Kaupthing Edge Chaps/Bacs Transfers NEW discussion

MSE_Martin

The original Kaupthing Edge Chaps Transfers thread's been closed (its too long for the servers and the sitution's changed). This is a continuation.
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This thread has now been closed - please see the continuation of the discussion (and all new updates) in the New Kaupthing Edge Chaps thread

Latest ING Direct update
24.10.2008, 11am

ING_Spokesperson wrote:

I have asked Dan for permission to post once more and I am pleased to confirm that all the Kaupthing Edge payments requested on or before Monday 20th October have been despatched and should by now be showing in destination accounts. Inevitably, there will be a small number of transactions that do not go through smoothly. We are finding this can be for a variety of reasons such as some banks not accepting CHAPS payments or incorrect destination account information. To deal with these we have set up a process for the call centre staff to capture your information and transaction details so that your individual case can be investigated. The number to use is 0845 131 32 34 and I just tried it myself and it answered within two rings. Below is the update we have posted on the Kaupthing Edge website and as you will see we are now focussing on refunding CHAP fees and the loss of interest due to payment delays.

Please keep checking the Kaupthing Edge website for updates and we expect to be able to announce in the next few days everything is working normally.

Many thanks for your patience while we have worked to resolve these issues

Latest Kaupthing Website Message

Backlog of Withdrawal Payments:

We are pleased to confirm that the backlog of external payments requested on or before Monday 20th October has now been cleared.


These payments have been sent out and have started appearing in destination bank accounts.

If you have any further queries on payments that were requested on or before Monday 20th October, please contact our Customer Service team on 08451 31 32 34.

Withdrawals from Tuesday 21st October:


BACS transactions are being processed within normal timescales and will be credited within 3 working days.

We are currently unable to process CHAPS payments within the normal timescale (i.e. same day or next day) and these requests will take 3 days. Please use the BACS service until further notice so that no fee is incurred.

Interest adjustment and refund of CHAPS fees:


ING Direct will refund the loss of interest on your Kaupthing Edge account that resulted from payment delays. CHAPS fees will also be refunded in cases where the payment was not sent within the normal timescale. An update will be posted on this page next week, giving further information and an update on timings.

Payments In


Not all payments in are being processed normally. We are continuing to work to resolve this and will issue an update as soon as possible.

Fixed Term Product Accounts:


Customers with deposits in a Fixed Term Savings accounts can be assured that these rates will be honoured by ING Direct for the remaining term of the accounts

Thank you for you patience, and once again we apologise for any inconvenience and distress that payment delays have caused.

More news from ING Group


ING’s position as a strong and healthy bank has been boosted by the Dutch Government. It is making a €10 billion investment in ING and comes at a time when Governments all over the world are taking steps to support their major banks. This means ING is now an even stronger company for you to have your savings with.

Important Update. Statement by ING, posted at 7pm

ING Direct have followed this thread and made a statement in it, hundreds of posts down. We have repeated it in this post so as many people as possible see it.

Ing_Spokesperson wrote:

In Martin’s 2pm update today he said it sounded if we were urgently trying to ensure the remaining Kaupthing Edge payments were made. He was right and I am pleased to confirm that all outstanding payments will leave the bank by Thursday 23 October and start arriving in destination accounts on Friday 24 October.

We do follow the very influential moneysavingexpert.com threads and obviously recent ones have not made pleasant reading although it has been good to see reports of so many payments being received. We are pleased that we have now managed to resolve the administration issues we encountered with Kaupthing Edge and can now provide customers with what they want – certainty about when the final payments will leave the bank.

Below is the note we have just posted on the Kaupthing Edge website:

Kaupthing Edge outstanding payment issue resolved

We have been working hard to clear the backlog of payments and the vast majority of these have now been made. However, there are a small number of payments which we have been unable to process so far due to administrative issues within Kaupthing Edge.

Kaupthing Edge in the UK is being run by Administrators and we have now received their confirmation that all outstanding payments will be released by Thursday 23 October and we would expect these to start arriving in the destination bank account on Friday 24 October.

ING Direct and the Administrators would like to apologise once again for the delay in resolving this issue.

Your money is safe and secure and our priority remains to restore normal service to all customers.

The Basics

The internet savings bank Kaupthing Edge was transferred, via the government, a fortnight ago from its Icelandic parent bank Kaupthing to Dutch bank ING Direct.

In the days prior to the transfer, due to the fears over Icelandic banks many people activated BACS (normal bank transfers) or CHAPS (supposedly instant/same day) transfers from Kaupthing Edge, to withdraw their money.

In a large number of cases while the money left the account it didn't arrive anywhere. This thread is here to help and discuss people getting their money back.

• Detailed Background: See the original Kaupthing Edge Chaps Transfers discussion
• Full Safe Savings Info: (inc any statements from ING) Safe Savings Guide

Please feel free to add any further currently relevant info to the discussion below

The Latest... (more below)
Last udpated 11.30am Mon 20 October.

ING Direct send a letter last week, which included "In addition to the payments already made, we are now able to confirm that all payments will arrive in their destination bank account by close of business Friday 17 October. There are a very small number of manual payment instructions which are still being processed and which will take slightly longer."

Many people did get these payments, but it seems a substantial number didn't. We're currently speaking to ING direct to try and find out the latest and are waiting for a reply (which will be posted here).

It is also an aim (though we may be rebutted) to try and set up a speedy channel for people who haven't got their money to get a direct answer about what's going on.

Both MSE Dan and I are aware and monitoring this, and we will do our best to try and help... though obviously we have to wait for responses from ING Direct.

