IMPORTANT! FSCS Icesave payouts to start in November...

KingL

cheekynige wrote: »

I just read on the FSCS statement and from martin's summary that they will be sending the compensation to the icesave linked accounts!?

Not quite - they will be contacting you and inviting you to initiate the transfer to your linked account. This will give people the opportunity to make special arragements for exceptional cases (e.g. linked account has been closed). Maybe in your case, you will have to make multiple transfers of small amounts. Failing that, I'm sure you/they will be able to figure out some alternative arrangement.

Temrael

cheekynige wrote: »

Can anyone clarify if we'll be able to specify where the money goes when they get in touch with us?

You could try adding a new linked account on the Icesave website. There is a chance that might be added in time before the transfers are ready? You could then select that account at the point of transfer and it would go through without a problem.

You've nothing to lose, it will either be added in time or it won't and if it isn't you are no worse off. The form to do it on Icesave is under..

Change Details, Personal Details, Nominated Account, Click here

...as I say there is a good chance it won't happen as they have other things on their mind right now but no harm in trying.

sijomi

I made a BACS withdrawal from Icesave to my linked account the day before Icesave ceased transactions. It has been debited from my Icesave account but never reached my linked account. Will the FSCS catch these "lost" withdrawals? ING did with similar lost withdrawals from Kaupthing Edge but the FSCS Icesave FAQs do not seem to cover this issue, perhaps it should.

Temrael

sijomi wrote: »

I made a BACS withdrawal from Icesave to my linked account the day before Icesave ceased transactions. It has been debited from my Icesave account but never reached my linked account. Will the FSCS catch these "lost" withdrawals? ING did with similar lost withdrawals from Kaupthing Edge but the FSCS Icesave FAQs do not seem to cover this issue, perhaps it should.

If you look back at your Icesave account now is that transaction not listed as "Correction item" and therefore cancelled? Thats what happened to me.

Stormy

Hi,

Any news on the process for getting our money back into ISAs yet?

Incidently, I have just realised my Icesave has two linked accounts setup, my old First Direct account which no longer exists and my current Nationwide account. I hope the process lets you select which linked account you want!

Temrael

Remove the old First Direct one now?

You can probably still do that but yes I expect it will let you pick which account to send the money to when we get to that point.

Stormy

Ahh managed to find the option to delete, thanks.

Temrael

Stormy wrote: »

Ahh managed to find the option to delete, thanks.

Logon to Icesave then on the left click...

Change Details, Personal Details, Nominated Account

...tick the one you want to get rid of (be very sure) and click Continue.

That should do it?

Temrael

Oh good.

KingL

sloughflint wrote: »

This seems to contain more detail than FSCS website

It's more info than was in Friday's brief, but is pretty consistent with what they were saying in Saturday's Money Box (and in subsequent reports).

Also see the url in post #140.