ICICI Bank

Organic12

Okay, now I'm confused. I transferred my ICICI balance on Wednesday evening so expect it in my linked account on Monday. I assumed it was a BACS payment not direct debit? Would a direct debit take three working days to clear?

I must be so ignorant, didn't know that the remitter can call back the funds?? I've £20k to lose if this happens, my nest for (a) if I get made redundant (b) my next house, whichever happens sooner!

Please can someone clarify, I for one and a bit worried by this.

Thanks loads,
O

MadSage

I don't want to start a panic either, but I think this worth mentioning for those who do have savings in ICICI. Above I posted a link to my earlier post on CDS ratings. ICICI had a rating of 564 on October 2nd, but that has been rising. As of today, their CDS rating has risen to 900! Their share prices are plummeting.

[Source: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aIhLwAdHHyLQ]

Optimist

I think there is a lot of business taking place on the ICICI site today just taken me a full 20 mins to log in and transfer money out

corsa57

tasty_snacks wrote: »

not that i want to panic people, but aren't all ICICI deposits/withdrawals made by direct debit? i know mine is.

as such they're covered by the direct debit guarantee, which in turn allows the remitter (icici) to recall the funds directly from the beneficiary's (mine, yours) account, even after the funds have been sent.

hypothetically, i believe they could do this.

Your account must be unique as having checked my own account and 5 family members accounts payments from ICICI are by BACS.

obsessed_saver

I'm glad I moved my money out on Monday. It's already arrived in my linked account.

Good luck, everyone!

corsa57

Organic12 wrote: »

Okay, now I'm confused. I transferred my ICICI balance on Wednesday evening so expect it in my linked account on Monday. I assumed it was a BACS payment not direct debit? Would a direct debit take three working days to clear?

I must be so ignorant, didn't know that the remitter can call back the funds?? I've £20k to lose if this happens, my nest for (a) if I get made redundant (b) my next house, whichever happens sooner!

Please can someone clarify, I for one and a bit worried by this.

Thanks loads,
O

If you initiated the transfer on Wednesday after 2pm the instruction will not be active until Thursday and so I would expect the money to be in your linked account on the following Tuesday by BACS and not by direct debit.
All transfers from ICICI that I have had from them have been by BACS.

keicar

Have just cleared my account, the process took at least 15 long minutes! I guess this creates a panic and a run on a bank, but one has to look after their own! Also got cash in Icesave - once bitten twice shy!

Lets hope the cash appears in my linked account in a few days!

mr_fishbulb

Crap. Transfered mine on Wed evening and hasn't arrived yet

agsnu

tasty_snacks wrote: »

not that i want to panic people, but aren't all ICICI deposits/withdrawals made by direct debit? i know mine is.

as such they're covered by the direct debit guarantee, which in turn allows the remitter (icici) to recall the funds directly from the beneficiary's (mine, yours) account, even after the funds have been sent.

hypothetically, i believe they could do this.

Basically, in a word, NO. Deposits are made by DD, withdrawals by BACS. You cannot be the beneficiary of a DD.

ballyc

I got out of this one and all other non UK banks when this all kicked off a while back. Looks like I might have had a lucky escape (Touch wood) My advice would be look after your own money. Dont trust Jonny foriegner look at the Iceland fiasco !!!