NEW ICICI Feedback Poll - Are the problems all cleared up?

murphydavid

Boggybill wrote:

I think I'll put it somewhere more accessible with slightly less interest

Why less interest? Go to Birmingham Midshires and get more interest - 5.2%. The 5.2% only lasts a year (bonus thing) but have you ever had an account that didn't change it's interest rate within a year? It takes about 2 weeks to set up so if you start now it will be ready when you get your money back.

[Deleted User]

See also this thread. :eek:

http://forums.moneysavingexpert.com/showthread.html?t=279094

bennyvdb

MSE_Martin wrote:

I thought it may be useful to give my own personal experience. I have money with ICICI - and some with ING Direct on its 6% bonus account. My own experience has been smooth - and a substantial portion of my savings are with the bank.

The banking code issue doesn't bother me, they are an FSA registered subsiduary of a massive world bank. The compensation is the same as Barclays or HSBC and their credit rating is high.

Now the article is my official public opinion - as always everyone needs to weigh up the risk - yet I thought it may be helpful to let people know that I personally have my money there and am happy with it.

martin

Re the feature on TV last night about Indian banks selling detailed banking information! Are you not worried Martin?

Linda's_Man

My wife applied to open an acount on-line on 03/08/06 complete with our bank details for the linked account and we have a print out of the application form. A month went by without hearing anything from them so she e-mailed them asking if they would look into the matter. To this day we have heard nothing. She has a savings account with Bradford & Bingley who have increased thier rate to 5.10% almost matching ICICI so there is no point in pursuing the new account now. We feel this might have been a lucky escape if ICICI are that inefficient.

Linda's_Man

Dalice wrote:

As I am new to Internet Accounts, can someone explain to me why ICICI want me to set up a direct debit before I send them a cheque for my first deposit. I want to transfer money from my Bank as and when, not by a regular direct debit. Can someone explain please? This is my first message, although I have been following the site for some time.

All the Internet Accounts I have opened have required the linked bank account details on the application form. They operate by you telling the bank in case ICICI that you wish them to transfer money from your linked bank account to your ICICI acount. They can then use this via the Direct Debit system to transfer the money. It doesn't mean they are going to take money on a regular basis, that would be a Standing Order. You have to initiate the transfer. I think the reason they need your linked bank account details upon application is to check that the account is yours for money laundering perposes.

Paul_Herring

Sheila's_Man wrote:

I think the reason they need your linked bank account details upon application is to check that the account is yours for money laundering perposes.

No. The reason they request the DD setup is so that they can "make it easier for you to transfer your money." It is (I beleive) entirely possible for you to subsequently cancel the DD - this should not affect the ability for you to transfer money OUT of the ICICI account.

The cheque demanded as a requirement for account setup is part of the check (no pun intended) for money laundering purposes.

salthegal

anyone else been having problems with the online banking bit of their website. its really buggy, and keeps crashing on me. Cant make any transfers, keep getting a popup saying 'no communication received'. Really annoying as I need to transfer money out today.

shays_mum

They are still unable to verify me, even though i have been with my bank for 15 years

EagerLearner

I save with ICICI often and it has always run smoothly - there will always be more negative publicity than positive, but most of the negative was when they started the HiSave account - most people get on very well with the account once it's open...

Paul_Herring

EagerLearner wrote:

I save with ICICI often and it has always run smoothly - there will always be more negative publicity than positive, but most of the negative was when they started the HiSave account - most people get on very well with the account once it's open...

.. until they decide to perform upgradiationismistism. Or whatever the next excuse to prevent *all* customers from withdrawing money over more than the advertised 2 days will be.

Their lack of testing caused my current account to go overdrawn when it needn't have. Their lack of response to my queries during the outage did not help.... In fact I've *still* not had a reply to my 'secure' message asking about it, sent last week!