ICICI - Funds in transit

Algiboy

Thursday night I made an online withdrawal request from my ICICI acct and made an application to have all my funds (20K) transferred to my LTSB acct. I know in hindsight I should have used CHAPS.
On Frantic Friday I had trouble logging on to the ICICI website, but late that night I was able to log on and see the transfer was in progress, as I now have a zero balance.

Q – If ICICI hits the buffers before the transfer is complete, would I still be compensated? and are finds in transit covered?

doberryfirkin

I am in exactly the same position. Seems to be taking a longtime to transfer - 5 days now - but the funds have left ICICI so assume it is safely in transit. Got an email from them saying sorry for delay etc etc.

saver_newbie

I have just withdrawn funds from ICICI. Initiated the transfer on Tuesday and received funds today. So it takes around 4 working days for BACS (3 to 4 working days is the official line) and this timeline is independent of the bank. If you initiated a transfer on Thursday night ideally u should see the money in your linked account by Wednesday. Until then dont worry.
Money is never lost in transit as the Icesave savers found out. If the clearing house can get to your funds in time it will be transfered, else it will be credited back to the original account.
To put your mind at rest unlike IceSave, ICICI is fully covered by the UK govt upto 50,000. ICICI-UK is very small compared to its parent company. Unlike the Icelandic govt, the Indian govt is in no financial trouble and has politically guaranteed to stand by ICICI (the statement was made to quell rumor mongering).

polyalloy

My BACS went through in 2 days. ICICI - HSBC. Super.

Algiboy

Funds now safely repatriated today, thanks for your contributions