FSCS Compensation: Your Questions Please

zzyorkshirepuddingzz

Hi Martin

I'd like to know what happens if we are away on holiday. My hubbie and I both have ISAs with Icesave, and we are going away on 11th November for 3 weeks. Consequently if we have to fill in online forms etc, we won't be here and I don't really want to take all my details on holiday abroad with me. Obviously I'd like to put things in motion as quickly as possible. I wonder if it's possible to fast-track anyone who's going away - although I realise that everyone wants their money quickly and some people may be upset at this. I only mean the actual form filling or whatever we have to do, I'm not trying to fast-track the actual transfer of money before everyone else.
I'd be grateful if you can find this out for us please.

Also, another idea I had, which I think others may have the same thought, is that is it not possible just to transfer the same accounts to the Newcastle Building Society. Especially with ISAs, this would be simpler than having to open new ISAs maybe elsewhere. Then if some people didn't like having their money with the Newcastle Bldg Socy, they could move it later. There's not such a panic then to open new accounts immediately.

Thanks Martin in advance for any help.

Primrose

We have a joint Icesave instant access account and three jointly held fixed term bonds. Will we receive compensation via one cheque made payable to us both for our entire investment, or will compensation be paid separately as and when the bonds would have reached their normal maturity date?

Will we receive interest up to the date of failure of Icesave, or no interest at all?

Will we have the option of receiving compensation via a cheque or having our entire investment transferred to another institution such as Northern Rock?

Icesaver

Three questions, Martin

1) When Icesave froze their website I cancelled my direct debit instruction, I'm sure others here did the same. As it appears compensation is to be paid back to the linked account will this still be possible for those of us who acted, maybe too quickly, in cancelling our DD's

2) A mention was made earlier about the possibility of phishing scams. Would it not be made possible for us to just sign in to our icesave accounts, at icesave.co.uk in order to claim our compensation, or is that just too simple an idea?

3) Mentioned before is the fixed term accounts could we have the choice of allowing them to go full term and gain the interest, maybe as has been suggested by allowing Newcastle BS to run the account, or to just take our money with no interest and run?

keep up the good work!:beer:

pollyanna56

dali21 wrote: »

I opened an instant acess account in Feb 2007 and last received interest in Feb 2008. On 5th October, I asked to close the account and transfer the balance with interest accrued and this was to occur the next working day i.e. Monday 6th account. Well the account was closed but the funds did not arrive in my nominated account but reappeared back in Icesave on 9th October. However, because I'd closed the a/c, this was shown as a new account opened with the balance (without interest) on 9th October.

My question then is: will I received the accrued interest from Feb 2008 to 6th October 2008 or will this now be treated as if I had just opened the account on 9th October?


To be honest, I will be relieved to get back my original capital so any interest would be a welcome bonus.

I'm in pretty much the same situation. My account also shows as opened on 9th October '08 with no accrued interest. There appears to be no way to access the original account's history so will not be able to provide this if asked during FSCS process.

I'd like to know: Will the account's status regarding accrued interest become available online at some point during the claims procedure or does this mean loss of interest if one cannot provide a print out of the account history?

lolat332

my elderly father unfortunately locked himself out of his icesave account, by forgetting some of the required information, so we have the additional worry that we may not be able to access the account at all. Will account security recovery operate in the same manner as previously ?

10_66

Icesave Easy Access account – I received interest annually, the last date I received interest was 10 May 2008. On “closing” the account on 6 October, no closing interest was added (understandably, due to the circumstances). The account was re-opened on the 9 October when the funds bounced back, however, there is no transaction history, all that appears is an opening balance from the 9 October (which equals that of the closing balance). I am, therefore, missing interest from the last time it was received (10 May) up to when Icesave ceased trading (or whatever date is decided upon), but as my records don’t show a history of transactions now, how will the FSCS be able to calculate interest owed to me?

Patr100

10_66 wrote: »

Icesave Easy Access account – I received interest annually, the last date I received interest was 10 May 2008. On “closing” the account on 6 October, no closing interest was added (understandably, due to the circumstances). The account was re-opened on the 9 October when the funds bounced back, however, there is no transaction history, all that appears is an opening balance from the 9 October (which equals that of the closing balance). I am, therefore, missing interest from the last time it was received (10 May) up to when Icesave ceased trading (or whatever date is decided upon), but as my records don’t show a history of transactions now, how will the FSCS be able to calculate interest owed to me?

I asked bascially the same question though my interest is monthly - so waitng for the interest to show up credited from last month to date of collapse.

SGE1

Will those with an Icesave ISA be able to re-invest the entirety of the amount in their Icesave ISA into another ISA, even if this amount is greater than £3.6k, and even if they have already opened another ISA in this tax year?

Thanks Martin.

Baldur

SGE1 wrote: »

Will those with an Icesave ISA be able to re-invest the entirety of the amount in their Icesave ISA into another ISA, even if this amount is greater than £3.6k, and even if they have already opened another ISA in this tax year?

You need to clarify the last statement.

• Have you paid any new money into the Icesave ISA since 6th April this year?
• If so, have you also paid new money into the Cash ISA opened this tax year?

If the Icesave ISA funds are from the previous tax year/years, it should be a simple ISA transfer but the process has yet to be published by the FSCS. If you have paid into two Cash ISAs in the same tax year, then one will be voided.

CarolAnn_3

I would like to know when money in frozen accounts is likely to be released. My money was transferred on 2nd October and has not arrived. From various threads I understand that this may be held in a frozen account. Lloyds TSB are adamanat the money is sent and has not bounced back. Icesave are adamanat they have not received it. I am trying to get evidence of it being sent by Lloyds TSB. You would not believe how difficult this is proving.

The above relates to my ISA tansfer. Another question is that I also have an easy access account. Will I be able to claim this ahead of the ISA or will I have to wait for the ISA to be sorted to make a single claim.