Icesave - Illegal Activity??

willyontour

I removed all of my money from my Icesave account (except 200 pounds) to keep the account open (not sure why!) on Monday 6th October.

On 7th October I logged on to find that the bank were no longer processing any transactions. My statement showed that my transaction on the 6th had been fully processed and cleared and my cleared balance was 200 pounds. I now just had to wait for my money to reach my linked account (HSBC).

On 9th October Icebank posted a 'Correction' to my account and have reversed my fully legitimate transaction. Is this allowed? They said they were unable to post transactions from 7th Oct yet they have posted a correction on 9th Oct to reverse a fully legitimate transaction that I made on 6th Oct.

This money should now be safe in my HSBC account if they had acted correctly and instead it looks like I will have to claim to the the UK government who will have to find the 8,500 to pay me.Please see attached.Is there anything I can do?

Many thanks.
Adam

dougz_2

Loads of us in this boat, check the existing threads

willyontour

Thanks for that. Can you point me in the right direction. I can see lots of people with money in iceland but none that moved it out before 7th Oct.

Reaper

There is normally a cut off time in the day. If you did your transaction late afternoon/evenening on the 6th then it would be as if you did it early on the 7th.

On the other hand if you did it early on the 6th I would have expected it to have completed in time.

Seajays

This was a big thread on the subject:
http://forums.moneysavingexpert.com/showthread.html?t=1207677

Wibble

Reaper wrote: »

On the other hand if you did it early on the 6th I would have expected it to have completed in time.

Not necessarily - if you did a BACS transfer on the Monday (like I tried) then although it shows on your account soon afterwards it doesn't actually leave the bank for several days. BACS transfers can take 3-4 working days and part of that is because the bank doesn't have to send the money immediately.

So when IceSave collapsed the next day your money was still in the bank as the process hadn't been completed, despite it showing on your statement.

There's nothing that can be done - it's as frozen in IceSave as the rest of our money. The fact you tried transferring it the day before it collapsed doesn't make any difference.

Reaper

Whoops! Got my dates mixed up. For some reason I thought the 6th was more than 4 working days before the cut off. It seems so long ago already.

Best not to take advice from me. I don't even know what day it is.