Kaupthing Edge Chaps/Bacs Transfers NEW discussion

poodlediva

What gets to me is that when you speak to ING they insist it's business as usual and our money is on it's way. They even tried to make out we'd all be with our cash by this morning. Why lie? It just creates more resentment and anger in the end. There are clearly issues here, probably to do with ING having taken on liabilities they weren't prepared for, but why not just be up front and tell us where we stand. If the UK govt need to cough up more to sort this out then at least we would know where to direct our wrath. As long as they keep us in the dark they are doing themselves untold damage. It's not just on this forum that people are bad-mouthing ING. Word gets around very fast...

helix_2

MSE_Martin wrote: »

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 just don't understand how a single CHAPS transfer to my linked account (i.e. no duplicate requests) can be tricky!

Ippylady

MSE_Martin wrote: »

Latest Update:

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.

Martin

Please Martin, could you ask ING/KE to give their customer services a database list of the affected customers, at least if we rang them, they would be able to tell us for definite whether we are on a list and not in a Black Hole?

jean28mo

Can't help but think it's going to be another wait till Friday....
So far in this whole scenario the only payments that have been made have been Friday 10th and Friday 17th. From what I'm seeing on here not a single transaction has gone through today (just like last Monday), it's all very familiar....
If they're wading through a backlog why are transactions not appearing every day. It just doesn't make any sense. As Sph1971sph says this isn't the first takeover, yet other banks seem to have been able to handle it seamlessly. What is going on here???

tangocharlie

tmvc2007 wrote: »

£5,182,128 from 161 transfers 3 whose value I don't know.

If you want me to add you I need date, amount(if you're willing) and linked bank.

Just had a useless call with ING and am waiting a call back - still surprised I was speaking on behalf of so many - but I won't hold my breath.

(I know have a very annoyed builder - misery spirals onwards)

Mine was £22,000 made by Chaps on 8/10/08 although I think I did it 11:30pm the day before, linked account is HSBC. It is still showing on the KE website :-

08 OCT
PYT MR ****** 22,000.00


I then applied for £485 by bacs the day after - arrived last friday.

TypeR

MSE_Martin wrote: »

Latest Update:

I've just spoken to ING Direct. It is in a meeting over this very 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.

Martin

Many thanks Martin.

Couple of things :

1) I'm HIGHLY concerned that a bank in existance so long are having a meeting to discuss how to pay people back money it owes when it doesn't have a liquidity problem (Direct quote from Customer Service Director)

2) It's about time they told us WHAT the issue is that has caused them to stop paying out - and if they come back to you as they did me and say "I don't know" then we all get on a bus and go down there.

The utter ignorance and incompetance and the disrespect shown to the people of this forum and of course those who we are unaware of, by the CEO and his board of directors is utterly disgusting, they are without shadow of a doubt propping up the league of worst customer service by a country mile.

miserable_ol_so_n_so

goodethernet wrote: »

So, lets see. Even though the payments all confirmed for close of business, Friday 17th and when that deadline passed, they blamed the receiving banks for not processing payments, so we'll all get paid on Monday 29th, they are sitting down TODAY at 2pm for a meeting on how to handle it???:mad: :mad:

For once, I'm lost for words.

More crucially, are they aware of our chaps requests made between 5 oct and 9, or are they discussing the new wawe of transfers out made after 10 Oct?

moneysavingmatthew

goodethernet wrote: »

It's time to kill the myth that somehow the administrators see some value in these deposits! If they are in the balance sheet of KSF or some other entity in administration they are in there as a liability. The administrators will be happy to get rid of them. You talk as if it's a pile of cash! Wherever it is, it's money that is owed to other people (i.e. us). It's not an asset to be somehow sold off or scrapped over. HM treasury will have to pay ING to take them away (if they haven't already). The complication will come if we have somehow ended up in the queue of KSF's creditors and if so that will need to be unravelled somehow.

I'm sure it will make it more complicated to get paid if this is what's happened, but no less likely than if the money had gone direct via KE/ING. By the way, I have no idea if this happened and I'm past caring at this point.

The main value to ING of the deal is that they get a whole load of high net worth customers without having to advertise - in essence the asset they have bought is the customer account (not what's actually in the account). I don't know what it costs to acquire a customer but it would not surprise me if it is £50 or more. If that is the case then the 160,000 customers would have a value to ING of £8m - of course they will have negotiated a fee with the KE administrators lower than their standard aquisition cost.

Sadly for ING the value of that aquisition transaction is decreasing as their actions are doing nothing to retain the customer base they have bought. It also means any normal advertising to us is now wasted as we will no longer consider them in the future.

A real lost opportunity for ING for the sake of a bit of decent communication.

gillbill

can anyone tell me if the 4th option on the poll above means you received an email yesterday saying basically you are one of the 5%? Mine was a BACS ordered on 11th oct, but I did receive the email yesterday saying it had not been done and basically 'don't hold your breath!!'

bigg

goodethernet wrote: »

So, lets see. Even though the payments all confirmed for close of business, Friday 17th and when that deadline passed, they blamed the receiving banks for not processing payments, so we'll all get paid on Monday 29th, they are sitting down TODAY at 2pm for a meeting on how to handle it???:mad: :mad:

For once, I'm lost for words.

I’m as angry as anyone but we are a major leap further forward than last Friday. They now acknowledge the CHAPS problem. I know it’s frustrating but I feel more relieved than I did. I hope there is a massive shake up in the banking system after the dust settles. It will take an awful lot of persuading to regain my confidence in any of them again.