My wife and I each have accounts with Kaupthing Edge. Yesterday (7/10) at 13.55pm we initiated two CHAPS transfers for £34000 and £30000. The transfers were accepted and charges applied.

As of now (16.05 on 8/10), the money has not arrived in the linked account (details of which I have checked)

The news is that ING are taking over the business which is good but as far as our £64000 is concerned at this point, the KE accounts show the money has gone and yet it has not been received in the linked account. Are KE's assetts frozen? If so, where does this leave me and who should I contact?

I cannot get through to anyone at KE or the FSA. Frankly I am pretty concerned about how I get this money back if I can't resolve this.

I would appreciate any comments.

Thank you

I am aslo in the same boat. Made a £50k+ transfer by chaps this morning yet no sign of the funds and KE phone line appears to be constantly engaged.

Can anyone advise what the hell is going on?

I made a "succesfull" transfer at noon on Monday by bacs,I managed to access the account Tuesday pm when it showed the money had left the account.I am since unable to access the account,being told my login details are wrong.I left a small amount to keep the account open.I understood they where still trading.Is this the case?

I also requested last night that the majority of my money in my KE account was transferred to my own bank account today via Chaps. I have just checked my bank account and the money has not arrived. I then checked my KE account and I also had difficulty accessing my account as they said my memorable word was wrong. I tried it again and managed to access my account, which indicated that the payment had gone from my KE account and they had taken the Chaps payment too (as requested). I thought the money would show in my bank account today but its not there. I have also just been told that KE have gone into administration but their website and the money supermarket website does not indicate this.

I have just opened the KE site to log in and am informed that my account now belongs to ING! ironic really as I moved my money from ING to KE recently! ING say"we are working as quickly as possible to return to normal working" Seem to have heard that before somewhere.So anyone know where is our money!?

Update: just managed to access my KE account,shows transfer ,I've printed all account history,I suggest you log on asap and do likewise.Please post update when your funds arrive!

I managed to get hold of someone at the FSCS this morning and they told me that there are hundreds of transfers affected in this way. The monies are in a holding account pending either completion to the receiving bank or transfer back to the KE account. They didn't know when all would be sorted so advice was to keep monitoring KE website to see if money is returned and receiving account to see if money has arrived. Might be a problem if the transfer was due to account closure I guess.

FSCS seem pretty confident that our money is safe and in the worse case there are good paper trails. I have printed off all the information I can from my account on the KE website.

I'm going to keep checking and if money is still missing in a few days or there is no information update, get back onto FSCS.

I guess getting back CHAPS charges and missed interest might be difficult!

I thought I'd had a lucky escape with Icesave, having cancelled a direct debit which was due to go out at the end of last week, due to the passport scheme.

However, having allowed money to go into Kaupthing, decided to draw it out on Monday and of course now find myself in the same situation. Should have left the money where it was maybe!

Finally got through to someone at KE this afternoon regarding transfer which I made on Monday morning (06th October). Money left my account at that point but has not yet reached my linked account. Have been told it is in the 'clearing' system with Natwest but they have no idea when it will go through (could be days, weeks or months!) or if it will be returned to my KE account. Very unhelpful and didn't appear to have any further info. Subsequently contacted my 'linked' bank but they can't see it on the system. Phoned FSA but they said just to contact Kaupthing. I appear to be caught in a vicious circle with no help. Has my money disappeared into the hyperspace between banks? Now starting to worry!

Assuming our funds are safely transferred to ING or our linked accounts,can anyone advise a safe haven for our cash? Is ING likely to be any more safe or are we now limited to Northern Rock?

paul w:

I made a "succesfull" transfer at noon on Monday by bacs,I managed to access the account Tuesday pm when it showed the money had left the account.I am since unable to access the account,being told my login details are wrong.I left a small amount to keep the account open.I understood they where still trading.Is this the case?

Paul

You state it was a succesfull transfer, has the funds arrived in your linked account?

From what I have just found out that no money has left Kaupthing since the weekend, and they are unable to provide any detail as to when we might get our money.

Worrying times are still with us.

There seem to be a lot of different stories, but I'm clinging to the hope that the explanation that someone got from ING is correct, i.e. that all transactions will be honoured.

I'll only be happy when I see it in black and white though.

rdann

No,although the funds have"left" KE they have not arrived in my linked account.I kept open my account with ING when I transferred funds to KE (ironic?) so perhaps they will transfer to this account.What I'd like to know is where is this money,is it sat in some holding account and if so who is receiving the interest on billions of pounds?

Actually Paul, worry less about the interest and just be happy if the transit cash arrives in your linked account. I have 40k 'in transit' and I just hope this money does appear in my linked account, even if there is (an understandable) delay. When the Bank was put into receivership, it's normal for funds to be frozen, untill all the information is turned over to ING. I expect my money to appear around the end of next week.

Fingers crossed.

Have just read an online article which states that ING is going to start moving the backlog of transactions tomorrow morning but doesn't know how long it will take to clear.