Kaupthing Edge Problems

~Chameleon~

chris1 wrote: »

It's not part of the faster payments system, it's different. Also you won't earn interest on it for a few days.

As far as I remember, Egg do pay interest on deposits from the moment they show in the account - i.e. immediately.

valek99

The receiving bank will normally receive the funds the same day the money is transferred to them. However this is where their "processing" takes place.

Generally funds are creditted to a group account and then distributed internally to the individual accounts. However this can be exploited, meaning funds can accrue for a few days on the "main" account.

What banks tend to do is monitor their activities throughout the day netting payments and receipts and if they see they are likely to end up in credit, they can lend out the excess to other banks/institutions and earn interest of this.

Same thing happens for example when you are paying your credit card. Funny how you may need to pay by 27th Jul for example, but the small print says allow at least 3 days. Processing takes no more than a few minutes in reality, although we have to remember how many are processed daily so allow for this.

Having said this I can see why people are annoyed with 3 day wait.

chris1

~Chameleon~ wrote: »

As far as I remember, Egg do pay interest on deposits from the moment they show in the account - i.e. immediately.

That's right, I meant to say it takes a few days to clear, "up to five Business Days" as they say, so you can't take it out within that time. The original question was whether debit card payments were treated in the same way as faster payments, which I don't think they are, as faster payments are supposed to be cleared straight away, so presumably you could move the money out again.

free4440273

been over ten days and have not received my username, sort code, account number info. phoned up and was given it (to be fair) but still would like it in some form of print (written or email). they said they have a backlog: but i won't be depositing any monies until i get my confirmation email:)

trashcan_2

Sent my first payment to them 5 days ago by bacs, it was taken out my bank days ago but still has not shown up in my kaupthing Edge account.

Essenchill

genny wrote: »

Sounds like the biggest scam on the side of the banks

I think the sooner more people realise this the better, but then with Faster Payments, this is starting to be sorted out! But it's the same story again - the technology is here, some are doing it, some are not - it will take all of this year, if not longer for every bank to come on board, I personally think everyone should vote with their feet and move to a bank that already takes Faster Payments!

exel1966

Applied online 09 June, confirmed immediately by e-mail, sent required ID paperwork to them 11th June, received confirmation of account number by e-mail, sort code, user ID etc 16th June which states user password will arrive by post within two working days. Pretty good so far. Have just sent a test payment of £1.00 to see how long the transit time is. Yes, I know the minimum opening deposit required is £100 but just want to see if it does work.

free4440273

exel1966 wrote: »

Applied online 09 June, confirmed immediately by e-mail, sent required ID paperwork to them 11th June, received confirmation of account number by e-mail, sort code, user ID etc 16th June which states user password will arrive by post within two working days. Pretty good so far. Have just sent a test payment of £1.00 to see how long the transit time is. Yes, I know the minimum opening deposit required is £100 but just want to see if it does work.

Didn't know they required ID and paperwork They haven't asked me for this (worryingly??). I thought they verified by electoral register. anyone else??

whu

mine was like Exel1966

Essenchill

ooops!......