ICICI Bank

brenda50

I just rang them and they said that they expect to be back online in a few hours. I hope my money comes through on Monday then. I will be ok then as I am living on my savings and am pretty sunk if I cannot get some money out to tide me over if there is a problem with ICICI.

rhinestonemaiden

It has been quite a rollercoaster week for me. First off I managed to get a large sum out of IceSaVE just in time on Monday with a CHAPS transfer. On the Tuesday (afternoon) I withdrew the whole balance from Kaupthing Edge, again with a CHAPS. That did not arrive on Wednesday in my target account, cue a lot of stress the whole of Wednesday evening and most of Thursday until I heard that withdrawals from Kaupthing Edge would start to process from Friday morning. People who made their withdrawals over the weekend and Monday are getting their payments through, but as far as I can tell no one withdrawing large amounts of money had yet received theirs. Still, like lots of others, I started to feel better, knowing the payment would be coming
over the next days. This feeling better was short lived too as a poster on the Kaupthing Edge CHAPS thread informed us that there was now trouble with ICICI financially and the fact that its website is down is not helping matters. As I said in previous post I was told website would be up again in a couple of hours. I have this awful gut feeling that there is no point in pushing money around different banks at this point as there is going to be a domino effect, my partner thinks I am being melodramatic. The strange thing is I am like a rabbit in headlights, I am fixed to the spot and cannot seem to find the motivation to do anything positive (like buy gold at a very high price? or buy a house in Bulgaria with the money?)

shuttleworth96

As I have money tied up with IceSave and KE with no access to it at the moment, I have been very worried this week so decided that foreign banks were not for me. I decided to pull out of ICICI (yes, I know I was covered by the compensation scheme but I need access to somecash) on Wednesday and did a BACS transfer to close the account. The transaction was done on the internet and generated a Transaction Confirmatiuon Number. On Thursday I logged on to ICICI and, to my suprprise, my account balance was the same with no sign of a pending transaction! I was concerned so rang ICICI and they told me they had no record of my BACS request! I queried why I had been given a Transaction Confirmation Number and they said it was probably a computer error!!!!!!!! I arranged a CHAPS transfer and the money was in my linked account this afternoon - huge relief.

I am not trying to panic people and this is probably a total one-off but this was my experience with ICICI and I would hate people to think they had requested a withdrawal and then it not to go through

linbadd

I wish everyone would stop panicking.

The current financial situation is largely due to panic - panic selling of shares, panic calling in of depts, panic moving of funds, etc.

If everyone would just calm down and hold fire, the situation would settle down.

The media are not helping the situation. I wish they could be banned from reporting on finance for a few weeks to give us a bit of breathing space.

I'm leaving my money in Icici. They're probably as safe as any UK bank at the moment.

rhinestonemaiden

shuttleworth did you close your account and have the balance chapped while you were on the phone or online?

rhinestonemaiden

Let's face it, the real problem here is no one trusts the UK government to pay us out in a hurry if we have to seek compensation from the FSCS. People need their cash for billscoming due as well as their pleasures and waiting three months would be disastrous for a lot of people. If we were told the compensation would arrive within say two weeks, people would feel they could hang on.

There is even a nagging doubt in most people's minds whether the government would be able to pay out compensation at all if things got too bad.

So it is not panicking that people are doing but taking evasive action.

ballyc

rhinestonemaiden wrote: »

Let's face it, the real problem here is no one trusts the UK government to pay us out in a hurry if we have to seek compensation from the FSCS. People need their cash for billscoming due as well as their pleasures and waiting three months would be disastrous for a lot of people. If we were told the compensation would arrive within say two weeks, people would feel they could hang on.

There is even a nagging doubt in most people's minds whether the government would be able to pay out compensation at all if things got too bad.

So it is not panicking that people are doing but taking evasive action.

Hear hear you have hit the nail right on the head you have described why I got out of Jonny Foriegners banks. Stick local I say All my monry is now in local banks and building societes that I can personally vist. Its up to the individual but why risk it for a small bit of extra interest. Do you think people in India put money in HBOS or RBS ????

shuttleworth96

rhinestonemaiden -

I left £1 in the account and arranged CHAPS transfer on the phone. I did it Thursday afternoon on the telephone and the money came into the account this afternoon.As I said before, it was not a case of panicing - my money was tied up with IceSave and KE with no access to it and I just could not afford to be in that position.

formulaonefan

I had money in KE and ICICI. Since the credit crunch started I have started pulling all my money out of all non-UK banks. Looks like lots of people are talking about ICICI and they are pulling the money out.

I suffered when KE went down because my BACS transfer did not happen fast. My money went missing for a week with KE and it has been very stressful. I'm not willing to go through that again so took all my money out of ICICI. First it was Icesave, then KE and next could be ICICI?

mickeyg

The same thing that happened to shuttleworth happened to me. A BACS request I put through on Tuesday on ICICI just vanished from their system.

As for staying calm...Before ICESAVE went under many people posted on here to say how they were leaving their money in and that people should not panic withdraw and so on and so on. Everyone should remember that nothing on these forums or the site itself is financial advice and should do what they feel most comfortable with. The 'expert' advice from the self-styled experts who hang out here is worth less than a million shares in landsbanki.