Kaupthing Bacs transfer

arilast

I'm hoping for some advice.

On tuesday morning I made a BACS transfer from my Kaputhing account to my linked account and as of yet it has still not arrived.

What should I be doing? is there any chance my money is "Lost?"

Thanks

whitesatin

Hi, there are lots of posts/threads about this and many people in similar situations, including me although I initiated my transfer Monday evening, it showed up as having been transferred on Tuesday. Still not appeared.

It is worth reading all the other posts but, to be honest, I think it is a case of wait and see how it is dealt with. I spoke to ING direct who have taken over at least some of KE and they told me that there was a backlog but we would get our money. Hope this helps.

hexen

arilast wrote: »

I'm hoping for some advice.

On tuesday morning I made a BACS transfer from my Kaputhing account to my linked account and as of yet it has still not arrived.

What should I be doing? is there any chance my money is "Lost?"

Thanks

Was it really worth creating two new threads for this? :rolleyes:

Zazen999

Ditto.

I didn't post a new thread though - i just clicked into the savings forum and looked at the other threads on the subject, which show lots of other people who have done the same.

whitesatin

hexen wrote: »

Was it really worth creating two new threads for this? :rolleyes:

And here was me thinking that these forums were meant to be for supporting each other. How rude!

MattHudson

Direct From Kaupthing Website - Hope this clarifies things a little

'As you may be aware the UK Treasury has taken action to protect your savings, transferring all individuals' savings balances from Kaupthing Edge to ING Direct on the 8th October.
Your savings are now with ING Direct, the world's leading direct savings bank and part of the Dutch based ING Group which is one of the world's largest banks with assets in excess of £1 trillion and 85m customers.
We are working quickly to ensure that it is business as usual for all customers and we look forward to extending our approach of offering simple and straight-forward products, backed by award-winning customer service.
When Kaupthing Edge encountered difficulties, withdrawals were not able to be completed. This is now being resolved and we are in the process of clearing the backlog of pending transactions. ING Direct will honour all withdrawals as soon as possible.
We apologise for any inconvenience caused during this period.
Click here for more information about ING Direct. If you have any other questions or concerns you can contact a member of the ING Direct customer service team on 0845 848 0282.
Johan De Wit
CEO, ING Direct UK'

Limes

There is a message on the Kaupthing home page about trying to sort out payments as soon as possible and all will be honoured.

There is also this news article from CityWire:

http://www.citywire.co.uk/Adviser/-/news/adviser-news/content.aspx?ID=317137

echelon101

I know that my savings are protected by ING however I am wondering if ING are going to honour KE's initial interest rates on deposits. I have 4k in the KE account and am wondering if I am still going to work my money.
Also have about 1k in my hsbc current account so would it be a good idea to go put some of it into KE?

rjm2k1

echelon101 wrote: »

I know that my savings are protected by ING however I am wondering if ING are going to honour KE's initial interest rates on deposits. I have 4k in the KE account and am wondering if I am still going to work my money.
Also have about 1k in my hsbc current account so would it be a good idea to go put some of it into KE?

It's highly unlikely that you will get a favourable interest rate with ING, it's basically an emergancy place which the government has used to hold and protect people's money, it's not about giving you a good interest rate. Unless it had already been paid into your original account before being siezed by the government it's highly unlikely that you will receive interest due on your savings either. Just be thankful your money is safe, worry about shopping round for a good interest rate later.

genny

We are jhust trying to keep these forums tidying, please read and post any more threads re KE BACS/CHAPS on the main thread here: http://forums.moneysavingexpert.com/showthread.html?t=1205063

The rules are (read the FAQ), search and see if there is a thread about the topic you wish to discuss, if there is add to it.

Only if thre isn't - add a new topic.

echelon101

So should I withdraw then to find another bank/ISA?