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ICICI & Direct Debt
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ifti
Posts: 349 Forumite
i have just opened my ICICI account but have had a direct debit set up which im not too happy with, im a little worried with all the fraud that goes in india.
my questions is do i really need a dirct debt set up ?
i though i could just send money from my normal HSBC account using my ICICI account number and sort code and then do the same from my ICICI account too.
any help would be appreciated.
thank you
my questions is do i really need a dirct debt set up ?
i though i could just send money from my normal HSBC account using my ICICI account number and sort code and then do the same from my ICICI account too.
any help would be appreciated.
thank you
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Comments
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There's a lot of fraud going on here as well. Although I don't see how a direct debit agreement linking two of your accounts would facilitate fraud, if anything untoward happened with the direct debit, you could get a full and immediate refund from HSBC.
Having said that, the direct debit is not necessary and you can indeed transfer money back and forward without it. I don't know how ICICI would respond to you cancelling it, though.0 -
DD is a better method of transferring money as you don't lose interest whilst the money is in transit.
It's also not a fraud risk in the slightest - if money is taken under a DD which is incorrect, you can insist on your bank refunding it under the direct debit guarantee.0 -
hmm, can anyone else see the direct debit setup on thier linked account
or is it just me.0 -
ifti
You say:i though i could just send money from my normal HSBC account using my ICICI account number and sort code and then do the same from my ICICI account too.
I'm not sure what you mean here.
After opening your account with HiSAVE with a cheque from your linked current account, the only place you can send money to from the HiSAVE account, is back to the linked current account.
Once the HiSAVE account has been set up in the manner they ask and with the personal cheque as I described above, then you can transfer money into the HiSAVE account from your linked current account with the aid of a bank transfer. But money transfers into HiSAVE will only be accepted from the linked account.
Check out the HiSAVE 'FAQs' here:-
http://www.icicibank.co.uk/personal-banking/faqs.html
Hope that helps.
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ifti wrote:my questions is do i really need a dirct debt set up ?
i though i could just send money from my normal HSBC account using my ICICI account number and sort code and then do the same from my ICICI account too.
/QUOTE]
i mean like when im looged in to HSBC i can click make payment/transfer and then select family and friends enter the acc no. and sort code and then make the payment,
in saying bank transfer do you mean using direct debit.
thanks0 -
ifti wrote:
i mean like when im looged in to HSBC i can click make payment/transfer and then select family and friends enter the acc no. and sort code and then make the payment,ifti wrote:my questions is do i really need a dirct debt set up ?
i though i could just send money from my normal HSBC account using my ICICI account number and sort code and then do the same from my ICICI account too.
in saying bank transfer do you mean using direct debit.
Direct debits are not manditory, but it's advisable to keep them in place. There are 4 ways of (attempting to) move money into and out of ICICI - DD's apply to only one off them:- You can push money into ICICI from any account (standing order/one off payment. Sort code:30 00 81, Account number (not Login/User ID) found on the left of the account summary main page)
- You can pull money into ICICI only from your linked account. (This is where the direct debit is needed. If you cancel the DD with your linked account, this method will be unavailable to you)
- You can push money out of ICICI only into your linked account.
- You cannot pull money out of ICICI into any other account. (This would be a DD on the ICICI account, and they won't let you set one up.)
Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 - You can push money into ICICI from any account (standing order/one off payment. Sort code:30 00 81, Account number (not Login/User ID) found on the left of the account summary main page)
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Good post, Paul. Very clear - thanks.0
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cool, that makes it better, can ICICI see how much money i have in my account or get hold of any info of my HSBC account if i have the DD set up.0
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No. The only thing they could possibly infer is that you do/do not have enough money to service a DD request that you yourself have setup, when it goes through (or bounces as the case may beifti wrote:cool, that makes it better, can ICICI see how much money i have in my account or get hold of any info of my HSBC account if i have the DD set up.
). Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0
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