ICE SAVE - 2nd E Mail Received

Bisoy

Has now received the 3rd email, confirmation of the claim initiated.

NoNickname

I managed to initiate the transfer of my ISA funds today.

However I put the numbers into my trusty spreadsheet and discovered that the interest calculation was amiss.

Instead of giving simple interest per day (rate/365) and adding it up over the days that the account has been open they applied the compound interest rate which is lower. This would be OK if the interest was added in each day but it is not. Bad.

The difference was enough for a night out but I decided to take the money and run.

My wife did her fixed rate savings account today also and the interest was perfect.

Has anyone else checked the interest credited to their ISA.

barginunter

Second email received today but can't get onto the site yet - must be busy.

Veryunique_2

adrian2000 wrote: »

My mother received both of the emails and submitted the claim on the 11th of November. She has been waiting for her money ever since. I contacted Icesave and they have said it was transferred to another account which is not hers. I spoke with the Lloyds TSB wher the sort code is to see if they had an account number at the bank just to see if the money was sitting in someone else account but they have said that they do not have an account number with that number. I have been on the phone to Icesave for over two hours over the last 4 days and yet it still has not been sorted.

After finally getting to speak with a manager today, it looks as it may be sitting in their suspence account, but the have no procedure in place to make the payment to my mother. Apparently the Icesave manager is meeting with the FSCS tomorrow to see what they can do to sort out the payment.

I dont know if anyone else has tried to get to speak with them but it takes forever to get through and they never return your calls.

Hopefully by this time tomorrow I should know when we are going to receive the payment from them.

This is dreadful. This is the first time I have read anything about problems between the initiate claim stage and the money getting into someone's linked account.

I have been getting very tetchy waiting for the 2nd email to arrive (finally did today) and I really could do without more anxiety about whether the money will actually arrive next week.

I really hope you manage to sort this out promptly. Someone needs a rocket.
I don't think the FSCS has any idea of the anxiety and stress its random compensation system has caused. I have read today many people particularly with ISAs finding out that they have been sent down the paper route for no good reason.

samina99

got my 2nd email on 21st Nov initated my claim on 22nd Nov and paid into my account on 26th Nov!!!

frog_bounce

just got me 2nd email.

does this mean that i can now open a new ISA and deposit £3,600 or do i have to wait untill next year?

Meadows

frog_southampton wrote: »

just got me 2nd email.

does this mean that i can now open a new ISA and deposit £3,600 or do i have to wait untill next year?

It means you now have another wait for the Isa Certificate (Sent two weeks after you have initiated funds) to allow you to re-invest the money in a new Isa. And it must be done before April 2009.

frog_bounce

so can i move it about / break it up and do what ever i want untill i get the certificate?

Meadows

frog_southampton wrote: »

so can i move it about / break it up and do what ever i want untill i get the certificate?

It's yours when it comes back, and then if you choose it can be put into an Isa once you have the Certificate.

Someone did post the other day that it had been two weeks and still no certificate, so that will be the next thing we will be waiting, polling and posting about.:rotfl:
Will this Icesave fiasco ever end, and when it does what will we do with ourselves! :think: _party_

frog_bounce

im sure there there will be something else to moan/worry about!!

cheers