Icesave FSCS. Did you get it? Is it all sorted.

shaunperry_2

i thought the treasury were going to return money from icesave to the source it came from and yet i deposited via a HSBC cheque and yet the money was returned to my halifax current account????????

bryanb

shaunperry wrote: »

i thought the treasury were going to return money from icesave to the source it came from and yet i deposited via a HSBC cheque and yet the money was returned to my halifax current account????????

No they were returning to the linked account.

shaunperry_2

bryanb, what do you mean by linked account? if you mean where the funds came from originally then how did the treasury pay the money back into the halifax when it originally came from the hsbc?????????

cottager

shaunperry wrote: »

what do you mean by linked account? if you mean where the funds came from originally then how did the treasury pay the money back into the halifax when it originally came from the hsbc?????????

It was an ISA you had with Icesave?

From original Icesave FAQs (extracts only, my bold):

To open an Icesave Easy Access ISA you must:
- Have a personal bank or building society current account with Direct Debit facilities

How do I open an Easy Access ISA?
New customers:
... have the following to hand:
- Your passport and/or driving licence
- Your bank account details
We use the first two of these to validate your identity and address and to set up the nominated bank account (the account linked by Direct Debit to your Icesave account from which you can move your savings and interest to and from).

Why do I need to set up a Direct Debit between my current account and Easy Access ISA?
When you open an Icesave Easy Access ISA you'll be asked to set up a Direct Debit to your bank account (we refer to this account as your nominated account). This will set up a link between your Icesave Easy Access ISA and your nominated account.

How do I make my initial deposit?
- By Direct Debit from your nominated account
You will be asked to provide details of a personal UK bank or building society account in your name(s) as part of your application. In most cases you will be given the option to set up an initial transfer by Direct Debit as part of your application. ...
- By Cheque
[among other payment/transfer options]

It reads to me that although you had to set up a nominated linked account (and could have made the initial deposit via that DD arrangement), you also had the option to send the first deposit by cheque.

So could you have set up the Halifax as your linked account, but sent your initial deposit by HSBC cheque?

The FSCS would have transferred your compensation funds to your linked account, i.e. Halifax.

shaunperry_2

hello cottager, thanks for your reply, it has jogged my memory.

the money in question with icesave was a 1 year fixed bond and like you have stated you needed to set up a direct debit with a current account for the funds to go back into on maturity. that account was the same hsbc account i wrote the cheque on.
6 months later i opened a current account up with the halifax and swapped my direct debits form my hsbc account to my newly opened halifax account and that is how the funds have ended up there!!
i simply thought i had wrote out a hsbc cheque and not given instructions on where to place the money on maturity so i couldnt work out how it went to my halifax account.
many thanks mystery solved.

Gloworm

I submitted my compensation claim online on 21 December and received an email confirming that the claim had been successfully processed, but my ISA savings of £6,751.50 did not appear in my linked account. Having received no reply to an email I sent a week ago asking for the matter to be looked into by the FSCS, I telephoned them today and was told to get in touch with Icesave at 'info@icesave.co.uk' and ask them the reason for the delay. I have done that but am now really concerned as to the security of my savings. I'm not aware of any reason as to why I should be having these problems especially as I received a letter dated 5 December from the FSCS prompting me to make my claim online.

pompeyace

iv heard nothing at all after 2 letters with proof that icesave withdrew £1350 to open my account. Iv tried the various phones numbers the FSCS have sugggested calling but never get through to anybody, i have an account number but i was never sent log in details to access my account so the electronic process was out the question. Just some form of dialog with FSCS would be appreciated.

Sam

casabiosca

pompeyace wrote: »

iv heard nothing at all after 2 letters with proof that icesave withdrew £1350 to open my account. Iv tried the various phones numbers the FSCS have sugggested calling but never get through to anybody, i have an account number but i was never sent log in details to access my account so the electronic process was out the question. Just some form of dialog with FSCS would be appreciated.

Sam

Pompeyace- I think you need to bully the FSCS into sending you a paper compensation form as you clearly fall outside the 'normal' claim population. Not easy to handle or communicate with the FSCS, as I am well aware, but as they seem to be in the final throes of compensation claims, I am sure you would fit into that category. You have the account number which is the important data. Sounds like your funds are in limbo, I presume that you have checked that the £1350 wasn't returned to the original account?

Gloworm

Thank you for the tip Onawingandaprayer! I have just emailed the Complaints Commission and will let you know if I get anywhere anytime soon!!

sanfly

Still waiting for my ISA cheque, sent form in on 24th nov 08, have rung them three times now and all i get is it will be next week, they say they have reciept of form, but no cheque yet, have they run out???:mad: