Kaupthing Edge Chaps/Bacs Transfers NEW discussion

moneyloser_3

What does this sentence mean..""""However by definition those left now are the trickier ones.""""???

Ippylady

helix wrote: »

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

I agree, it looks like ING string you along all week, blah, blah, Friday(11th), blah, blah, Friday 17th, - bet you the next deadline will be .....will be in your account Friday 24th...............hmm we'll see. :rolleyes: :rolleyes: :rolleyes: :rolleyes: :rolleyes: :rolleyes: :rolleyes: :rolleyes:

MuddledOfMiddlesex

Good to get some form of update, but utterly bizarre that the requests left are apparently the 'trickier ones.' How so? Like most of us here, I simply went online to request a CHAPS payment in the normal way from my allegedly easy-access savings account, to my designated account.

I can't see anything tricky about that, frankly. I even left enough money in my account to cover extra costs and ensure that outstanding interest could still be paid into the savings account.

giveithere

I agree with everything that has been said on here and if ING do read this thread, they should take serious note (this also applies to almost every other financial institution).

Without the intervention of MSE and others who genuinely care, we, the general public, would have little if any information. It's nothing short of a disgrace the way the financial sector handles us!

The managers and up of these companies should all hang their heads in shame!

ginvzt

Those saying the poll that "the payment was fine" - when did you make your transfers and by what method???

cshowell

MSE_Martin wrote: »

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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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.

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.

Thanks for this. It is much appreciated that you are on the case with it.

jemimapd_2

helix wrote: »

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

Exactly - what is tricky about a simple online transfer?

Heliman

tmvc2007 wrote: »

£5,293,778
165 transfers.

I will only add you to the database if you ask me directly, I don't want to double count and i need date as well as linked back and amount (if you're willing)

At least this shows it's a systemic rather than individual problem

I initiated a CHAP's transfer to LloydsTSB on Tuesday 7th at 1430 (£33k) no money received as of 1432 today. Very hacked off with the constant lies we are being feed. When I get my money ING will be my LAST port of call.

Add me to list.

goodethernet

jemimapd wrote: »

Exactly - what is tricky about a simple online transfer?

The fact that it's got tangled up with a company in administration, that's what.:rolleyes:

timkevan

What do people think about making a complaint to the police? Kaupthing/ING had our money and have now taken it from our accounts and have failed to return it. Worse than that, they have not even explained where the money is.