'ICICI: Is it safe?' blog discussion

MSE_Martin

silentfox wrote: »

Martin

I understand and agree with your note of caution regarding icici , especially after the way our Icelandic friends run banks.

However the only guarantee I know look at regardless of bank name is the fscs compensation.

So with this mind and the government shafting savers, I have to look at ICICI.

But being paranoid which worked well in the case of Icesave (as I was tempted). I have some two questions which I hope you can get OFFICAL answers to.

1. Can the fscs withdraw protection for a particular institution?

2. And guessing the answer is “yes” to the first question, all I really need to know is if the FSA/FSCS was to withdraw protection of a institution that it currently protects, would it do so on the basis that those deposits currently protected would continue to be so?

In other words if I put £50K into BANK X today and BANK X is protected by FSCS to the full £50K limit (and NOT UNDER ANY PASSPORT SCHEME). If on 6th June 2009 fsa/fscs decide they don’t want to cover BANK X, will they continue to protect my deposit and not protect and further deposits from 6th June 2009, or will I be given a fixed period in which to remove my money AND will the FSA force the bank to break any fixed term agreement to allow me to withdraw my money.

Before anyone decides to have a go like they did over my Icesave warning, I am not interested unless it is something constructive.

Under current rules non EU owned banks MUST be covered by FSCS or they can't operate. So there's no, if ICICI operates as a UK bank it must have FSCS cover.

Of course the laws could always be changed, and the rules could, but that is extremely unlikely and if it was, you'd likely know a long time in advance.

Martin

silentfox

But what if they choose to withdraw the protection i understand icici wouldn't then be able to operate within the UK, but what happens to the money already with them up until that point, what is their (FSA/FSCS) procedure to wind it down.

satnamgill

I am not sure if any one else has had the same problem withdrawing money from ICICI.

We had a lump sum in the HiSAVE fixed term joint account maturing on Saturday 12th September. I lost my password and rang them last week to say we needed access this week to buy something. The call centre said it was on auto reinvest but they would put it onto the monthly instant access saver. Password arrived on Monday for my partner (not me)and when we log in the money has disappeared from the account. I rang them and they tell me it has been auto-reinvested for a year with no access. I don't loose my temper but ask if it can be un-invested. This cannot be done by the call centre. A formal complaint has to be raised. A formal complaint is raised and I am told that I would be phoned that day. No phone call and no email and no money on the account.

I ring again on Tuesday and after about an hour it transpires that the money cannot be seen by us because the HiSAVE fixed term is linked not to my partners access details but my access details. I still have not got a password for my use. How the same account can be only visible to one of the two account holders I don't understand at all.

Once again I am promised that my complaint is being expedited. No way of accessing the money other than through the complaints process is known to the call centre.

Tuesday night I get a message back to say it can take 4 weeks to respond.

This is my money that I clearly asked to be available this week!

I am sure(?) that the money is still there and not disappeared as the call centre are able to see it but we can't. This is just maddening when we needed the money. If I ring the branch I end being put through to the same call centre.

Does any one else have a way of getting through to someone who can make a decision to release the money?

Just be very careful as if your deposit is coming to the end of investment period as it is clearly very difficult to get access to the money if this can happen so easily.

derx

yep, me too. Two fixed term deposits matured on 11th September, both were reinvested for a further year automatically.

I emailed them in July to say not to renew, and I had a confirmation saying that all the funds, including the interest would be put into my normal savings account with ICICI. They didn't do it. I have emailed 4 times ... no reply.

Anyone I can complain too? Thanks

Redback_2

Hi,
Remember that there is more to saving than just interest. ICICI have been good for savers in the past, but bear in mind there will be times when you need customer service, and ICICI customer service is pretty dismal. I've experienced three major problems in the last couple of years, and each one has proved very difficult to resolve. In summary, deposits to the current account have taken ages to clear - one deposited cheque took several months. A visit to a branch is sometimes the only way to sort a problem, and there aren't many branches, so be prepared to travel. The latest glitch has seen ICICI bouncing a cheque for no apparent reason, and it has been impossible to communicate with them. I'm left in a very embarassing position through no fault of mine, and no-one from ICICI will talk to me. Worst of all, though, the ICICI Visa Debit card didn't work in India. If they won't take the card in India, what chance have we got ! So, take the interest if you want to, but be prepared for hassle along the way.

huangward

thepropertylandlord2 wrote: »

Regarding feeling more secure with a foreign bank that does NOT operate under the UK Passport Exemption Scheme, remember that Kaupthing Edge did not operate under that stupid scheme, but the government performed a massive slight of hand by transferring deposits to ING which does!

I have two accounts with them, taken out many years ago. However, I cannot access the accounts online and they refuse to reply to any contacts I have made. I was checking the web to see if they have done a BCCC but posts seem to suggest otherwise.

Of course, by now all I want is my money back but I may as well have thrown it away on the lottery! Any suggestions as to which government ombudsman I should approach?

smala01

huangward wrote: »

I have two accounts with them, taken out many years ago. However, I cannot access the accounts online and they refuse to reply to any contacts I have made. I was checking the web to see if they have done a BCCC but posts seem to suggest otherwise.

Of course, by now all I want is my money back but I may as well have thrown it away on the lottery! Any suggestions as to which government ombudsman I should approach?

1) Follow the internal complaints process to the letter

http://www.icicibank.co.uk/personal/complaints_process.html

2) Document each stage so you have proof

3) You are dealing with a british bank so if 1) and 2) fails and you have proofs you followed the process, you should make a complaint to:

http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Let us know how you get on.


Smala01