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

zaphod_beeblebrox_2

PanicButton, hang in m8, its gonna happen very soon

northernstar5

Madre_Maquina wrote: »

I have a million and one worries about all this but what really concerns me is that I have had no recredited CHAPS, no credit of interest, no phone calls and no emails. I'm beginning to wonder if I'm a figment of my own imagination:eek: with scary hair...
Perhaps this is all a big scam and none of you guys exist???

If it was logical as to who gets money when - it would all be much more straight forward. I know I exist - if that's not too philosophical!

Have you spoken to the people at KE in the last week and, if so, did they confirm you are on their spreadsheet?

northernstar5

Why are BACS payments returning to KE accounts rather than going into link accounts? Is this happening with CHAPS payments as well?

mrarnald

Madre_Maquina wrote: »

I
Perhaps this is all a big scam and none of you guys exist???

Oh my God!:eek: Am I the only one really here!

iblamethebanks

Madre_Maquina wrote: »

I have a million and one worries about all this but what really concerns me is that I have had no recredited CHAPS, no credit of interest, no phone calls and no emails. I'm beginning to wonder if I'm a figment of my own imagination:eek: with scary hair...
Perhaps this is all a big scam and none of you guys exist???

Dont worry - we are definately real and expecting to see posts confirming receipt of cash very soon ! hang on in there !!

melita

I suspect that the missing payments have been held up in a separate holding account somewhere and that KE is now moving the money back to the original account prior to re-doing the payment via CHAPS. I believe (from reading previous posts) that we will not be charged for CHAPS if we originally requested a BACS payment. Also at some point we should be getting the interest for the period that our payments were missing. The computer software was presumably not built for all this and I expect there is a lot of manual work behind the scenes.

I'm not angry, just really disappointed and disillusioned with the current state of the British banking system. I no longer like going into banks as I expect to be pounced upon in an attempt to sell me something I'm not remotely interested in. Why can't they just provide a good service instead of wasting time and money on all these sales pitches - keep it simple...

Rant over - I realise this is off topic - won't do it again...

iblamethebanks

melita wrote: »

I suspect that the missing payments have been held up in a separate holding account somewhere and that KE is now moving the money back to the original account prior to re-doing the payment via CHAPS. I believe (from reading previous posts) that we will not be charged for CHAPS if we originally requested a BACS payment. Also at some point we should be getting the interest for the period that our payments were missing. The computer software was presumably not built for all this and I expect there is a lot of manual work behind the scenes.

I'm not angry, just really disappointed and disillusioned with the current state of the British banking system. I no longer like going into banks as I expect to be pounced upon in an attempt to sell me something I'm not remotely interested in. Why can't they just provide a good service instead of wasting time and money on all these sales pitches - keep it simple...

Rant over - I realise this is off topic - won't do it again...

You shouldnt be charged the CHAPS fee for either BACS transfers or CHAPS transfers if the latter is delayed beyond the normal time for receiving CHAPS ie next day . Given that in some cases the CHAPS hasnt arrived for nearly a month , I dont think you need worry about being charged these fees .

Madre_Maquina

northernstar5 wrote: »

If it was logical as to who gets money when - it would all be much more straight forward. I know I exist - if that's not too philosophical!

Have you spoken to the people at KE in the last week and, if so, did they confirm you are on their spreadsheet?

I have phoned so I have to believe I'm on the famous all-singing all-dancing spreadsheet. Just checked again.

Thanks guys for group hug - particularly with the multi-limbed Zaphod involved (scary photo!)

wadeall

ontherun wrote: »

08-10-2008, 12:24 PM #265 wadeall vbmenu_register("postmenu_14804541", true);

Its just been sold to ING direct so is now a good credit

Those looking to lock GBP50k up for 3 years at above 7.5% should get in very quickly as ING will pull down the rates to its own leve

@ Wadeall


So your advice would be to lock up 50k for 3 years & rely on the Dutch compensation scheme in the event that ING have the missfortune of going under?

Out of the frying pan & all that!!

I would be relaxed about locking up money with ING for 3 years provided you are (1) comfortable taking sterling currency risk - This was a huge risk a couple of months ago, but at these levels sterling is much closer to fair value, though with Brown's mismanagement of the economy it may very well overshoot to the downside. (2) don't need access to your funds for 3 years (3) are not interested in equity investments.

Of course this option was taken away a couple of weeks ago so is now somewhat besides the point.

Personally I have fixed some of my cash for a year, but I think there will be some outstanding equity investment oportunities when the market goes down a bit further.

ING/Netherlands is a completely different and far higher quality credit risk than Kaupthing/Iceland. ING is a pretty well run and creditworthy bank/insurance business. They haven't expanded their business at a crazy rate or made any obviously stupid acquisitions (unlike RBS and Fortis). They have also had a E10bn capital injection from the Dutch government. Of course nobody knows exactly what risks they have taken on their insurance book though they were certainly not as stupid as AIG. If they were to blow up the Netherlands is a substantial EU country where the financial sector is not completely out of scale with the economy. As one of the key Dutch financial institutions it is inconceivable that the Dutch Goverenment would not bale it out /nationalise it. Moreover the EU itself has stated that it will not let any major EU financial institution fail and ING would certainly count as major.

The problem with Kaupthing was that it was much too large for Iceland itself to take over without bankrupting the whole country. This is not the case with ING/Netherlands and unless you think that the Euro is going to plummet against good old sterling, you shouldn't be worried about the currency issue that was so important with Iceland.

northernstar5

Please leave this thread free for its purpose - missing BACS/CHAPS transfers from Kaupthing Edge - see Martin's post earlier today.
There are 30 people who have this thread as a lifeline - and who don't want to wade through lots of posts on other topics.