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I removed all of my money (except 200 pounds) to keep the account open (not sure why!) on Monday 6th October. On 7th October I logged on to find that the bank were no longer processing any transactions. My statement showed that my transaction on the 6th had been fully processed and cleared and my cleared balance was 200 pounds. I now just had to wait for my money to reach my linked account (HSBC). On 9th October Icebank posted a 'Correction' to my account and have reversed my fully legitimate transaction. Is this allowed? They said they were unable to post transactions from 7th Oct yet they have posted a correction on 9th Oct to reverse a fully legitimate transaction that I made on 6th Oct. This money should now be safe in my HSBC account if they had acted correctly and instead it looks like I will have to claim to the the UK government who will have to find the 8,500 to pay me.Please see attached.Is there anything I can do?Many thanks.Adam
Re: ICESAVE "correction" - was this legal/allowed?
If I had £500 in my account and was to make a purchase online for £300 through my bank account. I could check my balance and from then and for the next three days it would say:-
Balance = £500
Amount Available £200
Although the cash is in cyberspace for three days, it is still physically with my own bank. The bank basically tells the other person that they will receive the cash (as it is available), but they will have to wait 3 days for it.
Therefore, although you have arranged a transfer that was o.k'd with IceSave. They have decided to stop all transactions within the three day period of transfer.
If the bank has gone into liquidation or something, you have little hope of getting you money as HSBC did not physically receive the money from IceSave. If they had, it would show on your HSBC statement.
It's all a rip off and I'm not sure who actually makes the interest in that 3 day period but I can guarantee that it won't be you or I.
Hopefully someone with a bit more knowledge will read your post and help you. This is a British site and your banking laws may be different.
Sorry I can't be of more help
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Re: ICESAVE "correction" - was this legal/allowed?
as you may be aware - the compensation process is being discussed and looks to be well on its way .
i wouldn't worry as it has been guaranteed by the BRITISH government - it may just take a little while (i read they were very keen to get everyone their money back before xmas).
if you go on the icesave website and click on the link to the compensation website - you then put icesave in their search box and and keep up on current postings. or - just use this:Consumer home page.
i, too, had money in icesave - i transferred it out sunday 5 oct early hours - paid £30 for a chaps transfer and it did go into my bank account on monday - i think the chaps transfer made the difference - otherwise mine would have done the same as yours - bounced out and back again.
now i'm just waiting to see if i'll get the interest they owe me and from what i've read- i think i will. if you haven't already - you should go on your icesave account and print out a mini statement - suggest you jig the statement to cover from when you were last paid interest. then just keep that until you may or may not need it for the compensation paperwork.
good luck - you will get your money back (boy, how many times have i said that on this site - but this will be much quicker than the bank claims!)
Re: ICESAVE "correction" - was this legal/allowed?
here's the latest press release from the comp. people regarding icesave --
10 days until it is in place and payouts commensing second week of november - 24 October 2008
Re: ICESAVE "correction" - was this legal/allowed?
i went on the site, followed the instructions, emailed them- they emailed me, then i was able to log-in and answer a few questions - that was sunday and by thursday the fulll amount was in my nominated account.
hope it goes as smoothly for any other icesave customers.
ICESAVE "correction" - was this legal/allowed?
). On 9th October Icebank posted a 'Correction' to my account and have reversed my fully legitimate transaction. Is this allowed? They said they were unable to post transactions from 7th Oct yet they have posted a correction on 9th Oct to reverse a fully legitimate transaction that I made on 6th Oct. This money should now be safe in my HSBC account if they had acted correctly and instead it looks like I will have to claim to the the UK government who will have to find the 8,500 to pay me.Please see attached.Is there anything I can do?Many thanks.Adam
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