Kaupthing BACS Transfer

arilast

Hi,

I made a Bacs transfer from Kaupthing to my linked account on Tuesday and as of yet it has not arrived in my linked account.

Should I be worried?

Is there any chance my money has been "Lost"

Thanks

susan47

Well I did a transfer on Tuesday - in fact I did one on Wednesday as well, and neither have turned up. However, I'm not worried as I'm sure we'll get it back, we may just have to wait for it - have a look at this web page

http://www.fool.co.uk/news/your-money/savings/2008/10/09/wheres-my-kaupthing-cash.aspx

I know they're basically talking about CHAPS, but I'm sure it will be the same with BACS. (Unless anybody else out there knows any different!)

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'

genny

I don't understand why this new user has started 2 new posts about the same thing.

Please read and post any more threads re KE BACS/CHAPS on the main thread here: http://forums.moneysavingexpert.com/showthread.html?t=1205063

There is a very detailed discussion there.

No more posts to this thread.

227_BHA

genny wrote: »

I don't understand why this new user has started 2 new posts about the same thing.

Please read and post any more threads re KE BACS/CHAPS on the main thread here: http://forums.moneysavingexpert.com/...html?t=1205063

There is a very detailed discussion there.

No more posts to this thread.

Why? Just because you say so?

It was nice to find a concise thread that had the ING statement from Kaupthing without having to trawel thru 40 odd pages!

And you went and posted on both therefore bouncing them to the top of the page!! LOL

capricorn36

I actioned a BACS transfer from KE to my linked account - Nationwide BS on Sunday last.

I printed all the documentation together with the Transfer Number - the money was to be transferred on Monday 6th October.

It is now Friday 10th - 5 days have elapsed and the money it still not in my linked account.

Will it have left KE - my KE bank balance was reduced instantly (on Sunday)?

Will it be in the BACS system?

As ING took over KE after I 'withdrew' will I only be covered for the balance left, or for the amount before the withdrawal?

genny

227_BHA wrote: »

Why? Just because you say so?

It was nice to find a concise thread that had the ING statement from Kaupthing without having to trawel thru 40 odd pages!

And you went and posted on both therefore bouncing them to the top of the page!! LOL

Unfortunately, it's because we send these posts to the moderators for merging, so if you followed our advice, the place would be neater.
These posts were already on the first page, so my post isn't bouncing by much.

Why - because it's the RULES, which I assume you read before post?

Some of us go out of our way to help the mods and people run this site by trying to get threads merged and point people in the right direction.

capricorn36 question is fully answered in the post I mentioned above, no one with the information from that thread is coming here to answer, please join the main thread.

Main discussion for missing KE CHAPS and BACS is here: http://forums.moneysavingexpert.com/showthread.html?t=1205063

Squibbler

Genny - your link above doesn't work.

I do think it is useful to have a separate thread that deals with BACS as opposed to CHAPS missing transfers.

genny

Squibbler wrote: »

Genny - your link above doesn't work.

I do think it is useful to have a separate thread that deals with BACS as opposed to CHAPS missing transfers.

Thanks for pointing that out, will edit.

No idea why the link failed here it is in full, despite the thread title, it deals with both CHAPS and BACS transfers from KE:

http://forums.moneysavingexpert.com/showthread.html?t=1205063

There is also now a linked poll to vote for how much you are missing here:

http://forums.moneysavingexpert.com/showthread.html?p=14864397

and in the discussion there are details of coverage today on the media at BBC and Channel 4.

Squibbler

Hmm.. but the title doesn't imply that - it says CHAPS - I ignored it initially as I wanted to read about problems people were having with BACS in particular, not CHAPS.

I'm just a newbie so just giving my opinion, but I see nothing wrong with having a separate BACS thread. I think you were quite harsh on the OP of this thread. It is really the job of the mods to sort issues like this out.

Reaper

Or see Martin's answer here.