Yet it is important to remember that both APACs (the payment processors) and ING say they are confident everyone will get every penny back. It is to be hoped, and very likely, the delay is one of process rather than anything more sinister.

Update 2pm Mon 20 October

I've just spoken to ING Direct. It is in a meeting over this issue right now and discussing how to handle it.

I have arranged that later today someone from ING will come and post in this thread directly.

They are reading the thread, and from speaking to them, your disquiet (lets call it that shall we) is coming across LOUD and clear. At the moment they are just finalising the exact situation.

It does sound to me like the work is being done urgently to try and get everyone the money. However by definition those left now are the trickier ones.

I asked for a guarantee on days and the reply was "as ING we would normally do this, but we're chasing transactions and making it work, so rather than disappointing people we can't won't name a day" yet afterwards in conversation it seems this really is DAYs only we're talking until its sorted..

I requested a special email address for people who had not got their money and haven't been contacted by ING and was told it'd be considered, though I suspect they are waiting to get a chunk more people sorted before that happens.

The ING meeting continues and expect to see more here later today and on its site.

SOME PEOPLE ARE REPORTING MONEY BEING PAID - CHECK
Update 3pm Mon 20 October

Reports are coming through that people are finding the cash in their bank account (the payee account) within the last hour.. Please check your account to see if its there over the next couple of hours.

Martin

IMPORTANT! Please vote in the poll.... (at the top of this page)

To help give us an indication of how many people haven't got their money, please vote in the poll (obviously those who've been paid are less likely to be voting so the result is skewed, more important is roughly how many people are waiting).

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UPDATED BY MSE DAN - 1.00pm, 20 Oct

Hi folks,

Am currently speaking to FSA, APACS, ING and the Treasury so hopefully will have some more useful info soon. What I;ve found out so far (from APACS) is that all of the transfers now seem to be treated as BACS, even if you originally did them as CHAPS. This should explain why BACS have come through and CHAPS haven't yet.

swinbob

Please add me to the list £34k chaps payment made on the 7th Oct

Alisonb1965_2

Originally Posted by Ippylady
HAS ANYONE ACTUALLY ON THE FORUM ACTUALLY RECEIVED THE "EMAIL" ING SENT OUT YESTERDAY, OR BEEEN INFORMED DIRECTLY THAT THEY ARE IN THE 5%?

Yes I received the email yesterday - my BACS transaction was instructed online on 11th October.

joanniepony

Where do we go to find the poll?

Soory just seen it!

Chilledout50

I see that ING shareprice has gone up 22% today as the market likes the bail out. I suppose thats good news

chairman_miaow

Scroll to the top of the page

fredhaben

I'm sending this letter off to ING. I still think the money will come through, but I am sick of not having any information.

The complaints department
Savings and mortgages
ING Direct
FREEPOST NATW1784
Reading
Berkshire
RG6 1BR

Dear Sirs,

I held account number XXXXXXX with Kaupthing Edge. My account, together with the majority of Kaupthing Edge accounts, was transferred to your bank under the Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008 on 8 October 2008.

On 9 October 2008, after my account had been transferred to your bank, I initiated a CHAPS transfer for the amount of £xxxxx.xx to my linked account with Natwest (account number xxxxxxxx, sort code xx-xx-xx). The money was debited from my account the same day, along with a CHAPS transfer fee of £20.00. It did not, however, arrive in my account immediately, as it ought. I was informed by your customer services team, and by your general statements on your website and elsewhere, that the transfer from Kaupthing to your bank had created a backlog which was taking some time to clear. I was assured that the money would arrive in my linked account by close of business on Friday, 17 October 2008 - or, at the latest, by the start of business on Monday, 20 October 2008. Unfortunately, the money did not arrive and has not yet arrived in my account.

I am aware, from messages on internet fora and through acquaintances who also hold accounts, that the majority of depositors who had requested withdrawals have received their money since your takeover. Despite a number of calls, however, your bank has not been willing to either explain why my money - and the money of some other CHAPS transferees - has been delayed (or, indeed, to even admit that it’s been delayed: the usual response is that it is in the process of being sent and that I’ll see it very soon). Nor have I been able to obtain any sort of timeframe within which you will be able to complete the transfer. Your bank’s statements have made occasional reference to manual payments being delayed, but as a CHAPS transfer requested online, my case does not fall into that category, nor have I been contacted by you about being one of these customers.

Under the circumstances, I think you’ll appreciate that I am anxious about my money, and that my patience with your bank is wearing thin. I must now ask you to immediately (1) let me know what the status of my transfer is (2) explain precisely why it has been delayed when the majority of other customers have received their transfers (unfortunately, I am no longer able to accept vague and unhelpful statements) and (3) provide me with a precise and reasonable timeframe within which the money will be returned to me.

In the event I have not had a satisfactory response by Friday, 24 October 2008, I will be forced to initiate legal action in the courts against your bank to enforce my rights to recover my money from you. I am not confrontational by nature, and I’m sorry that I’m having to make this threat, but it seems virtually impossible to extract information about the status of my money from your bank by any normal means. I truly hope that legal proceedings will not be necessary, and that you will be able to speedily resolve the matter.

I look forward to hearing from you. You can contact me on the numbers listed above.

Yours faithfully, &c

Landyman64

Thank you for your help Martin. A slight typo though, should the date under 'LATEST' not read 'Mon 20 October'. (It currently reads 12 October which may confuse).

Lets hope your input will instill a little calm.

Neonoptic

Money still lost in the system.

Methusala_3

I have just spoken to an 'informed' FSA source. He has confirmed that
1

joanniepony

I'm at work so have only been able to speed read postings. Still no money, But can't do much till I get home tonight anyway. If still no money I'll be emailing everyone I can find.