ICESAVE LATEST - FSCS Claim online

rob5ta

Im quite eager to know what will happen to Icesave deposits that are still showing as "uncleared" on accounts. Even though i had a monthly direct debit go through on 1st Oct, the last recorded activity on the account was 9th Oct and Icesave have previously quoted that deposits take 10 working days to clear.

If the FSCS process is to be electronic, how will it work for uncleared funds as with Icesave you could only withdraw funds that had "cleared". The funds are however showing on my Icesave balance total. I would imagine that there are a lot of people in this situation and i would like to know how the FSCS will handle this. Has anybody put this question to the FSCS before now? I have dropped them an email but would imagine the response time to be quite lengthy......

LGG_2

i guess they will sort that out when they add the intrest onto the accounts.they will know how it works from the info given to them by the newcastle B.S that runs the site for them. i presume the funds will just be released and added on

LGG_2

the below is from the daily*spit*mail presume htey aretalking rubbish as normal inregars to the ISA section. otherwise ppl will need to go out and open a new account. the FSCS havnt said how they are dealing with ISA's yet?

Savers with cash in failed Icelandic bank Icesave could get their money back as early as next month.

The Financial Services Compensation Scheme (FSCS) is set to write to 200,000 savers in the early part of next week. It expects to put in place an electronic system that will allow compensation to be paid directly in to their UK bank account.

The initial letter to customers will be to inform them how the claims process will work. After this, savers will be asked to go online and check their balance.



Hope: Icesave customers may have their money back next month

If they disagree with the amount stated, or cannot access their account, then they should contact the FSCS immediately.

After the balance has been confirmed, the FSCS will send another letter asking customers to give details of an account they want funds to be transferred in to. Bank transfers will then happen in stages so as to manage the flow of cash and keep security high.

Any money in an Icesave Isa could then be transferred in to another tax-free account.

Icesave's parent company, Landsbanki, was placed in receivership three weeks ago, and was declared in default of the compensation scheme a week later. The British Government took the unprecedented step of freezing the assets of the bank held in the UK.

masonic

Just for starters, "After the balance has been confirmed, the FSCS will send another letter asking customers to give details of an account they want funds to be transferred in to." seems to be in direct conflict with:

http://www.fscs.org.uk/faq/icesave_faqs/

The electronic payment system will use BACS and take up to five working days from the point you complete the online process.

If, as the daily mail suggests, the FSCS are going to send another letter to each customer to confirm bank details *after* they complete the online process, there's no way they'll be able to keep to the above schedule for payment.

LGG_2

i dont see why bank details need confirming. they are there on your icesave account. when u go online to complete the process i presume any changes to account will be done then.

masonic

LGG wrote: »

i dont see why bank details need confirming. they are there on your icesave account. when u go online to complete the process i presume any changes to account will be done then.

They seem to have gone to quite some effort to come up with this online process. My expectation is that everything required to get the payments flowing should be included on the website when we are invited to log in.

Paul_Herring

The Mail is either reporting old(er) news, or making it up.

Colour me surprised.

Stop reading it. Please?

innovate

One of the "Working Lunch" presenters said today she spoke to the FSCS, and there will apparently be a two-stage process:

1. email to all Icesavers week beginning Nov 3. Expect this to arrive in stages, and to contain the general outline of how things will work
2. then there will be a second email later on, giving details on where and how to log in to initiate the transfer. These emails will again be staged, by what criteria, she did not know because the FSCS didn't tell her. BACS transfer should then take max 5 working days, and the word is still that everyone will have their money by end of Nov.

No word about how ISAs, fixed term savings, normal savings will be handled - this should all be explained in the first email we'll all get.

I presume they will be using the email addresses registered on the Icesave accounts - might be an idea to log into your account (if you can) to check that the correct email is registered.

Paul_Herring

innovate wrote: »

These emails will again be staged, by what criteria, she did not know because the FSCS didn't tell her.

It'll probably be something as mundane as:
1) Date of joining
2) Amount held
3) Alphabetical - either name or email address. (Possibly ROT13'd. ffacoffipawb - lbh bayl whfg ernyvfrq? Fbzr bs hf unir xabja sbe ntrf! )

Optimist

Working lunch yesterday The Icesave bit is 16 mins in if you wish to listen to it

Looking forward to my email on Monday !


http://www.bbc.co.uk/iplayer/episode/b00f7zwp/b00f7zvs/Working_Lunch_29102008/