings account to my linked Royal Bank of Scotland account.

Whenever I make any kind of online financial transaction, I screenshot it, including the day / date / time clock at the lower righthand edge of the computer screen. **

The transfer was listed as complete at that time with a payment date of 06/10/2008. This is because BACS transfers are not actioned on Saturdays or Sundays.

Three working days is the norm for BACS transfers so my £10,500 had all day Monday, all day Tuesday, and all day Wednesday to reach my Royal Bank of Scotland account. it did not.

By close of business day today, it still hadn't turned up.

According to Kaupthing Edge, delays are occurring in the BACS system. But when I recently spoke to Royal Bank of Scotland, I was instead told this:

1) Royal Bank of Scotland is unaware of any serious delays in the UK BACS system. No reports have been made to it, either by other customers or BACS systems management.

2) Royal Bank of Scotland takes the view that a BACS transfer initiated with immediate effect from start of business on Monday, October 6th, would normally be complete by close of business on Wednesday, October 8th.

3) RBS takes the view that a transaction initiated with immediate effect from start of business on Monday, October 6th would certainly be complete by close of business on Thursday, October 9th, unless major delays were occurring somewhere in the system.

4) RBS has no means of knowing where my £10,500 is.

Unlike IceSave depositors, whose transfers were voided and the funds returned to their accounts, no such return has yet occurred in the case of Kaupthing Edge.

As of this moment, my KE account is still £10,500 down.

As to the compensation position:

1) KE depositors whose accounts are now with ING Direct are covered by the Dutch Government scheme up to a maximum of around £77,000.

2) KE depositors' accounts prior to yesterday's acquisition by ING Direct were covered by the UK's Financial Services Compensation Scheme up to a maximum of £35,000 (to Tuesday) and £50,000 (after Tuesday.)

However, the concern I have, and as I understand it, the concern of many others, too, is the position of Kaupthing Edge depositors who initiated transfers via BACS or by CHAPS and whose money is presently untraceable either to their KE account or their bank account.

On the face of it, all such deposits, up until the time of their completed transfer (in whole or part) to the linked bank account are covered by the UK's FSCS, albeit whether the date of transfer conditions the scale of maximum cover -- £35k, or £50k -- is a moot point.

I am particularly interested to hear -- on this thread -- from any KE saver who initiated a bank transfer ON or BEFORE Monday, October 6th, as we are now all of us most certainly in a period within which more than sufficient time has elapsed for a BACS, and certainly a CHAPS, transfer to have been completed.

Hopefully, all such transfers will be complete tomorrow (Friday). But in view of everything that has gone on recently, I think it better for KE savers to be alert now rather than later: certainly, in all the many years I have undertaken BACS transfers, I have never experienced a single transfer which took more than 4 working days to complete -- as is now the case with Kaupthing Edge.

** For information: In order to ensure as detailed an on-screen time recording as possible where financial transaction screen shots are concerned, I ceased to use the Windows tray clock some years ago.

Instead, my computer's day date time is provided by a small application called T-Clock Lite. It is freeware.

mjmal51

Why start a new thread?, all your points are in the long running thread, CHAPS and BACS.

corsa57

I too initiated a bacs transfer on Sunday the 5th of October and have not had the proceeds paid into my linked account yet.
I have emailed Kaupthing Edge using the secure message system but as yet have had no reply.

KTF

Have a read here instead of posting in this thread:

http://forums.moneysavingexpert.com/showthread.html?p=14848575#post14848575

Also read this: http://www.citywire.co.uk/adviser/-/news/adviser-news/content.aspx?ID=317137&Page=1

davidmwtm

I telephoned customer services at 1210 gmt Monday 6th because of log-in problems. Theysaid they would BACS to me sameday £9000.00 +, nothing received yet . quote=Kauptd;discussion/1210177]I am aware of a separate thread whose title relates to CHAPS transfers.

But I have started this thread because all transfers involving Kaupthing Edge's UK subsidiary -- BACS and CHAPS -- appear to have been affected.

I am concerned that a considerable amount of money formerly on deposit with Kaupthing Edge's UK subsidiary is presently unaccountable, and that I am not the only one who has no idea where their savings are.

I should be most grateful for Kaupthing Edge savings holders to pass on any information on this thread, and especially details of monies involved, in order to gauge the scale of the problem.

My £10,500:

My own position is that at 20:09:24 on Sunday, October 5th I initiated a BACS transfer of £10,500 from my KE savings account to my linked Royal Bank of Scotland account.

Whenever I make any kind of online financial transaction, I screenshot it, including the day / date / time clock at the lower righthand edge of the computer screen. **

The transfer was listed as complete at that time with a payment date of 06/10/2008. This is because BACS transfers are not actioned on Saturdays or Sundays.

