You never opened an account, you know
Seems the whole Kaupthing Edge clean up continues. It’s taken them some time, but it finally came – the email that says “Yes, it may look like you opened a fixed term savings account, but you didn’t. Sorry.”
It appears that whilst the Kaupthing Edge accounts were transferred to ING Direct, the actual physical infrastructure of the online banking system didn’t – it was kept by Kaupthing Edge’s parent, Kaupthing Singer & Friedlander. Technically opening a new account via the online banking system was therefore opening a new account with Kaupthing Singer & Friedlander, who are in administration and therefore can’t accept new deposits.
Apparently the money, when they get round to closing the account, will be deemed “never to have moved in the first place”.
Presumably I’m not the only person to have tried this little game but it provides a lesson for failed banks (or at least the people trying to run failed banks) – lock off what you can, as soon as you can, even if it’s a crowbar approach. Cos if you don’t, someone may expect something to be possible that’s not, and you’ll waste more time sorting out the mess.
One failed bank did do that. Notably when Icesave shut its doors, one of the first things it did was put a crude but simple redirect meant that any attempt to hit the “Apply Now” link, sent you somewhere much safer (for the bank) – their homepage.
Update: 13 November – the saga has now made a story on BBC News. Apparently 2,300 people got caught up in this. Meanwhile, my money has returned back to the original savings account although it seems to have completely confused the online banking system which appears to be unable to add up correctly and is showing (on one page) my balance to be less than it is (the other pages show the balance correctly) – don’t ask me…