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'Last chance' for Icesave claims 'Last chance' for Icesave claims
(about 2 hours later)
The deadline is looming for online applications by UK residents reclaiming savings from collapsed bank Icesave.The deadline is looming for online applications by UK residents reclaiming savings from collapsed bank Icesave.
Tuesday is the final opportunity for customers eligible to use the electronic compensation payment system to do so.Tuesday is the final opportunity for customers eligible to use the electronic compensation payment system to do so.
The Financial Services Compensation Scheme (FSCS) believes thousands still have the chance to claim and receive their cash within five working days. The Financial Services Compensation Scheme (FSCS) believes 7,000 savers can still claim and receive their cash within five working days.
Paper applications will be accepted but this process can take up to six weeks.Paper applications will be accepted but this process can take up to six weeks.
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Icesave - the internet arm of Icelandic bank Landsbanki - collapsed in October, but no UK savers should lose any money after the UK government stepped in to guarantee their funds.Icesave - the internet arm of Icelandic bank Landsbanki - collapsed in October, but no UK savers should lose any money after the UK government stepped in to guarantee their funds.
The FSCS has said that more than 90% of customers were able to use the electronic compensation system which automatically transfers funds into another bank account.The FSCS has said that more than 90% of customers were able to use the electronic compensation system which automatically transfers funds into another bank account.
But thousands of others are using applications by post instead.But thousands of others are using applications by post instead.
They include some with fixed rate savings accounts who have opted to leave money in their accounts to accumulate more interest. They include people with a total of £716m in fixed rate savings accounts who have opted to leave money in their accounts to accumulate more interest.
Others have been unable to access Icesave's website or their email systems have filtered out messages from the FSCS.Others have been unable to access Icesave's website or their email systems have filtered out messages from the FSCS.
The compensation body believes that some savers with only small amounts of money in their Icesave accounts have not bothered to claim at all.The compensation body believes that some savers with only small amounts of money in their Icesave accounts have not bothered to claim at all.
The FSCS has now paid out £3.54bn in compensation, with a total of 191,219 savers having claimed through the electronic process, and another 10,711 cheques having been sent through the post.