Kaupthing Edge Interest and CHAPS Fee Refund Discussion

Methusala_3

Big thanks to bigg for initiating this new thread. Agree we should let KE/ING sort out the main payments issue before we start the BACS/interest refund debate. Also agree we should be realistic in expectations - I am just thankful to have got my primary deposit back (phew).

And yes, hellyboo, I think quite a few of us have saved with Icesave too...awaiting communication from our friends at the FSCS....may pursue my contact again at the FSA on Monday if we don't see the promised communication.

dag_2

The last message on the KE website on Monday 7th Oct said something like:

We realize there is a banking crisis but we have umpteen Billions of assets. Don’t worry your money is safe.

Yeah, I wish I'd kept it now. Kaupthing Edge used to have a whole load of "news" articles on the web site, that for the most part were really more curiosity pieces - you know, stuff like how people managed to scrimp and save during the war, that sort of thing.

And then on the last day, October 7th, there was all the stuff about the Fitch ratings. It openly admitted that their Fitch rating had dropped, but said that pretty much every other bank's rating had also dropped, and so was probably nothing to worry about.

At that stage, there was still an "Apply Now" link which took you to an application form which you could actually fill in, although I don't suppose they would have processed it at that stage. But the next day, when all the stuff about ING Direct was put on the web site, I think that's when they took all these curiosity articles off. I think that's when the "Apply Now" link stopped working as well.

Still, I don't know. Does anyone think their decision to put money in KE in the first place was influenced by the presence of these curiosity "news" articles? Not that it makes any difference I suppose.

If I remember right, the media reported that ING Direct were saying you can just carry on using your KE accounts as normal, several hours before they took all the "news" articles off the KE website and put anything about the ING takeover. It might even have been the next day, I can't remember. Can anyone remember how long it was that the KE website continued to be normal after the ING takeover? Thanks.

bigg

katybull86 wrote: »

From the main thread, it is apparent that some people were charged just the £20 CHAPS fee deducted from the KE account before the transfer, whereas others, like me, also had £20 deducted from the transferred amount. I can't see why this discrepancy - maybe it depends on which bank the linked account is with? I doubt if the second deduction was made by the receiving bank, as it would have shown up on the statement as a separate transaction, rather than a reduction in the transferred amount.

Before taking up the cudgels with ING/KE on this thread, maybe we could try to find out if we have two different issues? I'm sure there are some banking experts in this thread who might be able to assist - or to provide better quality speculation than mine.

We also need to be careful what we expect in the way of interest compensation. Even a "normal" BACS transfer would have cost 3 or 4 banking days of lost interest during the transfer, so we can't really expect the full whack.

IMHO I would like to see:

The BACS interest paid up to 3 days before the money reached the linked destination account.

The CHAPS interest should be paid up to the day before the money reached the linked destination account.

Any CHAPS payments that were not fulfilled the same day, or within 24 hours should be refunded in full.

I will fight to the death to get these amounts refunded but will then be giving my CHAPS fee to my local hospice. It’s my money to do want I want with.

katybull86

That sounds eminently fair and reasonable, Bigg.

bigg

dag wrote: »

Yeah, I wish I'd kept it now. Kaupthing Edge used to have a whole load of "news" articles on the web site, that for the most part were really more curiosity pieces - you know, stuff like how people managed to scrimp and save during the war, that sort of thing.

And then on the last day, October 7th, there was all the stuff about the Fitch ratings. It openly admitted that their Fitch rating had dropped, but said that pretty much every other bank's rating had also dropped, and so was probably nothing to worry about.

At that stage, there was still an "Apply Now" link which took you to an application form which you could actually fill in, although I don't suppose they would have processed it at that stage. But the next day, when all the stuff about ING Direct was put on the web site, I think that's when they took all these curiosity articles off. I think that's when the "Apply Now" link stopped working as well.

Still, I don't know. Does anyone think their decision to put money in KE in the first place was influenced by the presence of these curiosity "news" articles? Not that it makes any difference I suppose.

If I remember right, the media reported that ING Direct were saying you can just carry on using your KE accounts as normal, several hours before they took all the "news" articles off the KE website and put anything about the ING takeover. It might even have been the next day, I can't remember. Can anyone remember how long it was that the KE website continued to be normal after the ING takeover? Thanks.

Thank you for your eloquent posts dag. I haven’t always agreed with everything you say but appreciate what you say is well thought out.

My reason for transferring some of my savings from the wobbling Halifax to KE was, after checking out the MSE website, they had the best interest rate covered by the FSCS guarantee.

After the dust has settled, I hope there will be a major shake up with the banking system. If you invest money e.g. shares, it’s a risk but if you save your money you expect it to be as solid as a rock, not gambled with.

amazinggrace

Have a look at the update on the ING/KE website re CHAPS and interest payments.

It sounds promising to me.

http://www.ingdirect.co.uk/kaupthingedge.asp

henden

I read your comments re taking cudgels to get CHAPS and interest BUT from what KE wrote to me in response to my query these things will happen routinely once all the pendng transfers are processed.

I don't see any point in starting a fight until we know if that will be necessary. Let them work their plan and clear as they can.

I will not 'complain' about CHAPS & interest until 1st Novembe give them time to sort things.

bigg

henden wrote: »

I read your comments re taking cudgels to get CHAPS and interest BUT from what KE wrote to me in response to my query these things will happen routinely once all the pendng transfers are processed.

I don't see any point in starting a fight until we know if that will be necessary. Let them work their plan and clear as they can.

I will not 'complain' about CHAPS & interest until 1st Novembe give them time to sort things.

Sounds good to me. Thought this was worth postnig from the KE website:

UPDATE: THURSDAY 23RD OCTOBER, 18.00PM


PAYMENTS UPDATE:

• 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.
  
  

katybull86

amazinggrace wrote: »

Have a look at the update on the ING/KE website re CHAPS and interest payments.

It sounds promising to me.

http://www.ingdirect.co.uk/kaupthingedge.asp

Certainly looks good.

Also, I have just picked up the following Secure Message from the KE website in response to one from me a couple of days ago. It would appear to be compatible with the ING statement, which makes a nice change. Maybe we won't have to fight for this after all Henden.

Dear XXXX,

Thank you for your secure message regarding refund of chaps fee and loss of interest.

I do apologise for the delay in the return of your chaps fee and lost interest.

ING Direct has not given us any timescales as to when this will be processed.

As soon as we have further information this will be updated on our website.

If we can be of further assistance, please don''t hesitate to get back in touch.

Yours sincerely


Kimberley Wright
Customer Services
Kaupthing Edge

ShelleyC_2

I did a CHAPS yesterday of £30000 which went thru with no problem

I'm obviously very pleased and hope everyone else gets their money moving smoothly soon with no loss of interest.