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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 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. |
Collapse | Collapse |
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 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. |
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