Kaupthing Edge Problems

Valley_Bluenose

Some info for anyone else in the same boat....

Opened an account with KE last week and everything went smoothly. Got my account number, usename and password as expected and updated all my details online. Arranged a BACS transfer from my bank to put the first funds into the account and it should have got there today. But....

When I go online I am able to login but my account does not show. I see a message saying 'this account is inactive, please call the help centre' or similar.

On calling the help centre a very helpful operative tells me they have had several 'similar' calls today where incoming payments render the account 'inactive'. He blamed new software and advised it would 'sort itself out overnight':(

Not a good start I have to say.

On the other hand, quick response time by CS, pleasant and helpful staff. Let's just hope this is a blip.

steadysaver

I am hoping to open up one of these accounts now they have dropped the opening balance limit. Hopefully as they say it is just a software problem. Please keep us updated

MABLE

Very disappointing to hear you are experiencing problems. With me I did a BACS payment on the 5.6 via internet banking and the credit appeared in the regular savings account on the 9.6 and then I transferred to the 3 year fixed rate. Everything went very smoothly.

Valley_Bluenose

steadysaver wrote: »

I am hoping to open up one of these accounts now they have dropped the opening balance limit. Hopefully as they say it is just a software problem. Please keep us updated

Problem now solved within 90 minutes of my telephone call. I am able to access my account again and my transferred money shows in the balance.

Looks like they may indeed have some 'gremlins' in their software.

Unfortunate glitch but solved quickly. A good sign, I hope.

Tyx

I had the exact same problem, called them today, very polite and quick to answer customer service, and the problem went away this evening, my money is now there. I had the exact same 'uh-oh' feeling, too, but software problems do happen.
I still believe we made the right choice.

genny

I made a first deposit on the 10th, via my internet banking "payments" BACS from my linked account, the money went from my linked account later that day, but 2 days later still hasn't arrived in my Kaupthing account, although I can log in fine, but balance just shows zero.

I assume it'll appear in the next day or two, but where is it at the moment? Who holds it, is interest being earned on it? I don't understand how a BACS payment can take 3-4 days, especially as from the linked account it left pretty quickly, surely it leaves one account and arrives in the other?

whu

just to put your mind at rest BACS payments usually take 3-4 days so that is not unusual - CHAPS payments go straightaway but cost £20-30 a time

oldagetraveller

Applied for account Sunday, received e-mail with a/c no. yesterday along with password by post - very efficient. Compare that to B Midshires with whom i made a postal term account application two weeks ago, still waiting for form to send back with cheque and they don't answer the 'phone or e-mails so given up with them.
However when I tried to log in and had to input selected letters from my chosen "word", my mother's maiden name which in the application i entered with a space between Christian and surnames, their (KE) sytem would not recognise the space. Possibly they were experiencing problems but just as a precaution I 'phoned (connected very quickly) and the pleasant helpful lady reset my "word" without the space, she didn't know how the space should be entered even after asking someone else at the call centre (supervisor possibly). Surely I wasn't the only person to put a space between 1st & last name during application? It did take two or three more attempts to log in even with the reset

genny

whu wrote: »

just to put your mind at rest BACS payments usually take 3-4 days so that is not unusual - CHAPS payments go straightaway but cost £20-30 a time

Thanks.

But what happens to the money during these 3-4 days, where is it, who's earning interest or making money from it? Presumably the banks, not the customer?

whu

the customer doesnt get it - i assume the sending bank keeps it until the money is deposited in the new account - hopefully the new faster payment service will stop this as the money will be transferred on the same day so that the customer does not lose interest - but as you will see on onther threads there seem to be teething problems with the new system

genny

But if it leaves the sending bank, and then is 2-4 days in transit, it must be sitting somewhere. I assumed as soon as it left your account and off the balance you weren't earning interest on it, and as it's not in the receiving account either, you aren't getting interest on it there. So during this period, it's in some holding area making one or both the banks money.