Assitance Please - Kaupthing / Ing Transfers

Thinker

Hi Chaps,

Can anyone please advise whether or not transfers out of Kaupthing Edge accounts (now ING) are being innacted? Has anyone succesfully moved money out in the last few days? I want to move my money out but don't want to get stuck in the transfer limbo some have talked about.

Also, on KE term deposits, how does one transfer money out of a term account with Kaupthing? Is this done over the phone?

thanks.

soolad

Citywire report ING should start payout this monin ( http://www.citywire.co.uk/personal/-/news/money-property-and-tax/content.aspx?ID=317137 ).

and also for the fixed saving you will have to do that over the phone and i guess at the same time you can confirm the citywire report.

pls post any update from ING.

messeditup_2

Requested that my term deposit be closed on monday 7th called wed 9th told that it would be in my account that evening!!!!!!!!!
Been told by KE today that is could be days if not weeks. trust no one
I have a new bank under my stair carpet .

Crabman

Hi Thinker, welcome to MSE :hello:

Please take a look at the Are Your Savings Safe article, excerpt below:

Did you attempted to transfer cash out before it went bust?

A large number of MoneySavers are worried that savings they attempted to transfer from Kaupthing to other accounts in the past few days, either by BACS or CHAPS, now appears to be missing from both Kaupthing and the destination account.

We have spoken to both the FSCS and APACS, the payments organisation, and both are very confident this money will be repatriated to your Kaupthing (now ING Direct) accounts. There is no final confirmation on why the money is currently floating about the ether, but first signs are that the CHAPS system itself is still working fine and the money is still residing with Kaupthing.

APACS also said that any charges for CHAPS transfers (usually around £20) are deducted from the money that is transferred, not actually charged on top as fees. Therefore when the money gets reunited with you, they would expect it to be the full amount.

You can also subscribe to this thread which MSE Dan is updating with developments:

MoneySavingExpert.com: Latest Kaupthing and Icesave News

codger

Considering the chaos over transfers that were thought to have occurred up to a week before the transfer of KE customer deposits to ING, I'd have thought anyone voluntarily seeking to get caught up in the mess now really should think again.

On the basis of the information to hand it seems likely that BACS and CHAPS transfers will not be complete until next week -- perhaps not until the end of the week.

confused1

Term deposits with Kaupthing have been taken over by Ing.
Doesn't that mean that the terms and conditions stay the same (they are contracts) ?
i.e. interest rate, term, penalty for early withdrawal (assuming that is possible) etc.
Since Ing is a more secure bank, why withdraw ?
Why would Ing buy the Kaupthing savings book (apparently with Brit government subsidies), if all the depositers are free to just close the accounts and run with their money ?

blizeH

Indeed, that's why I created this thread - hopefully too many people won't desert ING, 'cos they've got a very good rating at the moment.

Caudle

blizeH wrote: »

hopefully too many people won't desert ING, 'cos they've got a very good rating at the moment.

So did the Icelandic banks until fairly recently! :eek:

I am bit sorry to ditch ING, especially since I only opened the account 4 months ago. But, as they (and Kaupthing) are now 100% in the hands of the Dutch compensation scheme, I made my excuses and bid a fond farewell to both of them!