Icesave

brightside S9 wrote: ...

As they should. They've not yet been declared insolvent.

Less clear what will happen for annual interest credits that are almost due, like mine.

I don't think it would have gone into the BACS system until Monday. They probably have to send some actual cash across, and realised they didn't have any, so froze all the accounts.

CHAPS probably wouldn't have worked either for the same reason.

Thanks for the comment, but as it went out of my account into BACS on Monday morning and they did not freeze the accounts 'til Tuesday morning did they have a legal right to call it back?

At what point does a transfer via BACS reach the point of no return?

And, having re-credited my account with their euphemistic "correction" on 08 October 2008 should not the account be "corrected" back to Monday and interest accrued for these two days?

I have sent an e-mail complaining of their irregular and possibly illegal action and asked them to re-instate the transfer immediately or I will refer this matter to the FSA and Banking Ombudsman.

I got the expected automated response within 1 minute saying - "We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts.

We apologise for any inconvenience this may cause our customers. We hope to provide you with more information shortly which will be on our website."

Realistically I accept that I am farting into the wind and that my e- mail will probably never be read.

jv

They froze the accounts on Monday

You can ask. You can complain. But as they don't have any money, it isn't going to get you anywhere. The best you can do is check the deferred interest calculations when your compensation money comes in.

Heritable is owned by Landsbanki. It is a fully UK registered bank with its head office in Edinburgh. Icesave customers were dealing directly with the Icelandic parent company.

I don't think Labour have "Funds". They have overdrafts and loans from people who were for entirely separate reasons given peerages.

I stand corrected!

Ret.

Thanks for the link. Unfortunately The Times appears to be the only "quality" paper that does not show the time as well as the date for it's online articles. The article goes on to say that the Icesave site was working normally on Monday afternoon. The implication is that there was no freeze at that stage.

My view is that freezing accounts is a process which should be announced formally and broadcast widely. This was done by means of the Icesave home page which was widely broadcast by the media on Tuesday, following the Icelandic Governments announcement about Landesbank.

I have had a search through the Bacs site and found the following:-

"Best practice

Adopting these guidelines will help to reduce or eliminate problems, resulting in more effective use of time and resources. ? Ensure that recalls of individual payments are made by day two of the processing cycle, for example one business day before they are due to be credited."

It looks as though this justifies their actions.

jv

Monday

Icesave certainly hadn't frozen accounts by the early hours of Tuesday morning. I was able to log on and request money to be transferred out at around 6am on Tuesday. It wasn't until some time later, during the first part of the working day that the warning message appeared on their web site.

Chris

I bet that has really put the wind up them.

No.

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