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

Jonbvn

Given that ING did not post anything on their website and that you could easily open a FTD, then there is a good legal case to answer. However, any compensation you would get would not really be worth the effort of a legal case - you would be only looking at around 1%+ net IR difference for a month or so.

robborollover

Cross that one off your list https://www.emoneyfacts.co.uk/news/s...ticleid=177907



GUYS, JUST PHONED THE AA THIS IS STILL AVAILABLE AT 6.3% AND HASNT BEEN PULLED, ITS POSTAL ONLY NOT NET, PHONE FOR APPLICATION FORM.

Dont know where moneyfacts got their info,but it is incorrect !!

Valer221

I've also recieved the same email - on hearing the news of the drop in interest rates I immediately setup a KE 6 month fixed account.

In thier email it states that they cannot accept any monies after 8th October this is simply not true - I have had a large amount of funds with them for sometime now, however I add to this on a regularly monthly basis the last of which was at the end of October.

At no point was I told that there would be a problem with doing this, at no point was I informed that if we were to open a fixed term account after the 8th October there then it would not get processed. This is just a way out for ING to not have to have to live up to thier side of the contract simply because like many others banks they got caught with their pants down.

Martin I would love to hear your opinion on this, have we got any recourse or once again do the big money making banks get to make all the rules with none of the responsibilty?

Tozer

Jonbvn wrote: »

Given that ING did not post anything on their website and that you could easily open a FTD, then there is a good legal case to answer. However, any compensation you would get would not really be worth the effort of a legal case - you would be only looking at around 1%+ net IR difference for a month or so.

No its more than that. The FTD I opened was at 7.67% for 3 years. Given that rates are dropping, it is already a 3% delta and continues until such time as 7.67% rates are available again.

Tozer

My view is even with the Order made, it appears that new "deposits" were prevented. Not setting up different accounts within the same umbrella.

robborollover

Guys on Martins KE transfers thread, we have been pointing out constantly that KE pulled their fixed term bonds, and we have been saying this from 9th OCT.

Sorry to say that legally they can do this, but the lack of communication has been woeful.

maplewood2

Valer221 wrote: »

This is just a way out for ING to not have to have to live up to thier side of the contract simply because like many others banks they got caught with their pants down.

Martin I would love to hear your opinion on this, have we got any recourse or once again do the big money making banks get to make all the rules with none of the responsibilty?

I agree entirely - i got caught out in this. I transferred money from my KE savings account into a Fixed a/c which was part of my profile, and now they are saying they wont honour it.
It is NOT a difficult thing to disable these accounts, they have had plenty of time to do it, and in any case there has been no wording delivered to make this point.

KE / ING - you have some explaining to do.

Valer221

robborollover wrote: »

Guys on Martins KE transfers thread, we have been pointing out constantly that KE pulled their fixed term bonds, and we have been saying this from 9th OCT.

Is it possible to post a link to this? I've looked myself at what I thought was the KE section 'http://www.moneysavingexpert.com/savings/safe-savings#iceland' but just says that both deposits and withdrawals are possible but there maybe a backlog - I'm just hoping that I haven't missed something else !

Jonbvn

robborollover wrote: »

Guys on Martins KE transfers thread, we have been pointing out constantly that KE pulled their fixed term bonds, and we have been saying this from 9th OCT.

It does not matter what is written on a forum. KE/ING should have made an official announcement on their website.

LardyCake

neilsedaka wrote: »

I opened a KE savings account 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.

Well, if the reason ("Kaupthing Edge was not permitted to accept any deposits" [after 8th October 2008])
given by the KE Administrators for not being able to accept fixed term accounts is true, then it should apply equally to this money - which they appear quite happy to keep. Also they appear to be still accepting new deposits into the savings account, why? if they are "not permitted to accept any deposits"

edit: just to clarify the questions are rhetorical and not aimed at "neilsedaka"