Icesave

There was a warning on the web-site that once you had transferred the full amount out of the account and thereby closed the account that the passwords would become ineffective and you would no longer have access to the system.

Ret.

I'm not sure where the money lives once the transfer has started. But the fact that your account is inaccessible suggests that it's started.

I know someone else who transferred some out of icesafe last night (transfer first thing this morning) and the money has gone from their account - but we won't know if it's arrived at the other end for several days yet.

Tim.

I'll still keep hoping that it's on its way to my current account!!

Ret.

In message , john wrote

It may be worth going logging into your account and making a copy of the statements while you still can.

When the time comes to claim you may need to know the exact amount to put on the form and the web site may be long gone at this point.

Nobody knows for sure at the moment, but I think what that means is that you send your claim form to the FSCS in England, and they translate it into Icelandic and send it to the Icelandic authorities. The first ?20,887 is due from the Icelandic authorities, and if they don't pay up, the FSCS will not compensate you for that.

As far as I understand, they won't.

I feel sorry for you there - I went through exactly the same last night - it was a touch and go thing as I was transferring online - each page took over

I've since logged back into my account to check the money has left and it says "Processed".

Can anyone tell me where does the money go when its in the clearing process? I've transferred it to a well-known (and safe! at least for now!), UK building society, but it claims it may take up to 4 working days (i.e., by Friday). The tension is killing me!

Who currently has my money???

At 0815 7/10/2008 I transferred all bar £1 out from Icesave. A quick look at the account this afternoon shows a balance of £1 and no future transactions. So your luck may be in. :-)

I'm expecting the cash to be in my current account on Thursday.

Does anyone know what happens to cash ISAs held with Icesave. I assume they are covered by the compensation scheme? I can't see anything on the FSCS that says otherwise.

My wife and I both have 6 years worth of cash ISA payments with Icesave. Nothing on FSCS or Inland Revenue sites have any information about invoking a transfer to a new ISA manager under a compensation scenario. We are loathe to lose the tax free status on a considerable amount of cash.

Good question!

My confidence expired at the weekend and I withdrew all but a token amount on Sunday afternoon. The transaction appeared as "processed" on Monday morning, and should reach my account tomorrow (Wednesday). My understanding of BACS suggests that this should be OK and, assuming the transaction did go into the system on Monday, it can't be stopped or reversed now. Does anyone know for sure?

Also, if Landsbanki is declared insolvent, what happens about interest owed on the account? Will this be paid as part of the compensation (if we get any at all!)? I thought that I read or heard over the weekend that interest was covered, at least up to the date of insolvency.

Cheers,

I have just logged in ok, and have printed full details of my accounts. The website seems to be working ok at the moment,

Anonymouse wrote: ....

My understanding of the FSCS guy on Sky News today was that the "balance" was guaranteed. He was careful not to say "plus accrued interest". I'm assuming the worst. Irritating because I'm a week or so away from the year's interest being added :-(

I did the same on Sunday - sadly the money has not arrived in my current account this morning.

DF

I took all my money out at around10.15 pm on Monday night and I am hoping the same but, in the Daily Mail today there is a 'Q&A' article on the Icesave issue and one of the questions is: "I made a withdrawal on Monday night, will I get the money?" The answer? "Probably not, warns the payment association APACS. Icesave says it does not know. Bank payment systems usually only work during bank opening hours. Any payment made in the evening would have been processed yesterday morning when Landsbanki blocked transactions."

This looks gloomy but, of course, the lack of information coming out of Icesave means that no-one knows. If you e-mail them with queries you simply get an automated response giving the same phrases that are on the web-site home page. It is interesting to note, however, that some other posters who managed to squeeze in withdrawals just prior to the 'block' going on (and who left a smally amount of cash in the account to keep it open) are saying that the transaction they made is shown in their account as 'processed'. This does look promising!! Although banks usually say it can take up to four days for withdrawals to reach the nominated account, I find that it usually takes 3 days - so I may be put out of my misery tomorrow when I check my Nationwide account!

Ret.

Bitstring , from the wonderful person David Floyd said

Transfers in the other direction seem to be in limbo too - some money sent TO Icesave on 29/Sep is still showing as 'processed but uncleared' on the Icesave statement, which is longer than usual - means it was not available for even an attempt at withdrawal.

In message of Wed, 8 Oct 2008, Ret. writes

I very much doubt it.

Whenever I've made a withdrawel on a Sunday it's been in my Smile current account on Wednesday morning.

This hasn't happened this week - so the money I withdrew on Sunday is now in limbo.

DF

Oh dear.........................

Ret.

From the BBC page - can anyone clear up this confusing message from AD?:

'Exceptional circumstances'

"The Icelandic government, believe it or not, have told me yesterday they have no intention of honouring their obligations here," said Mr Darling.

"Because this is a branch of a foreign bank the first call would be on the Icelandic compensation scheme which, as far as I can see, hasn't got any money in it.

"The British scheme would top that up to 50,000, but people over and above that would lose out," he added.

"But I have decided in these exceptional circumstances that we will stand behind those depositors so they get their money back."

Does that mean he's only going to help those affected who have more than

When Alistair Darling was asked how much of the deposits would be reimbursed he said, "All of it". (BBC Breakfast, 8 Oct 2008)

Gordon Brown has also just said the government will be taking legal action against Iceland because of their apparent decision to neglect their obligations.

Reece

If that's true and it all works out, I'll be upgrading my opinion of this government.