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Retired Businessman May Sue Over Icesave
cwcw
Posts: 928 Forumite
Online bank accused of stealing savings
By Emma Christie
Published: 15/10/2008
A RETIRED Aberdeen businessman last night accused collapsed savings bank Icesave of stealing around £200,000 he had already transferred back to an account in Scotland.
The 60-year-old, who lives in the west end of Aberdeen, placed his life savings with the online Icelandic bank around 18 months ago and lives off the interest.
But on Monday of last week he transferred all the cash to his Scottish bank account after hearing reports that Icesave was in trouble.
He was told the transaction was successful, but three days later found the money had been returned to the foreign account without his permission.
Last night he revealed he might have to take out a loan to survive until the money was returned, and said he would be prepared to take legal action if necessary.
The man, who did not wish to be named, retired five years ago and sold his fast-food business and associated properties in Aberdeen.
He initially invested the profit in Scottish banks but, after researching the market, decided to move his money to an instant access, high-interest account in Iceland.
He said: “It gives me a good income every month and I depend on that because I’m not old enough to get the state pension.”
He grew concerned after news reports mentioned his Icelandic bank last Sunday and transferred the full amount back to his home account the next day. “It all came up just fine. It said the money had transferred and that was that,” he said.
He said his Icesave account confirmed the transfer had been processed when he checked it during the week.
“On Tuesday we heard on TV that Icesave had stopped people from taking money, so I was so glad I had done it on the Monday,” he added.
However, after checking his accounts later on Thursday, the father of two was horrified to see the money had been returned to the Icelandic bank. “I felt sick because of the amount of money. It’s my life savings,” he said.
Last week Chancellor Alistair Darling assured the 300,000 British customers of the online bank that their savings would be returned, regardless of the amount. No one from Icesave was available for comment last night.
http://www.pressandjournal.co.uk/Article.aspx/888605?UserKey=
This is the same thing that I did too, and a lot of others on this forum. The money was showing as having left Icesave and "processed" only to be bounced back. I had wondered if this "bouncing" would have further implications because for people who instructed Icesave before 7am on Tuesday 7th, they had beaten the freeze.
By Emma Christie
Published: 15/10/2008
A RETIRED Aberdeen businessman last night accused collapsed savings bank Icesave of stealing around £200,000 he had already transferred back to an account in Scotland.
The 60-year-old, who lives in the west end of Aberdeen, placed his life savings with the online Icelandic bank around 18 months ago and lives off the interest.
But on Monday of last week he transferred all the cash to his Scottish bank account after hearing reports that Icesave was in trouble.
He was told the transaction was successful, but three days later found the money had been returned to the foreign account without his permission.
Last night he revealed he might have to take out a loan to survive until the money was returned, and said he would be prepared to take legal action if necessary.
The man, who did not wish to be named, retired five years ago and sold his fast-food business and associated properties in Aberdeen.
He initially invested the profit in Scottish banks but, after researching the market, decided to move his money to an instant access, high-interest account in Iceland.
He said: “It gives me a good income every month and I depend on that because I’m not old enough to get the state pension.”
He grew concerned after news reports mentioned his Icelandic bank last Sunday and transferred the full amount back to his home account the next day. “It all came up just fine. It said the money had transferred and that was that,” he said.
He said his Icesave account confirmed the transfer had been processed when he checked it during the week.
“On Tuesday we heard on TV that Icesave had stopped people from taking money, so I was so glad I had done it on the Monday,” he added.
However, after checking his accounts later on Thursday, the father of two was horrified to see the money had been returned to the Icelandic bank. “I felt sick because of the amount of money. It’s my life savings,” he said.
Last week Chancellor Alistair Darling assured the 300,000 British customers of the online bank that their savings would be returned, regardless of the amount. No one from Icesave was available for comment last night.
http://www.pressandjournal.co.uk/Article.aspx/888605?UserKey=
This is the same thing that I did too, and a lot of others on this forum. The money was showing as having left Icesave and "processed" only to be bounced back. I had wondered if this "bouncing" would have further implications because for people who instructed Icesave before 7am on Tuesday 7th, they had beaten the freeze.
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Comments
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unless it actually went into you account then you cant really say they stole it from you. the transaction was stopped half way cause the bank went under and it bounced back. i guess theres a set of rules as to what happens interms of the process for money bouncing back and if ithis is the norm i doubt he has a case. and why did he have more than 35-50K in one single account anyway. there really is no excuse for that
and whats the point sueing someone that has no money lol
i did the chaps on monday night yet my money still bounced back.I had wondered if this "bouncing" would have further implications because for people who instructed Icesave before 7am on Tuesday 7th, they had beaten the freeze.0 -
According to today's Mail, the transfers on Sunday and Monday didn't go through because the RECEIVING bank rejected it, rather than Icesave "stealing" it back.
Not sure who to believe.0 -
cant see why they would reject it unless the money wasnt there and had already gone walkies0
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At least it bounced back to his icesave account. Mine is still stuck in the ether
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meanmachine wrote: »According to today's Mail, the transfers on Sunday and Monday didn't go through because the RECEIVING bank rejected it, rather than Icesave "stealing" it back.
Not sure who to believe.
Sounds unlikely to me. Some of the people who called Icesave early last week were told that the money had been moved from their accounts to the Icesave 'holding' account, but they had not carried out a BACS run since Friday. If they didn't do the BACS run, then there wouldn't be any chance of the money being received..........0 -
really. have you tried to ring icesave0
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Right so the man in question is thinking about taking out a loan just so he can live yet is planning to sue? Errm yes sure he is. What is he expecting, legal aid?if i had known then what i know now0
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...why sue, he's going to get all his money back, he should count himself lucky that Darling waived the £50k limit rule, he could have lost £150k....0
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why sue, he's going to get all his money back, he should count himself lucky that Darling waived the £50k limit rule, he could have lost £150k....
Your making it sound like that Darling is going to pay out of his own bank account. I wish.
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Why should people be covered for such amounts, if they have that much money they should be getting savvy advice and sticking by it.
Bottom line is at time of putting his money in there he probably knew the risks but didn't want to split the money up.
Government love to be seen bailing out pity they didn't set about tackling problems before they actually happen, rather than waffling in house day after day about them and getting nowhere fast....well nowhere infact!0
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