ICE SAVE - 2nd E Mail Received

vindaloo

My wife received about £29K (claim filed last Thursday evening) today in her Lloyds account & she was able to move it to other banks savings accounts immediately

Stormy

Optimist wrote: »

I'm beginning to suspect that you are correct !

Agreed, its not looking great is it.

goodethernet

NonGeographicalMan wrote: »

You should however realise that being an Instant Access account many people put money in it for things like building works projects or whatever and those bills are now falling due and it creates an impossible situation if people do not have an overdraft limit for the amount of the bill owed and yet have no idea when the FSCS will get their money back to them.

Thanks for that fantastic insight into why people (including me) might put money into an instant access saving account. People do have an idea of when the FSCS will get money back to them - by December 4th isn't it? More or less. There are lots of people getting paid late for things (or not getting paid at all) in today's economic climate and I know it's far from ideal for a lot of people but it's a fact of life at the moment.

I suppose if it makes people on this board feel better to moan about the process so far and speculate that lots of people will still be out of pocket by the deadline, then good for them.

Thinking about it, maybe it's Karma. I'm not sure I believe in it but nilrem started moaning about how unfair it was a full 3 weeks before the FSCS deadline and he/she is still waiting for that second e-mail so maybe there's something in it.

NonGeographicalMan

goodethernet wrote: »

As far as I can see this process has been well handled by them and seems to be progressing in a pretty controlled manner. Using the hundred or so people who haven't been paid and are therefore more likely to be on this board isn't really an accurate way to assess if the majority of people will be paid out by December 4th.

Things they could have done better:-

1. Sent first and second email communications by post as well as email to ensure that communication was achieved and/or used an email house that was used to handling mass business critical emailings reliably (eg pre agreeing whitelisting status for the email with spam filtering services like Postini and Ironport) instead of one specialising only in sending out bulk email marketing shots cheaply inherited from Icesave and where a 50% delivery failure rate appeared to be deemed perfectly acceptable.

2. Paid interest from Oct 7th to whenever peoples money was finally paid out to them (as some people would still not get notifications or be away on business or on holiday when notification came) subject to a last clearly notified date after which interest would not be paid if the claim on an Instant Access account was not initiated by that date.

3. Had available some emergency prioritisation process for paying quickly people who had very urgent bills to pay and could provide proof they must have their money back pronto or face financial meltdown. Obviously for 90%+ of savers this was not the case and they could have waited a few weeks as long as they were getting a reasonable rate of interest during the interim

4. Allowed people to continue to login to their Icesave accounts once compensation had been paid in order to review the date of payment and tax deducted on their savings for the 2007 and 2008 tax year ends for the purposes of making their income tax return.

5. Had secretarial staff to send holding responses the next working day to anyone sending an email of complaint to their Chief Executive about the way the FSCS was running the scheme.

NonGeographicalMan

~Chameleon~ wrote: »

I think you'll find you're wrong! BACS deposits clear as soon as they hit your account. Only a cheque would produce an uncleared balance .

Well my online account at the Royal Bank of Greedyness (aka NatWest) shows the items only with a blue line over them and with no account balance to the right of them. Those are pending items still due for final processing (and the funds are still subject to recall if they so choose by the sending institution NatWest's telephone banking helpline tells me) which is why there is no account balance reconciled with them.

Most likely is that Royal Bank of Overpaid Management probably cons its customers out of yet another day's interest to the end of the working day the money arrives while other banks do not.:mad:

goodethernet

NonGeographicalMan wrote: »

Things they could have done better:-

1. Sent first and second email communications by post as well as email to ensure that communication was achieved and/or used an email house that was used to handling mass business critical emailings reliably (eg pre agreeing whitelisting status for the email with spam filtering services like Postini and Ironport) instead of one specialising only in sending out bulk email marketing shots cheaply inherited from Icesave and where a 50% delivery failure rate appeared to be deemed perfectly acceptable.

2. Paid interest from Oct 7th to whenever peoples money was finally paid out to them (as some people would still not get notifications or be away on business or on holiday when notification came) subject to a last clearly notified date after which interest would not be paid if the claim on an Instant Access account was not initiated by that date.

3. Had available some emergency prioritisation process for paying quickly people who had very urgent bills to pay and could provide proof they must have their money back pronto or face financial meltdown. Obviously for 90%+ of savers this was not the case and they could have waited a few weeks as long as they were getting a reasonable rate of interest during the interim

4. Allowed people to continue to login to their Icesave accounts once compensation had been paid in order to review the date of payment and tax deducted on their savings for the 2007 and 2008 tax year ends for the purposes of making their income tax return.

5. Had secretarial staff to send holding responses the next working day to anyone sending an email of complaint to their Chief Executive about the way the FSCS was running the scheme.

Things they could have done better in your opinion. How do you know that any of these would actually be feasible or practical for the FSCS?. Maybe, in their judgement, the process they have initiated was the best one for the majority of people, all things considered and given the operating and capacity contraints that apply to all businesses and operations

#3 would have generated an admistartive nightmare for them and pretty much delayed payements to everyone. Guaranteed

#5 who cares?

goodethernet

NonGeographicalMan wrote: »

Well my online account at the Royal Bank of Greedyness (aka NatWest) shows the items only with a blue line over them and with no account balance to the right of them. Those are pending items still due for final processing (and the funds are still subject to recall if they so choose by the sending institution NatWest's telephone banking helpline tells me) which is why there is no account balance reconciled with them.

Most likely is that Royal Bank of Overpaid Management probably cons its customers out of yet another day's interest to the end of the working day the money arrives while other banks do not.:mad:

Poor you. Why don't you bank with someone else then? Probably because if you banked with someone who provided you with your impossibly exacting service requirements you would have nothing to complain about.

f_@_w_y

:j:j:j:j:j£10,000 recvd today in my account. :j:j:j:j:j:jI INITIATED the claim last friday. :D:D:D:D:D Rcvd confirmation last saturday, and saw money today in my account. :T:T:T:T:T:T

Its a great feeling to see my savings back after 1 month 12 days. :T:T:T:T

I wish Good Luck to everyone.... :A And thanks to all who wrote in these threads and updated us!!!

peejay49

I received my 2nd email 12/11. Logged on to transfer both my icesave accounts. Confirmation from FSCS on the 13/11 re action taken. Logged on to my bank last monday 17th and money had been deposited and was available for moving to wherever. Under the circumstances I think the FSCS have done a 'sterling' job. I am just grateful that we didn't have to apply to Iceland for compensation.

rosebud666

I suspect that the system is perfectly fair and the FSCS are doing a good job but that doesn't stop me from getting more stressed with each passing day. And it is now too late to get a good rate elsewhere and I'll have the stess of waiting for two bonds to mature. I also have a smallish amount in an easy saver and could do with it back sooner rather than later. Should I be worried? no, am I? YES!