Are your savings safe? article discussion

JimmyTheWig

About Kaupthing, the article says

Did you attempted to transfer cash out before it went bust?

Did Kaupthing actually go bust?

Bats586

Apologies of already posted, but there is now a message on the Kaupthing home page which states:-

"When Kaupthing Edge encountered difficulties, withdrawals were not able to be completed. This is now being resolved and we are in the process of clearing the backlog of pending transactions. ING Direct will honour all withdrawals as soon as possible"

Bats

murphydavid

clue wrote: »

I am in the same boat as you.

I have tried transferring a large amount from KE to my nominated account and nothing is showing.

I am now starting to panic as it is my life savings and they are keeping us in the dark!

What is actually going on? Can anyone explain in plain English what is happening? The fact that KE have been taken over by ING, that's that mean it is business as normal?

For the up to date official news from FSCS go to

http://www.fscs.org.uk/consumer/

and
If its any help I can still log in as normal to K E and
1 There is a message there from Ing who welcome me and say carry on as normal.
2 I can instruct them to move my money as usual they say there will be a 3 to 4 day delay (also as usual). I will know in 4 days if all is well.
3 After 2 daysthe secure messaging system did not as yet reply to a message I left. That is not normal.

bellaonline79

murphydavid wrote: »

Just a mumble in my beer.
I had a fixed interest account (so I can't/couldn't move it) with Kaupthing - Its now
with Ing direct. This means my money was moved from a company that had full FSCS to a company that is G'teed by a foreign government. Since a whole country (Iceland) can declare itself Bankrupt and renade on its G'tees I would prefer to put my money back under the UK FSCS rules and sink or swim with the UK. Is it legal to take control of my money out of my hands and post it off to Holland?
They say they were protecting it for me, but in reality they have protected the FSCS who now don't have to compensate me.
Looking after my savings seem like trying to get a firm grip on jelly.
Still I would not like to be in Iceland trying to import a few essentials and no one accepting my credit. Reindeer stew again dear.

Like you I had/have a FTD account with Kaupthing, which is not due to mature until next March. However, I rang them on Wednesday (before the takeover) when I was panicking about losing all my money and they said I could close down the account at any time, but I would lose 1 % of interest ie. when they credit the interest accrued I will get 5.86 instead of 6.86. I know that's not as good as if I'd just left it in their instant access account, but I decided to go ahead just to get my money back, even though it meant forfeiting several hundred pounds worth of interest.
So I'm sure if you call them they will do the same for you - though they did say it would take 48 hrs to go through (and then all that happens is it reverts back to an instant access account so I then have to go through the whole withdrawal process). Nothing has happened yet but if you're worried about ING then it's worth a shot.

bigsaverCol

Question regarding mortgage and savings with same bank.
If I have a mortgage with bank A and savings also with bank A and the bank goes bust do I get my savings (up to £50,000) back or will the savings be deducted from the mortgage?

silvercar

The savings could be deducted from your mortgage. I say "could" because the likelihood is that trading will continue by the bank being bought out/ merged, but in a worst case scenario, if the bank was shut down and bust, you would lose the use of your savings but your mortgage would be reduced. (I presume you are talking about a bank covered by the FSA/ FSCS.)

Sony

Hi

I'm not sure if this is the right place to post this, but I can't get into my Kaupthing Account due to invalid password...

Any ideas how I can get thorough to them to get it reset it, as the Kaupthing telephone number is always engaged?

Woul be nice to confirm all is well!

murphydavid

Sony wrote: »

Hi

I'm not sure if this is the right place to post this, but I can't get into my Kaupthing Account due to invalid password...

Any ideas how I can get thorough to them to get it reset it, as the Kaupthing telephone number is always engaged?

Woul be nice to confirm all is well!

I would contact Ing Direct as they now own your account.

MartinRosen

If it is any consolation I transferrred £5k from my ICICI bank on Wednesday, and it arrived in my bank account today without problem (phew!)

jimbo5034

The FSCS website has updated info re compensation icesave - no action required by depositors at this time update by the end of next week... hopefully
"we remain hopeful that we will be able to reach agreement on arrangements which will mean that you only have to deal directly with one of the three organisations, the FSCS"

OH WOW (spelling mistakes theirs not mine)
and before anyone offers more praise to Brown/Darling (or blame on Martin) take a look at bbcnews.co.uk other top stories :- UK "ignored Iceland bank warning"