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ICESAVE LATEST - FSCS Claim online
Lasertek
Posts: 28 Forumite
Latest Bulletin today 25th October 2008 http://news.bbc.co.uk/1/hi/programmes/moneybox/7690682.stm
Customers of Icesave whose accounts have been frozen following the collapse of the Icelandic bank Landsbanki should receive compensation by 30 November.
The Financial Services Compensation Scheme (FSCS) will be contacting about 230,000 customers in the next 10 days to explain the process.
The Treasury has said every UK customer will get back their savings in full. The move comes despite stalled talks between Britain and Iceland over what it can pay back to UK account holders.
Savers will receive an e-mail from the FSCS asking them to take part in an online electronic claims process in November.
The FSCS's head of claims, Jonathan Clark, explained how it will work:
"They'll be guided through the FSCS claims service so they can access their savings , view their balances and then transfer their money to their linked accounts.
"The money will then be paid by BACS into their linked accounts within two to three days after that's been completed."
Customers will then receive a confirmatory e-mail to confirm the transfer has been carried out.
Jonathan Clark says there is a clear timetable for the process:
"We anticipate we'll be completing the whole process so the vast majority of retail customers will receive their money during November."
Lost interest?
The Treasury has said that people will not lose their tax status for their ISAs but no details have yet been released over how this will be done.
Interest on normal savings accounts will only be paid up until 8 October when Icesave was declared in default
Those with fixed rate bonds can opt to wait for them to mature and then receive the interest due up until the maturity date, or cash them in.
The FSCS has not clarified yet if those who decide to cash their bonds in immediately will lose interest by doing this.
'Progressing well'
Icesave's customers have been told they do not need to do anything at this stage and that they will be contacted by the compensation scheme in due course.
The FSCS says it has already begun processing compensation applications from customers of Heritable and Kaupthing Singer and Friedlander whose accounts were not transferred to ING Direct.
Jonathan Clark says the compensation schedule for these customers is progressing well:
"We've issued application forms to all of the retail depositors there and have already processed several claims for Heritable account holders and payments were issued yesterday to them."
Customers of Icesave whose accounts have been frozen following the collapse of the Icelandic bank Landsbanki should receive compensation by 30 November.
The Financial Services Compensation Scheme (FSCS) will be contacting about 230,000 customers in the next 10 days to explain the process.
The Treasury has said every UK customer will get back their savings in full. The move comes despite stalled talks between Britain and Iceland over what it can pay back to UK account holders.
Savers will receive an e-mail from the FSCS asking them to take part in an online electronic claims process in November.
The FSCS's head of claims, Jonathan Clark, explained how it will work:
"They'll be guided through the FSCS claims service so they can access their savings , view their balances and then transfer their money to their linked accounts.
"The money will then be paid by BACS into their linked accounts within two to three days after that's been completed."
Customers will then receive a confirmatory e-mail to confirm the transfer has been carried out.
Jonathan Clark says there is a clear timetable for the process:
"We anticipate we'll be completing the whole process so the vast majority of retail customers will receive their money during November."
Lost interest?
The Treasury has said that people will not lose their tax status for their ISAs but no details have yet been released over how this will be done.
Interest on normal savings accounts will only be paid up until 8 October when Icesave was declared in default
Those with fixed rate bonds can opt to wait for them to mature and then receive the interest due up until the maturity date, or cash them in.
The FSCS has not clarified yet if those who decide to cash their bonds in immediately will lose interest by doing this.
'Progressing well'
Icesave's customers have been told they do not need to do anything at this stage and that they will be contacted by the compensation scheme in due course.
The FSCS says it has already begun processing compensation applications from customers of Heritable and Kaupthing Singer and Friedlander whose accounts were not transferred to ING Direct.
Jonathan Clark says the compensation schedule for these customers is progressing well:
"We've issued application forms to all of the retail depositors there and have already processed several claims for Heritable account holders and payments were issued yesterday to them."
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Comments
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Those with fixed rate bonds can opt to wait for them to mature and then receive the interest due up until the maturity date, or cash them in.
The big question is will this be at the previous fixed rate or at HMG/BOE rate?
This sounds greedy - and I am very grateful if I only get my original stake back, but I am curious as to what it will be.0 -
ICESAVE LATEST - FSCS Claim onlineThe Financial Services Compensation Scheme (FSCS) will be contacting about 230,000 customers in the next 10 days to explain the process.
I bet it comes on the 10th day at the 11th hour,
Sorry to be negative with all the good news but, once bitten..........
I won't relax 100% untill I can say "show me the money" and I see it.
Lets hope I loose the bet!:o0 -
Brilliant- so where does that leave people without linked accounts:mad:0
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Brilliant- so where does that leave people without linked accounts:mad:
It is my understanding on opening an esaver internet account, you had to provide a linked bank account as part of the terms and conditions. This is also a requirement under the money laundering act?
I would presume that the FSCS claims procedure would allow for a cheque to be sent for those in your position?
We will all have to still be patient and Iam just happy that our savings were saved and that we will get back before Xmas. It could have been worse.0 -
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No linked account here either. ISA funded with money transferred in from another ISA.
And given that I delete anything that purports to be from a bank (funny how many emails I get from banks I'm not with, innit) how will we know the genuine article from a phishing email?0 -
Good news everyone!Savings
£14,200 with £1100 M.I.A. presumed dead.0 -
The reason i no longer have a linked account is because i changed current accounts.
Therefore i cancelled my linked account as i closed it down.
I wonder if we can still add a new linked account on icesave? Otherwise those of us without linked accounts may have to wait alot longer for our money?0 -
“You can please some of the people some of the time, all of the people some of the time, some of the people all of the time, but you can never please all of the people all of the time.”0
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The reason i no longer have a linked account is because i changed current accounts.
Therefore i cancelled my linked account as i closed it down.
I wonder if we can still add a new linked account on icesave? Otherwise those of us without linked accounts may have to wait alot longer for our money?
To create a linked account a paper form had to be filled in and returned to them. The pdf for that form is still available on the website but I would imagine that as part of the reclaim process they will ask for details of the account you wish the money to be transferred to if you don't have an existing linked account.
Nigel0
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