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

tooltime82

Markoooooooo wrote: »

Got a response via email, doesnt really help much, seems like a generic letter they are prob gona send to a lot of people??

Dear ********

Further to our recent telephone conversation where we committed to providing a response within 48 hours. Regrettably I have to inform you that the recent transaction from your Kaupthing Edge Account to your nominated linked account has been identified as being held up.

Whilst the instruction was given to process your transaction, we have now identified that the transaction has been held up at the clearing bank. As a result the payment has not yet been released and we are working with the clearing bank to release your payment in the quickest possible way so the funds are available to you as a matter of urgency.

We cannot stress enough that your money is safe and we continue our commitment to you in terms of resolving this issue.

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.

We appreciate your patience and we will update you shortly as to the timing of your transaction being released.


Yours sincerely,

**********
Customer Services
Kaupthing Edge

Heres hoping money is about to arrive.
Out of interest here's how the chaps system works (taken from a legal ruling on a slightly different subject).
Not wishing to contradict ING but it appears only they or the receiving bank can prevent any transfer going through i.e. they don't send it or the receiving bank refuse it.

1. [FONT=Verdana, Arial, Helvetica, sans-serif]The CHAPS system works in the following manner:[/FONT][FONT=Verdana, Arial, Helvetica, sans-serif]CHAPS settlement members are provided with special computer software known as gateways. The gateways handle all communications between participating banks and security. The gateways are linked to and accessible from the member�s own internal computer system and they can communicate with the gateways of other participants over telecommunications links.[/FONT]
   [FONT=Verdana, Arial, Helvetica, sans-serif]A critical feature of CHAPS is that every payment is settled across the payer�s bank�s and the payee�s bank�s accounts at the Bank of England before any payment notification is sent to the payee�s bank. The sequence of events is as follows:[/FONT]
   [FONT=Verdana, Arial, Helvetica, sans-serif](1) The payer�s bank initiates a payment instruction on its computer system.[/FONT]
   [FONT=Verdana, Arial, Helvetica, sans-serif](2) The payer�s bank�s computer system causes a settlement request to be sent to the Bank of England. This includes details of the payee�s bank and account number.[/FONT]
   [FONT=Verdana, Arial, Helvetica, sans-serif](3) If there are sufficient funds in the payer�s bank�s account at the Bank of England, the payment is settled by the Bank of England by debiting the payer�s bank�s account and crediting the payee�s bank�s account.[/FONT]
   [FONT=Verdana, Arial, Helvetica, sans-serif](4) The Bank of England sends a confirmation of settlement to the payer�s bank.[/FONT]
   [FONT=Verdana, Arial, Helvetica, sans-serif](5) On receipt of confirmation from the Bank of England, the payer�s bank�s gateway automatically sends a payment message to the payee�s bank.[/FONT]
   [FONT=Verdana, Arial, Helvetica, sans-serif](6) On receipt of the payment message the payee�s bank immediately transmits a logical acknowledgement ("LAK") to the payer�s bank. This follows authentication, but at HSBC that did not occur automatically if the amount transferred was over �50,000.[/FONT]
   [FONT=Verdana, Arial, Helvetica, sans-serif](7) Mechanisms exist to ensure that inter-bank settlement can take place even where there is a temporary shortage of liquidity. However, in every case such settlement occurs before the payee�s bank receives any notification of the payment.[/FONT]

rhinestonemaiden

Sorry I mean we do NOT give in until last man is saved!

rhinestonemaiden

We Brits .. apparently my message too short ... I say again We Brits stand until last man is saved

Haider

Congratulations Caterina, Sixtytwo and Ippy really pleased that you got your money back:beer:

jacara2

Ippylady wrote: »

:j :j :j :j :j :j :j :j :j :j :j :j :j :j :j
JUST GOT IN LOGGED ON AND ITS THERE -
HOPEFULLY I NOT THE ONLY ONE
:j :j :j :j :j :j :j :j :j :j :j :j :j :j :j :j

WONDERFUL NEWS....SO PLEASED FOR YOU!!!!
NOW LET'S GET THE REST IN!!!!!!

hometune

So pleased for you Ippy singing yi yi Ippy yi yi Ippy!!!

Good luck to the rest of you waiting!

TheCaretaker_2

REALLY PLEASED FOR YOU IPPYLADY !!! (AND THE 2 OTHERS):j

rhinestonemaiden

Hometune is wonderful:A

Ainsdale

Ippylady wrote: »

:j :j :j :j :j :j :j :j :j :j :j :j :j :j :j
JUST GOT IN LOGGED ON AND ITS THERE -HOPEFULLY I AM NOT THE ONLY ONE
:j :j :j :j :j :j :j :j :j :j :j :j :j :j :j :j

:T :T :T :T :T :T :T :T
Fantastic news - hope this is the first of many this afternoon. We won't leave the thread until evry last person receives their money back!

At least you dont have to take the drastic protest you mentioned in post 839!

Ippylady

Thank you all for the words that have spurred me on and on and on....
I really hope that they are pushing through all the other payments today.
I KNOW how it has affected me the last few weeks, so the relief when I finally saw that money was like winning the lottery!!
I like the others will be here watching and waiting until the last person gets theirs back.
Waiting, hoping and wishing for those still waiting.
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