Anyone here still banking with an Icelandic bank?

[chicane]

http://www.fool.co.uk/news/your-mone...in-crisis.aspx

Sometimes I find their advice (fool.co.uk) a bit iffy, but this seems to sum up the claiming process for Icesave. Bit of a pain mind you.

It says on BBC News that the FSCS would probably make claims to the Iceland compensation scheme on behalf of UK savers:

http://news.bbc.co.uk/1/hi/business/7656387.stm

Not surprising given the scale of the problem - they have hundreds of thousands of Icesave account holders in the UK.

[DS23]

Enough to make me consider throwing myself off the top of the office

well don't do that for flips sake.

the money is probably on its way - it takes 3 or 4 days to transfer. nothing will have started until monday. you should see the results on wednesday or thursday.

if not still don't make a mess on the pavement. tulip happens. dust yourself down and start again - it's what life is all about.

[chef]

http://www.fool.co.uk/news/your-mone...in-crisis.aspx

Sometimes I find their advice (fool.co.uk) a bit iffy, but this seems to sum up the claiming process for Icesave. Bit of a pain mind you.

"if Kaupthing does fold, you can claim up to £50,000 .. However, it may take a few months for the FSCS to pay up. If, however, you have a fixed rate term account with Kaupthing you may have to wait longer for your cash."

"The situation is worse for Icesave..."

"The worst case scenario is that the Icelandic government doesn’t even have the money to pay out the £16,100. I don’t think this is a likely scenario, but you can’t rule anything out in the current climate."

"If Iceland doesn’t pay, the FSCS will only pay out the excess over £16,100."

[the_rangdo]

flip bad really bad Anyone else here who have used ICESAVE, I transferred cash out on Sunday evening, when do you think I should see it in my account if its going to turn up ? Its shows as processed on the 6th Oct in the ICESAVE statement and is not on my balance.

I pulled mine on Thursday p.m. last week, it was in my bank account Monday morning.

[Bumfluff]

Anyone know the process with BACS as to the stages of the transaction and at what point the transaction could be stopped ?

I did the transaction on Sunday eve it shows as Processed on Monday and the £ I transferred has left the ICESAVE account or at least thats what it says when I loggin. Assuming the £ has left ICESAVE can they call it back it back BACS or once its in the system is that too late ?

[chef]

Anyone know the process with BACS as to the stages of the transaction and at what point the transaction could be stopped ?

I did the transaction on Sunday eve it shows as Processed on Monday and the £ I transferred has left the ICESAVE account or at least thats what it says when I loggin. Assuming the £ has left ICESAVE can they call it back it back BACS or once its in the system is that too late ?

BACS operates on a three-day cycle:
File transmission by user (day 1)
file processing by BACS (day 2)
fund transfer (day 3)

Can BACS stop any single payments or files?
The BACS system only allows the reversion of whole files - not individual items. In all cases you must contact your Sponsoring Bank who will advise you of the best course of action. A file can only be stopped up to and including Day 1 (Input Day) of the BACS processing cycle, usually the day on which the file is transmitted.

from http://www.aptbacs.co.uk/faq.htm

[rootsnall]

Anyone know the process with BACS as to the stages of the transaction and at what point the transaction could be stopped ?

I did the transaction on Sunday eve it shows as Processed on Monday and the £ I transferred has left the ICESAVE account or at least thats what it says when I loggin. Assuming the £ has left ICESAVE can they call it back it back BACS or once its in the system is that too late ?

I did mine on Friday but just missed the 11am deadline due to dawdling and even worse not knowing the password earlier in the week. I think it'll go through but ???

If it doesn't I think we'll be whistling for the Iceland part of the compo. Past history says if big important people aren't losing out there will be no government bailout for the plebs.

[Bumfluff]

BACS operates on a three-day cycle:
File transmission by user (day 1)
file processing by BACS (day 2)
fund transfer (day 3)

Can BACS stop any single payments or files?
The BACS system only allows the reversion of whole files - not individual items. In all cases you must contact your Sponsoring Bank who will advise you of the best course of action. A file can only be stopped up to and including Day 1 (Input Day) of the BACS processing cycle, usually the day on which the file is transmitted.

from http://www.aptbacs.co.uk/faq.htm

Cheers, just going to have to stress for a few days and pray, the sum involved is close to £200k

[DimPrawn]

Cheers, just going to have to stress for a few days and pray, the sum involved is close to £200k

AtW comment: I told you so.

[sasguru]

Cheers, just going to have to stress for a few days and pray, the sum involved is close to £200k

That sucks. Good luck - but remember in the end its only money and can be made again.