Kaupthing Edge-fixed term deposit, ne1 had theirs broken?

MumofThree

2cats1kid wrote: »

Oh and I gently suggested to the person on the phone that when they finally break it, I get interest at the higher rate up to when they do it, NOT up to October 7th as that would tick me off even more. So that has been duly noted in my complaint too. Apparently. (Is that that pig again?)

Have a look at this thread....plenty of people who have requested transfers and not received them!

http://forums.moneysavingexpert.com/showthread.html?t=1240713

2cats1kid

This wasn't a transfer though, this was breaking a fixed term deposit to get to the stage of being *able* to transfer it!

Today's update - I now have my money in my normal savings account, plus interest. I really ought to check that I have the *right* interest, but I am just happy to have got one stage further on! I'm going to do a test transfer of some small amount first, and then get all my money out into my linked account.

Not sure if it was getting it flagged as a complaint helped, or if I just finally came to the top of the heap, but if you are still waiting getting the person that takes your call to flag a complaint surely wouldn't hurt.

Jonbvn

Just got this email from KE:

Your application for a Kaupthing Edge fixed term deposit account
As you may be aware, Kaupthing Singer & Friedlander Limited (the Company) was placed into administration pursuant to a court order on 8 October 2008. Also on 8 October 2008, the FSA issued a First Supervisory Notice which came into effect at 1.30pm, prohibiting the Company from accepting any customer deposits.
Pursuant to the “Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008” any Kaupthing Edge Savings Account and Kaupthing Edge fixed term deposit account that was already opened at the time of the administration transferred to ING Direct N.V., Reading branch (ING Direct).
Unfortunately, due to IT systems that we were unable to disable, the apparent ability to apply for a Kaupthing Edge fixed term deposit account could not be removed from the Kaupthing Edge website until 6 November 2008. Our records indicate that you have attempted to open a Kaupthing Edge fixed term deposit account after 8 October 2008.
As Kaupthing Edge was not permitted to accept any deposits, your application in respect of the fixed term deposit account cannot be processed. We will be arranging to credit back to your Easy Access Savings Account with ING Direct the principal amount of funds that you have attempted to place into the Kaupthing Edge fixed term deposit account. We understand that given your attempt to open a new fixed term deposit account could not be processed, these funds will be treated as never having left your Easy Access Savings Account so you will not lose any interest on your Easy Access Savings Account as a result.

Institute_FUF

Brilliant news 2C1K - am very happy for you - will endeavour to follow same approach and see if I get a result

neilsedaka

I have received the same email, but it is not good news at all. I wanted the money to stay in the term deposit because it was a good rate 7.15% AER. I am now wondering -- if they can reject my KE term deposit opened 20th October, can they also reject my KE savings account opened 17th October?

MABLE

Well I appear only to be the sensible one. When all were losing there bottle I kept mine in the fixed term account and was deposited in Jun 08 for three years. lol

Institute_FUF

Contacted KE and given the usual non-information re no timescales yet announced for dealing with closure of Term Deposits – although, very nicely put by a young lady , who, in other circumstances, would, I am sure, wish to be much more helpful. As little point in venting frustration at the monkey when the organ grinder is responsible for the present position, I politely made it clear that I wanted my frustration and concern, about non-availability of my money, formally lodged as a complaint. She was happy to do this, via IT mechanisms at her end, but also urged me to consider a written complaint to: -
Administrators of Kaupthing Singer and Friedlander,
One Hanover Street,
LONDON
W1S 1AX
Needless to say, this I intend to do - PDQ!

Lucky2008

Hi all.
Had decided to sit it out but after seeing the rate cut I have just transferred all monies to my linked account,HSBC.

Does anyone know if & when i'm likely to see the money in the bank.(BACS)?

Thanks,i'm worried now as after searching I see a lot of horror stories.Wasn't aware it was so bad.

2cats1kid

MABLE, I did think about telling them just to forget the whole thing and leaving it where it was, but I have got to the point where I am so peed off with them taking so darn long to give me my own money back that I just want it somewhere else. Anywhere else.

Good luck getting your money when the time comes - if my experience is anything to go by they won't give it back without a fight!

soulsaver

Brett wrote: »

I wouldn't trust ING with any money at all. I had applied for a Savings Account with them well before the Icelandic Bank problems and they accepted my money at an interest rate of 6.5% AER. Granted we have had a Bank of England base rate cut recently and quite quickly ING wrote to say that they were dropping the rate to 4.25%AER as of 15th October..notification received after this date!! But I see on their Web Site they are still trying to Lure perople into savings at 6%AER and Im sure as soon as they have these people they will drop the rate for them too. Im out of there and have written a 'no punches' letter to them telling them why...!!!Might take a while for the penny to drop though. ING, wouldn't touch them with a Barge Pole!!

There was a 1st year bonus (over 1%!) for new savers -still is in fact. I'm not an ING fan but at least I do read the adverts before I part with my hard earned...