KAUPTHING NEWS - ING are rejecting any fixed term accounts bought after 8 OCT

HUNTERR1

kassielucy wrote: »

I'm so angry about this. I've spent a month thinking my money was safe and I'd got a good deal, and lost out on the opportunity to move my money somewhere else, and I still can't get at the money to move it because it's still in the FTD! When will I get the money back? And what about the interest I could have earned on it in the meantime? It's so suspicious.

I am in the same situation as Kassielucy. KE/ING email received today.

I spent a month sorting out the right fixed account, then the financial crisis happened however I stuck with Kaupthing Edge and ING thinking things would settle down and even pumped in 2 lots of £10,000 and one lot of £5000 all through October. Actually on the 8/10/08 is when my 1st £10,000 went in after being delayed in the backlog.

Now I feel swindled as I have lost out on fixing my money somewhere else. What I do NOT understand if KE was able to update its site on the day it went to ING saying our money was safe etc, how can they tell us they could not do anything with the Fixed account stauff! Why did KE and ING not put a message on the website saying this issue about not being able to take FTD accounts etc. Its still not on their websites!!!! This is outrageous. What can we do????

bronzemonkey

Tozer wrote: »

To my mind, their leaving the application process open for 4 weeks makes them culpable.

I could have taken out a fixed rate elsewhere. However, I acted in reliance on the fact that I thought my FTD accounts were open.

Its not a deposit of new money. Its a transfer of money within the same umbrella of Kaupthing Edge.

These are strange times, but ING could have, at the VERY least put a notice on the website.

I agree. It's a disgrace and seems like quite a coincidence for them to be saying this soon after the rate cut without a single indication that this was the case on their website - I wonder about the legality of it all.

Many of us could have moved our money elsewhere if they had made it known that for over a month they have no been honouring transfers to FTD. No we're left scrambling around for the last good FTD rates and hoping ING/KE returns our money to our easy access savers (4.55%!) so that we can all get our money out of ING/KE and into FTD before rates fall further.

The whole thing is ridiculous, incredible unprofessional, and the timing is financially damaging.

EDIT: To make things even more stupefying, KE wouldn't let me transfer money out of my account on the 12th...saying "same day transactions cannot be processed after 2pm", so I had to set it to the 13th. At least I'm free of having to deal with them anymore by the end of the week.

HUNTERR1

Well I have just emailed KE on their website stating I want to know why a message was not left on their website about this issue.. I have told them if I do not get a satisfactory answer I will pull my money asap. I have told them there are many unhappy people on web forums on this issue. I think we should all email them now asking them (ING) to honour their Fixed deposits made in the last 4 weeks. I think we should all threaten to pull our money. There are better rates else where now. I will not be going with ING either they are the reason behind this I suspect. I will aslo be calling ING tomorrow to speak to them on the phone. Seems their website does not have email!!!! Obviously a technically challenged Outfit.

Bromley86

You all knew it was a punt, right? You must surely have all known that there was a possibility that ING wouldn't honour the KE rates - how many of you called up to confirm?

loulybooly. Yes. However it's covered by the Dutch compensation scheme rather than the UK one. The summary is they cover more, but they're not the British one.

redsox_2

Hi all,

I'm in the same situation and very unhappy for the same reason.
There are two main issues here, lack of information and dishonesty.

1, Lack of information.
They said this.
Unfortunately, due to IT systems that we were unable to disable, the apparent ability to apply for a Kaupthing Edge fixed term deposit account could not be removed from the Kaupthing Edge website until 6 November 2008.
Fair enough, but since they took over KE, they posted lots of information on thier own site (http://www.ingdirect.co.uk/kaupthingedge.asp), which I assume they have a full control of. They would've and shoul've stated that they no longer accecpted fixed term bonds with KE but said nothing.

This brings up the second point.

2, Dishonesty
They posted the latest information about KE on the ING site at 18:00 on 23 Oct and 11:15 on 14 Oct (I have the screen shots of these as I thought this kind of non-sense may happen). The following is the exact wordkings.

On Fixed Team Product Accounts:
Customers with deposits ina Fixed Term Savings accounts can be assured that these rates will be honoured by ING Direct for the remaining term of the accounts.

With KE accounts working fine and with this info, I moved some money into bonds accounts. Isn't this con?

LardyCake

Bromley86 wrote: »

... You must surely have all known that there was a possibility that ING wouldn't honour the KE rates...

The stated reason in the email is "Kaupthing Edge was not permitted to accept any deposits" [after 8th October 2008]

Now wouldn't this also apply to anyone transferring money into their KE Savings Account from an external source after the 8th Oct? Did anyone do this? If you did, have you had an email from the KE Administrators saying they are returning that money to the external account?

neilsedaka

LardyCake wrote: »

Now wouldn't this also apply to anyone transferring money into their KE Savings Account from an external source after the 8th Oct? Did anyone do this? If you did, have you had an email from the KE Administrators saying they are returning that money to the external account?

I opened a KE savings account on 2nd October which was funded on 17th October with new money from an external source, then transferred all but £1 into a 3 year fixed term account on 20th October. I have received the email discussed in this thread informing me that they will not be honouring the fixed term account, but no communication regarding the savings account. Like everyone else I am fuming about losing what I thought was a fixed rate for 3 years and to make it even worse I cannot access my money. I wonder how many people are affected.

HUNTERR1

I transferred sizeable money in on the 8/10/08, 15/10/08 and 30/10/08. Not a word from KE/ING about not being able to deal with my account as normal. I also have a screen shot from the 9/10/08 from ING saying everything is fine and dandy and impressing upon us the massive amount of account holdings they have. They stated that the KE accounts will work as normal. There was no mention of dodgy websites tech problems or that the Fixed deals would not be honoured. I wonder if Martin could advise us on his view of this issue. This seems quite an obbvious swindle. God I am mad at thi sissue. Just looking at the current fixed rates and it looks like the AA is the best one 6.3% 1year to be safe, although owned by HBOS.

Baldur

HUNTERR1 wrote: »

Just looking at the current fixed rates and it looks like the AA is the best one 6.3% 1year to be safe, although owned by HBOS.

Cross that one off your list https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=177907

joyfull

I know this will be of no help at this point in time, but, I started a thread stating that KE are NOT accepting fixed rates about 3 weeks ago and also mentioned it on 2 other threads.

After having got my own funds out of KE in order to get secure fixed terms elsewhere, I phoned KE on several occasions to point out that many people are still apparently opening them & was told it was up to ING to sort out the website info. ING told me it was KE's responsibility.

This is a terrible situation given the interest rate cuts. It beggars belief that no-one could put a message on their website.