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

SunKing_2

No money yet ... Isn't it time they start doing CHAPS transfers, like old Kaupthing used to do !! I need that money to hang on to good interest rate, keep me sane.

Icelady

I transferred £15K on 10/10/08. Not a word from Kaupthing/ING about not being able to deal with my account as normal. They stated that the Kaupthing accounts will work as normal. Their e-mail did state unprecedented demand but not that the Fixed deals would not be honoured. Had a e-mail today stating that AER is now 4.55% even though I signed up for 6.85% gross (non tax payer) Fixed Rate. I've earnt £4.36p since 10 Oct and they even took out 87p tax as they say they haven't received my IR85 form! I rang Kaupthing today and have been told that my money was 'frozen' when I opened the account, because ING did not tell new account holders that they were not honouring Fixed Rate deals. My money was then 'unfrozen' on 12 Nov that's the reason for such poor interest. Only way out is, I'm walking with my feet. My money, my choice, I have asked Kaupthing to advise ING why I'm closing my account. ING offer new savers a good deal but don't seem to care about their existing ones. Ah well now need to trawl the web for best deals.

SunKing_2

My family and I have four accounts with Kaupthing. My son had ING account and I asked him to transfer to KaupEdge, and close the ING account. Now he can go back and earn better interest as a new customer. My daughter still has her FTD at 7.67% and only £100 in savings account. I am withdrawing just over 70K and close the savings accounts with KaupthING, I did not like the ING before and I do not like them now, specially the way my FTDs were closed.

timingiseverything

The questions is, should this whole episode be put down to deliberate sharp practice or pure incompetence. Either way ING, if your reading this, have well and truly mucked up. Think about it, what sort of person had spare cash to put in a FTB after October 8. Educated people who have money. The sort of people ING has been spending a fortune on TV advertising for over the past few years. How much more will they need to spend to reverse the consequences of everyone who's FTB was rejected, and all their friends and all their friends putting it about what a terrible bank they are to do business with. Banks that don't honour promises don't tend to last very long

SunKing_2

It will be the sixth day in less than an hour, since I put a request to transfer all my money from KaupthING accounts. Each and every call result with a statement from the helpdesk saying it should be any minute in your account keep checking. I have been checking every half an hour. I gave them the minutes of my transfer request, gave the the reference number of the transaction, as requested by the helpdesk staff, but nothing ... nothing is happenning. Are they really serious about running this bank ?

SunKing_2

KaupthING Helpdesk, work in two shifts, and they have established a pattern. I am ringing them for my money approx. every two hours. From morning 8:30 to evening 19:30.
The day time takes all the details and put it on a 'spread sheet' and tell us the administrators are aware of it but they have no time scale, so it could be hours days, months .. this is for the people who started transactions on 11th 12th or 13th. Evening teams are told to tell a diffrent story, ie Money will be there at any minute but definitely by tomorrow morning.

I believe :
' The ADMINISTRATORs have run out of MONEY and are dodging for time'

otherwise to sort out a smallest problem would take an hour or two not three or four days.

rach2008

Hi again

I'm still fuming about my money!

Was on the phone to the Financial Ombudsman Office yesterday and they said I need to put in a compensation request for the interest I would have made over the three year term, with the Financial Compensation Authority. Is this true? Who is everyone else complaining to? Marin Rutland from ING chose to ignore my complaint email. I'm definately taking this all the way. I would have made £3000 on my £20,000 over 3 years.

SunKing_2

Well, Well, Well got a secure message from Kaupthing, it will take them 5 days rather than 3/4 days to clear the BACS money transfers. Telling me I should ( for a change in writing ) get my money before the evening. Call Centre 0115 983 6331 got the internal memo at 10:53 to tell us that today is the day. Hoping this will end my KaupthING adventure. Closing the ING account .. Interest rates are not that particularly attractive. After they closed my FTDs I cannot trust this Bank.

SunKing_2

:mad: Still No Money in my account.

SunKing_2

Got the money in my account at about 16:00, but it is two days too late so I will end up writing Cheque to my Brad&Bing savings account. Rather than they collecting by Direct Debit. The money arrived by CHAPS transfer, and not BACS. ... but at least it arrived, now I just need to close the accounts with Kaupthing. May be tomorrow, today just relax a bit, instead of checking my account every (day time) hour for last three days. So they have got some funds to give me all my money back. Now just wait for the ICESAVE second EMail, then I can really sleep soundly.