Three working days is the norm for BACS transfers so my £10,500 had all day Monday, all day Tuesday, and all day Wednesday to reach my Royal Bank of Scotland account. it did not.

By close of business day today, it still hadn't turned up.

According to Kaupthing Edge, delays are occurring in the BACS system. But when I recently spoke to Royal Bank of Scotland, I was instead told this:

1) Royal Bank of Scotland is unaware of any serious delays in the UK BACS system. No reports have been made to it, either by other customers or BACS systems management.

2) Royal Bank of Scotland takes the view that a BACS transfer initiated with immediate effect from start of business on Monday, October 6th, would normally be complete by close of business on Wednesday, October 8th.

3) RBS takes the view that a transaction initiated with immediate effect from start of business on Monday, October 6th would certainly be complete by close of business on Thursday, October 9th, unless major delays were occurring somewhere in the system.

4) RBS has no means of knowing where my £10,500 is.

Unlike IceSave depositors, whose transfers were voided and the funds returned to their accounts, no such return has yet occurred in the case of Kaupthing Edge.

As of this moment, my KE account is still £10,500 down.

As to the compensation position:

1) KE depositors whose accounts are now with ING Direct are covered by the Dutch Government scheme up to a maximum of around £77,000.

2) KE depositors' accounts prior to yesterday's acquisition by ING Direct were covered by the UK's Financial Services Compensation Scheme up to a maximum of £35,000 (to Tuesday) and £50,000 (after Tuesday.)

However, the concern I have, and as I understand it, the concern of many others, too, is the position of Kaupthing Edge depositors who initiated transfers via BACS or by CHAPS and whose money is presently untraceable either to their KE account or their bank account.

On the face of it, all such deposits, up until the time of their completed transfer (in whole or part) to the linked bank account are covered by the UK's FSCS, albeit whether the date of transfer conditions the scale of maximum cover -- £35k, or £50k -- is a moot point.

I am particularly interested to hear -- on this thread -- from any KE saver who initiated a bank transfer ON or BEFORE Monday, October 6th, as we are now all of us most certainly in a period within which more than sufficient time has elapsed for a BACS, and certainly a CHAPS, transfer to have been completed.

Hopefully, all such transfers will be complete tomorrow (Friday). But in view of everything that has gone on recently, I think it better for KE savers to be alert now rather than later: certainly, in all the many years I have undertaken BACS transfers, I have never experienced a single transfer which took more than 4 working days to complete -- as is now the case with Kaupthing Edge.

** For information: In order to ensure as detailed an on-screen time recording as possible where financial transaction screen shots are concerned, I ceased to use the Windows tray clock some years ago.

Instead, my computer's day date time is provided by a small application called T-Clock Lite. It is freeware. [/quote]

dag_2

Thanks to kauptd for starting this thread. I think it's useful to have this in a separate thread to CHAPS transfers - because to be honest I personally am not in that much of a hurry and I don't really care if the CHAPS service goes down, but I would like to get my cash eventually. And it's useful to have it in a separate thread to stuff about Icesave.

When people give information about when their BACS withdrawal requests, it would be useful to know if you reqested it to be an advance date, or as soon as possible. If you did request an advance date, then what day did you submit the request, and what day did you ask for the transaction to be carried out on?

In fact - is there anyone who scheduled a BACS withdrawal to take place in the last few days in advance - in other words, not in response to all the latest media rumours?

Also - I'd find it useful if you could say if you've ever had a successful withdrawal from KE in the past. You know - just to eliminate the possibility of a mistake in your linking account details. I have made successful withdrawals in the past. Thanks, appreciated.

del1001

dag wrote: »

Thanks to kauptd for starting this thread. I think it's useful to have this in a separate thread to CHAPS transfers - because to be honest I personally am not in that much of a hurry and I don't really care if the CHAPS service goes down, but I would like to get my cash eventually. And it's useful to have it in a separate thread to stuff about Icesave.

Yes, I agree, my account was/is with KE, I made a withdrawal (£2000) via bacs on monday, not seen any trace of it yet, fingers crossed.

eaudevie

I also set a BACS transfer (20k) in progess on the 5/10/08 but as yet no show in my linked account. I've been reading the various threads but I'm unclear what action I need to take if the transfer fails to arrive in my UK account.

TypeR

Welcome to yesterday, population - you!

Koops_2

Same as starter of this thread. Setup BACS transfer last Sunday evening for £10000, account showed debit immediately but still not arrived in my linked account. Some relief that news today that a backlog exists and ING expects to start processing tomorrow

johnat11

My timing is a liitle behind, I requested the balance of my account by BACS on Monday evening (to be processed on Tuesday 7th October). No sign of the cash yet. I transferred a smaller sum last week and it reached my linked account in two days via BACS. Martin's latest update on the Kaupthing situation suggests that BACS in the works will go back to ING rather than making it to the linked account. Hopefully Friday will see things clearer?