Icesave online claims "Amount" box purpose?

dougz_2

After receiving the 2nd email, when I logged-in, selected one of my accounts and clicked on its "Initiate" link, the next screen asks me to enter the "Amount (£)" to claim from that account. This was an unexpected question that I had not seen mentioned anywhere.

On the face of it, it seems a rather stupid question. Why would you select anything other than the full balance? What happens if you make a mistake and enter the wrong value? And what should you enter for fixed terms that you want to leave until maturity? For those should you put the initial deposit, the value including partial interest as at 7th October, or perhaps the total you will actually be claiming including full interest at maturity?

On further thought, perhaps would this allow you to split your claim? This could be very useful to people relying on monthly interest, i.e if they could withdraw an amount today that they can live off during the remaining term, but leave the bulk of the capital to continue earning a good rate until maturity.

FCSC have not replied to me yet, so does anyone here happen to know?

lpgm

For the instant access account I guess they're getting, in 'writing', confirmation that you're happy with their calculation of interest and won't come back later for more compensation. (I did a back of the envelope calculation to make sure I was indeed happy.)

But yes, for the fixed rate accounts, it seems odd. I just entered the figures that came up, including the interest already accrued. We have to fill in a proper application form anyway, so it'll sort itself out I'm sure.

jd84

if you put in a higher amount it says you are wrong and tells you to correct it...!

grastgirl

I thought there was an option somewhere that let you choose whether to have it now or wait until it matures, which I'd assumed was before you entered the amount, so I'm afraid I don't know.

Under no circumstances put in less than the balance, you will get less and get no other opportunity to get it back.

dougz_2

grastgirl wrote: »

I thought there was an option somewhere that let you choose whether to have it now or wait until it matures, which I'd assumed was before you entered the amount, so I'm afraid I don't know.

The options are on the same page, and you have to enter a specific amount beside whichever of those two options you choose to tick.

grastgirl wrote: »

Under no circumstances put in less than the balance, you will get less and get no other opportunity to get it back.

Are you sure? That is a really scary trap if true.

grastgirl

Pretty sure, isn't that what the legal blurb is all about, that you now consider your compensation paid in full and that you won't chase anyone for the rest. I guess it depends on whether they take your amount or their amount for the actual payout. I think this is why it states in their FAQs that if you're not happy with the amount they think you're owed (ie you think it should be more) don't claim it online, use the paper system.

Hope everyone has more luck over the weekend.