New Kaupthing CHAPS/BACS Transfers discussion - Friday 24th October

Puffthemagicdragon

The blame game goes in circles if you are KE/ING but the truth I believe is something like:
KE - is still in operation, albeit with ING Direct support. BLAME.
ING - is responsible, so I understand, for KE accounts now. BLAME.
BACS - processing system. Is happily processing other BACS transfers for other banks. You get out what you put in. NO BLAME.
E&Y - administrators of Kaupthing Singer and Friedlander. According to them, not dealing with KE because ING are. ?.
FSCS - has not kicked in. Only supposed to pick up the pieces when a bank actually goes to the wall rather than can't be bothered to process your payments. NO BLAME.

FSA - does not appear to be supervising or taking any action or indeed interest in the fact that a bank that is supposed to be operating normally couldn't process cheese if it came in a tin.

Puffthemagicdragon

Missed A Clearing Bank from my analysis.

Given that the banking system otherwise appears to be operating normally, no reason to blame the clearing banks.

SorryInvestor

fleurie12 wrote: »

I can't believe what is going on - a nightmare. I keep posting on here and sure everyone disbelieves me but that is why I am on stilll on here. I worked for the BBC and through an ex colleague I was interviewed for the Paborama Special- Britain in the Red. I did a piece on the KE money disappearing. WOW the next day they gave a press release to say we would all receive our money onFriday 17th. It was pulled because of the press release. bbc.co.uk/panorama

Home page gives you the link to Ing statement before the programme and me I think is on the right - "icelandic Widow .....

Hi Fleurie12
I followed your foolish posts and viewed your interview from the link

If you can assist with media attention that would be great

ING/KE have certainly been giving me the run-around and I feel less confident as the time drags on - these people seem to have little or no interest in the plight of individuals but as we know do respond to media attention

THANKS

SorryInvestor
CHAPS 8/10 to Barclays still not received
No emails
No phone calls
Plenty of b***s**t

£20 CHAPS fee refunded

bigg

A few posters seem to think 5 people received their money today but only 4 actually did.

Jacara2 was added to the list in error.

menbed

Hi
just found your Forum, would like to add my two pennyworth,

Kaupthing-edge customer, did a CHAPS withdrawl on 08/10/2008
at about 10 am that day, nothing happened untill 22:30 at night
then by magic it went, and a £20:00 chaps fee, put in my statement
at KE.
no money ever arrived, then or now.
spoke to KE on Friday 24/10/2008, they took my details and informed
I would hear in about 2 clear working days , so I said thats Monday 27/10/2008, NO THEY SAID BETTER SAY Tuesday 28/10/2008

Along came Tuesday 28/10/2008, no email, no phone call, no money
so I rang KE, they said oh you will hear today, 2hours later I received a carbon copy of the email called up in other posts.

So I rang KE again, spoke to a call type centre man who re-read to me my Email, from a script, I said can I speak to your supervisior, a chap called
John Elt came on and re-read my email to me.

This is no good I said can you tell me why my money is held up, he said NO
so ok can you explain to me who is holding it up, he went through a load of steps.

which went like
1 your money has been authorised to be paid, but it's held up, Why is that I said.
2 we are in the process of sorting out why we do not know why.

3 it will take us 2 days to find out why, and you will get a contact between now and then,as your e mail says .

4 my email does not say that I said,Ahhhhhhhhhhh well it should have.
( received an other email 2 hours later, with the words sloted in " We will
contact you again in 48 hours" added in, otherwise the same)

5 I asked whos holding it up, is it ING, No was the answer

6 is it the Administrators , did not get a NO or Yes here

7 Why can you not just look up the details on my account info
" They are at Head Office" was the reply, so call head office
Head Office taken by Administrators,

8 Who are they, Ernst and Young, why's that where they are sorting out
who is being paid, But ING said they have agreed all is been paid out
last Thursday/Friday 23/24/10/2008 , Yes thats right he said,
so what are they still sorting out that for,
ahhhhhhhhhhhhh we have had some problems with linked bank accounts not getting the money. It could be the clearing bank that over loaded with transfer requests.

9 How come I said, as it 's only the last 5% that never got their payments
as of Monday 20/10/2008, Ahhhhhhhhhhhhhhh it less than that outstanding
now, How many now. errrrrrrrrrrrrrrr about 0.5 % So how can the clearing bank be over loaded may be backlogg..................

10 who is this clearing Bank you use Royal Bank of Scotland, he said.

can we speak to them then , no they only speak to head office, like Ernst and Young, ok I give I said

so I think now we or the Goverment's agents must, say to us all

WHAT THE HECKS GOING ON.
9

agsnu

Puffthemagicdragon wrote: »

E&Y - administrators of Kaupthing Singer and Friedlander. According to them, not dealing with KE because ING are. ?.

Well, uh, ING need to extract various details out of KSF (being run by the administrators) so that they can operate the accounts. Also, any in-flight transactions when KSF went into administration may very well be in KSF's accounts (either internally or at clearing banks or BoE etc, and which may very well be frozen due to administration), which need to be unwound by the administrators (as ING do not have direct access to all of KSF's affairs for obvious reasons).

FSCS - has not kicked in. Only supposed to pick up the pieces when a bank actually goes to the wall rather than can't be bothered to process your payments. NO BLAME.

Wrong. See http://www.hm-treasury.gov.uk/press_102_08.htm - the FSCS has kicked in, but it has paid ING rather than depositors directly.

Given that the banking system otherwise appears to be operating normally, no reason to blame the clearing banks.

KSF is hardly normal circumstances - when it was put into administration its accounts with clearing banks would have been frozen. It's not the case that as soon as a BACS/CHAPS transaction is requested it's entered directly into the BACS/CHAPS system - BACS and CHAPS require settlement at the BoE and if the clearing bank was not satisfied that KSF is able to fund its transactions then they were hardly going to settle transactions out of their BoE accounts. Indeed when it was placed into administration, the clearing banks probably froze KSF's accounts related to processing transactions until it was clear what was going on - and any transactions in between being requested and actually entered into the CHAPS system by the clearing bank could very well be lost at the clearing bank.

drob4

Just where the hell is Martin ???? This whole situation is now a disgrace. Can he not see that the longer it drags on, the worse it looks for this website ? I can tolerate silence from ING, but why isn't Martin communicating ?

McCleod

I cannot believe there are still people waiting for their money. Honestly makes me so angry I feel like phoing them up about others money.

ING: You are a disgrace!

10_66

Well another promised day, and nothing so far. If I don't get my money today, I'll...... OK, I can't finish my sentance because, what the h*ll can I do??!! We just can't do a damn thing to shake anyone up! I've phoned (practically on a daily basis), I've emailed (but have never received any of their promised emails), I've lodged a complaint about ING (and as they're the ones whose name took over KE, they have to take responsibility for the farce).

When (?) I eventually get my money back, and gone on to sort out getting my Icesave money back (can't even think about that yet, and I don't know where I'll get the energy to go through this again), I'm going to refer it to the FOS. I know ING won't care about that, but it will cost ING £450 for the pleasure of my complaint, even if the FOS don't do anything about it. I'll make them pay in £'s, if that's the only language they understand! What a lot of £450's they'd have to pay if we all did the same.

Dutchcowpat

Still no emails phone calls nothing. Going to FSO today not going to give them the pleasure of getting away with this. Shifted small amount on Monday this has not arrived either. Stepping up with further multiple phone calls today. All directions. Probably a waste of time but it is worth another go.


Disappointed that Martin seems to have lost interest and unable to raise any other publicity.


Good Luck to All