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

PanicButton

Good morning everyone.
Got a letter in the post this morning from ING

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to tell me that my money was on the way?? Oh no, but to tell me that (a) their savings rates are being reduced and (b) that my savings are safe and secure with ING!!!! Bloody brilliant.

jacara2

wantage_boy wrote: »

Well, I thought I was amongst those still waiting for my money as the balance on my linked account hadn't changed. However, when I took a look at my statement in detail I noticed the transfer did arrive on the 17th October as promised but was taken back by KE the same day, with a description "F/FLOW CORRECTION". I checked with my linked account bank (Lloyds) who say the money was recalled the same day it was deposited, and that they have no further information why. Like everyone else trying to call KE it's a waste of time as they can't give any clue as to what is going on or why this has happened - has it happened to anyone else? Very frustrating to get the money and then have it taken away again! Needless to say it hasn't reappeared on KE balance.

Wow!!!!
How on earth can they do that?????
It's your money!!! That cannot be legal surely?
If the money was taken from your account without your permission,that has to be theft!

Madre_Maquina

wantage_boy wrote: »

Well, I thought I was amongst those still waiting for my money as the balance on my linked account hadn't changed. However, when I took a look at my statement in detail I noticed the transfer did arrive on the 17th October as promised but was taken back by KE the same day, with a description "F/FLOW CORRECTION". I checked with my linked account bank (Lloyds) who say the money was recalled the same day it was deposited, and that they have no further information why. Like everyone else trying to call KE it's a waste of time as they can't give any clue as to what is going on or why this has happened - has it happened to anyone else? Very frustrating to get the money and then have it taken away again! Needless to say it hasn't reappeared on KE balance.

I cannot believe that!! Just checked my bank statement but that didnt happen to me. Just phoned KE. The lady said that they have somehow "broken" their CHAPS system and everything is being done through BACS. She has logged my details, along with everyone else, and is sending this to the "administrators" in London. Interestingly she asked at what time on the 7th had I initiated the transfer as that seems to have some significance. Would not elaborate., HMMMMMM. What a shambles.

Chilledout50

jacara2 wrote: »

Wow!!!!
How on earth can they do that?????
It's your money!!! That cannot be legal surely?

I believe this can happen with BACS but not CHAPS.

From what I undersatnd BACS is a 3 day process

Day1 - entered
Day2 - executed
Day 3 - cleared

I think there is a perrod between execution and cleared whereby it can appear on your statement but not actually be cleared, during this time it can be recalled.

I dont think CHAPS can be recalled at all once they have been entered. They are final.

Ippylady

Morning, just logged on briefly to catch up........
The one thing that kept me awake on and off last night is - IF our money has been caught up in "administrators directing or not directing our cash somewhere" how long will it take them to investigate approximately 150 + cases?
Could the ING spokesperson please inform me with some concrete information of the timescale of this matter.
PS I do not want a "someone will get back to you within 48 hours" reply.

jacara2

Chilledout50 wrote: »

I believe this can happen with BACS but not CHAPS.

From what I undersatnd BACS is a 3 day process

Day1 - entered
Day2 - executed
Day 3 - cleared

I think there is a perrod between execution and cleared whereby it can appear on your statement but not actually be cleared, during this time it can be recalled.

I dont think CHAPS can be recalled at all once they have been entered. They are final.

But why would they take it back ???

jacara2

wantage_boy wrote: »

Well, I thought I was amongst those still waiting for my money as the balance on my linked account hadn't changed. However, when I took a look at my statement in detail I noticed the transfer did arrive on the 17th October as promised but was taken back by KE the same day, with a description "F/FLOW CORRECTION". I checked with my linked account bank (Lloyds) who say the money was recalled the same day it was deposited, and that they have no further information why. Like everyone else trying to call KE it's a waste of time as they can't give any clue as to what is going on or why this has happened - has it happened to anyone else? Very frustrating to get the money and then have it taken away again! Needless to say it hasn't reappeared on KE balance.

Was it a CHAPS or BACS,I wonder?

stoat

My experience is that I tried to withdraw the majority of my money from KE on the 7th Oct then the remaining £100 on the 8th, both BACS, strangely the £100 turned up on the 21st Oct, but am STILL waiting for the majority. Does this mean they are prioritising smaller sums? and if so, why?

As a result of this, I got charged by my bank for going overdrawn briefly, does anyone know if KE have a policy regarding covering fees we've been charged as a result of the slowest transfer in history? ;-)

Chilledout50

jacara2 wrote: »

But why would they take it back ???

I think it is usually automated for some reason if there is a discrepency in the payment. I just rember i looked into this sometime ago when the same happened to me (nothing to do with ING). Worth typing BACS into Google, that is where i got the info from. I think i had to go a few pages down the list until i got a simple mans guide

Ippylady

Also something else which I keep rolling over in my mind is the quote of - "less than .5% out of 42,000 transactions"
How many times does this happen while administrators are processing accounts - I thought they were a body of experts, who are sent in to sort out these sort of problems?