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

AB31

Doppleganger wrote: »

The call-taker that I spoke too "John", took me through the security questions and then asked how he could help; I said that I was calling for my daily dose of KE BS about my missing BACS payment. He asked was it the 10K transfer from the 6th October or the 2.6K one from the 8th ....

He asked when I last called and then explained that the ING details on the website weren't up to date :rolleyes: I was then put on hold for 3mins whilst he went to check with someone (either that or a coffee-break) and on his return told me that there was no ETA for my transfer and he could not give me a deadline - at least that's the first honest answer that KE have given me! And of course someone will call me back, which I've been told before and of course have never received.

The above makes very sad reading. It reinforces what I discovered yesterday that KE helpline staff have given up forecasting ETAs for anything. When I phoned about the timing of interest adjustments resulting from delayed payments, I was told that they haven't a clue about the situation there other than that they (but I'm not sure who) are working their way through a long list.

I then asked, out of concern for people still awaiting transfers, what the hell was going on. I got the answer (which I already knew) that they merely forward details of outstanding payments to another area of the operation which is physically remote from the KE helpline unit, but they don't always get a response. It's this area where the dopey Ernst & Young Administrators seem to be in command of the operation. Given this lack of effective communication between KE and the Administrators, I asked why KE couldn't simply start again with fresh instructions from customers who are still waiting, rather than continue to pursue those made originally which seems to be an endless activity. The vague answer was that it would be administratively too complex to cancel an old instruction and start a new one, especially since the operation is split between two centres.

The whole thing is clearly a shocking mess, and should never have been allowed to happen.

Anyway, here's hoping ...

10_66

How many times to they think they can get away with blaming the clearing banks. I rang RBS (their clearing bank) when I was given this excuse, and no one there seemed to know of any problems (though admittedly, no one knew which department to put me onto to find out - therein may lie the problem!).

Apoorwoman

10_66 wrote: »

How many times to they think they can get away with blaming the clearing banks. I rang RBS (their clearing bank) when I was given this excuse, and no one there seemed to know of any problems (though admittedly, no one knew which department to put me onto to find out - therein may lie the problem!).

Strange, I was told yesterday that the clearing bank was NatWest!

bmwalker340

Apoorwoman wrote: »

Strange, I was told yesterday that the clearing bank was NatWest!

RBS and Natwest are the same bank now aren't they.

TheCaretaker_2

I think everyone here is forgetting one very important thing ........... administrators prime concern is collecting the big fat wedge at the end of their work.

So it makes perfect sense to drag out proceedings as they want their job to last as long as possible.

TheCaretaker_2

Oh and another thing........
Ernst & Young will never go into liquidation will they?

melita

I've just extracted the following info about CHAPS processing from the financial ombudsman's site. Not terribly enlightening. I wonder if we'll miss today's deadline?

Payments are made electronically and should start and finish on the same day. CHAPS opens for business at 6.00am each day and payments usually have to be started by 4.00pm. But there is a facility to make late payments, in certain circumstances, up to 5.00pm. Although the payment itself is made electronically, the sending bank has to make various clerical checks first – typically to check signatures/payment authorities, as well as to ensure customers have enough money in their accounts to make the payments. When things go wrong, the consequences can be extensive and wide-ranging, bearing in mind that a fair amount of money is usually involved.
The two most common problems are:
delays - when the money arrives late;
or
faulty instructions – when incomplete or incorrect payment instructions cause problems in crediting the money to the right account when it arrives at the receiving bank.

SouthCoast

TheCaretaker wrote: »

I think everyone here is forgetting one very important thing ........... administrators prime concern is collecting the big fat wedge at the end of their work.

So it makes perfect sense to drag out proceedings as they want their job to last as long as possible.

Going by past precedents (BCCI) it will take several years for E & Y to unravel the tangled web.

http://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International

Lesley53

Just checked and it has finally arrived, four weeks late, thanks to you all for your support. Will keep looking here until you all get yours, which I hope will be today.

Muse

I had missing money via chaps from KE but got mine back a couple of weeks ago. I keep checking back to see the latest.

I am so sorry to see there are still missing payments. I received my original chaps pmt into a halifax account. The refunded £20 chaps fee and interest was paid back into my KE account. I transferred this by BACS on Tuesday 4/11 to my halifax account and it arrived on thursday 6/11 showing as a 'chaps' payment on my statement. The reason I am posting this is because obviously money is moving from KE to other bank accounts so I dont see why they cant find/give you yours? I havent read back through the thread so perhaps I am behind the times with this.

Sorry if this doesnt help. I really hope you get some results soon. I felt like sh*te while my money was missing I cant begin to know how you are all feeling now.