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‘Icesave payments to start this week’

November 12, 2008 at 2:47 pm

With Christmas just around the corner, British savers with the failed Icelandic bank, Icesave, will be relieved to know that they should not have to wait too much longer for their money to be repaid to them. Indeed the 230,000 UK customers, who between them have investments of £4.5 billion, should have their money by the end of November.

E-mails should have been sent out on November the 5th to all investors, explaining that the repayment process has started. A second e-mail should then follow in which savers are given instructions on how to claim their money. They will be able to log on to their accounts and will have one month in which to move their money online to an account of their choosing.

Any customers who have changed e-mail address since October the 7th will receive a letter in the post and the Financial Services Compensation Scheme, aware of the potential for fraudsters to take advantage of the current situation, have stressed that under no circumstances will they telephone people asking for details of their bank account.

Once investors have done their bit, the money will take five days to clear by BACS, meaning that some investors will have their money by the end of next week. E-mails are, however, being sent out in batches for logistical and security reasons and unfortunately there is no way to “fast-track”; savers must wait for the second e-mail to be issued before they can start the process of recovering their investment.

Anyone who experiences difficulty accessing the website or who disagrees with the balance shown can contact the FSCS on 020 7892 7300.

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