Money Watch – Personal Finance Blog

It appears that the process put in place to compensate Icesave customers is kicking off this week as was hoped.

If you’re an Icesave customer, here’s a breakdown of how the process should work:

1. Email #1 will be sent out this week, telling customers that the process for retrieving their money is being launched. Any Icesave customer who has not received an email by the end of this week should contact the Financial Services Compensation Scheme (FSCS) on 0845 7300 131.
2. Email #2 will then give customers precise details of what they should do next.
3. Customers will have to logon to the existing Icesave UK website, using their existing logins, and they will be given a time from when they can log in and move their money.
4. The process will be carried out purely online, and customers will have a month to move their money.
5. If their money isn’t moved within a month, there will be a paper application process, and the FSCS will contact them if they haven’t logged on to complete their payments.
6. Customers should receive their cash in their accounts within five days of triggering the payment. 

If you’re an Icesave customer and have received your first email, please let us know in the comments below. Also, what do you think about the process for getting compensation?