ICICI what a rubbish setup.

theAnarchist

I opened a fixed rate account with ICICI in late December. The email instructed me to send an opening chq of a min of £1000 and they would then forward my account operation details.

I waited for the instructions to operate my account so that I could transfer the rest of my £45K.

ICICI told me that I couldn't put anymore money into my account as I only sent a chq for £1000.

Some of the English in their terms and conditions is suspect and I rightly informed them about it.

They said they will look at their documentation and amend it if possible.

It should have said "Please send a cheque for the full amount that you wish to deposit into your HiSave fixed account. We will then open your account and send you your account operation details"

Because of this I have lost my interest rate of 5.1% and have to wait another 4 days before I can open another account with them at 4.65%!!

To be honest I have lost confidence with them and their UK call centre forwards you to India.

I don't want to be dealing with an Indian call centre trying to manage nearly £50K of my savings.

So I may have to take a drop in interest rates and look elsewhere for security purposes.

ed123_2

...Its nothing to do with ICICI being an Indian bank...if you look at the terms and conditions re the fixed rate account you will find your answer..

KingL

Didnt we cover this ground in your thread from two weeks ago?
http://forums.moneysavingexpert.com/showpost.html?p=17524525&postcount=3

http://forums.moneysavingexpert.com/showthread.html?t=1405817

JohalaReewi

You should try opening a Tesco Internet Saver.

eeja

theAnarchist wrote: »

I opened a fixed rate account with ICICI in late December. The email instructed me to send an opening chq of a min of £1000 and they would then forward my account operation details.

I waited for the instructions to operate my account so that I could transfer the rest of my £45K.

ICICI told me that I couldn't put anymore money into my account as I only sent a chq for £1000.

Some of the English in their terms and conditions is suspect and I rightly informed them about it.

They said they will look at their documentation and amend it if possible.

It should have said "Please send a cheque for the full amount that you wish to deposit into your HiSave fixed account. We will then open your account and send you your account operation details"

Because of this I have lost my interest rate of 5.1% and have to wait another 4 days before I can open another account with them at 4.65%!!

To be honest I have lost confidence with them and their UK call centre forwards you to India.

I don't want to be dealing with an Indian call centre trying to manage nearly £50K of my savings.

So I may have to take a drop in interest rates and look elsewhere for security purposes.

Have to inform you that sadly bank's ofen use ambiguous clauses in their
terms ! When asked about fees, Barclays wrote last month ' there there would be a one off £500 admin fee payable annually'' Make that one out !

theAnarchist

KingL wrote: »

Didnt we cover this ground in your thread from two weeks ago?
http://forums.moneysavingexpert.com/showpost.html?p=17524525&postcount=3

http://forums.moneysavingexpert.com/showthread.html?t=1405817[/quote]

Yes we did. But I only received confirmation from them today.

It is a matter of them being an Indian bank because English is not their first language.

Terms and conditions are legally binding and there fore should be correct.

Some of the communication I received from them was in broken English.

Would you trust a bank as such?

Inactive

theAnarchist wrote: »

It is a matter of them being an Indian bank because English is not their first language.

But surely you knew that they are an Indian bank before you actually applied.

Some of the communication that I receive from HSBC is from India, never caused me a problem.

newlands3000

What a !!!! up trying to open the hisave account, taking 2 months. They asked for another ID doc and then couldn;t find the wit to put it together with the ones I'd already sent in, necessitating loads of emails and calls to anonymous poor-english speaking Indians who read out replies from a proforma and couldnt communicate with the London office to put 2 and 2 together.
I suspect this was a ruse to allow rates to drop which they did by more than a percent during this time. They found my docs and opened the account without needing fruther docs whic they repeatedly had asked for. No apology, no reinstating of original rate or even reply on this point. I cant be bothered to take it further they are such muppets.
They are also very SLOW to act. All v frustrating so beware. :mad:

neil324

A 2 year old knows that when you open and fund a fixed term account you can not add to it later. The only 1 that springs to mind is the Halifax ISA reward. Anyway its covered in their 'terms & conditions'

Steve_xx

theAnarchist wrote: »

KingL wrote: »

Didnt we cover this ground in your thread from two weeks ago?

KingL wrote: »

http://forums.moneysavingexpert.com/showpost.html?p=17524525&postcount=3

http://forums.moneysavingexpert.com/showthread.html?t=1405817[/quote]

Yes we did. But I only received confirmation from them today.

It is a matter of them being an Indian bank because English is not their first language.

Terms and conditions are legally binding and there fore should be correct.

Some of the communication I received from them was in broken English.

Would you trust a bank as such?

Poor use of english is not confined to foreign banks and institutions. Many UK based entities use very poor english in their terms and conditions and some of the correspondence that eminates from these UK based entities is laughable.

withnell

theAnarchist wrote: »

I opened a fixed rate account with ICICI in late December. The email instructed me to send an opening chq of a min of £1000 and they would then forward my account operation details.

I waited for the instructions to operate my account so that I could transfer the rest of my £45K.

ICICI told me that I couldn't put anymore money into my account as I only sent a chq for £1000.

Some of the English in their terms and conditions is suspect and I rightly informed them about it.

They said they will look at their documentation and amend it if possible.

It should have said "Please send a cheque for the full amount that you wish to deposit into your HiSave fixed account. We will then open your account and send you your account operation details"

Because of this I have lost my interest rate of 5.1% and have to wait another 4 days before I can open another account with them at 4.65%!!

To be honest I have lost confidence with them and their UK call centre forwards you to India.

I don't want to be dealing with an Indian call centre trying to manage nearly £50K of my savings.

So I may have to take a drop in interest rates and look elsewhere for security purposes.

Same with any fixed rate account - you can't add to it, you have to open a second/third account etc to add more cash.

There's not many banks where you don't have some form of indian call centre these days - if they didn't interest rates for savers would be even lower!