Kaupthind edge

moneypenny24

Hi

What are your feelings on Kaupthing? I attempted to transfer my money out on the 7th, and it has not reached my bank! when you eventually talk to them they just say it is taking longer than normal, my worry is that its not in Kaupthing ( according to my statement) and its not in moninated bank:rolleyes: I also spoke to FSCS this morning, just to see if they could shed any light, I must have got the most rude and unhelpful individual around, all I can say is if we have to deal with theses people,then they are not all like her.

Crabman

Hi moneypenny (nice name!) and welcome to MSE

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 to the article:

MoneySavingExpert.com: Latest Kaupthing and Icesave News

moneypenny24

Hi, Thanks! yes I had seen that, suppose I am panicking a bit, read and heard different stories, beginning to think under the matteress is the safest place

Crabman

moneypenny24 wrote: »

Hi, Thanks! yes I had seen that, suppose I am panicking a bit, read and heard different stories, beginning to think under the matteress is the safest place

It's tempting to think under the mattress is safest, but statistically your house is more likely to burn down and your mattress is probably one of the most flammable materials which probably won't help (sorry, I didn't mean to scare you ).

All UK banks (list in the Safe Savings article) are covered to £50,000 so as long as you don't go above that amount per institution, you've nothing to worry about. Don't forget Gordon Brown/Alastair Darling's comments either - they didn't guarantee they would cover all savers' money above £50,000 but it seems fairly unlikely they'd let savers lose anything, given their robust stance so far

Davesnave

moneypenny24 wrote: »

Hi

What are your feelings on Kaupthing? I attempted to transfer my money out on the 7th, and it has not reached my bank! when you eventually talk to them they just say it is taking longer than normal, my worry is that its not in Kaupthing ( according to my statement) and its not in moninated bank:rolleyes: I also spoke to FSCS this morning, just to see if they could shed any light, I must have got the most rude and unhelpful individual around, all I can say is if we have to deal with theses people,then they are not all like her.

Thanks for that update; my transfer of the 6th still hasn't come home yet either; think they must be using pigeons.....

Kaupthing had very good customer service. No idea about ING, whose rates always seemed ...[EMAIL="*#@#ING"]ING[/EMAIL] useless. This was just my loose change, so I will chase them next week.

moneypenny24

Hi Crabman

Thanks for the reassurance, its nice be part of MSE

moneypenny24

Hi Davesnave

Good luck and keep us posted!