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

WendyA

I stopped my application due to not being able to get someone to certify my documents without paying a solicitor, my teacher friend was not good enough apparently. Did no one else have this issue? :mad:

carpy

how many people have put all of their available savings into this account?

i'm slightly hesitant to do so because it's quite alot of money (to me anyway!! lol), given quite a few people have concerns about them (maybe just justified?!?).....

also there seems to be a difference of opinion over whether to 'pull' the money in from icici website or 'push' it in from an external account??

if i'm going to 'pull' it in then i need to transfer my money from my cahoot savings into my cahoot current account (which happens immediately) but then means it sits in there for a few days?!? would i be better off just pushing it from my savings??

masonic

carpy wrote:

if i'm going to 'pull' it in then i need to transfer my money from my cahoot savings into my cahoot current account (which happens immediately) but then means it sits in there for a few days?!? would i be better off just pushing it from my savings??

You could do that, or alternatively you could use the DD system, but make the transfer into your linked account the day before the money is due to be collected, thereby only losing 1 days interest.

I have about half my non-ISA savings with ICICI and I never had any concern about holding a large sum of money there - just getting it in when I opened the account! Transfers out have always been reliable for me, but I do feel more comfortable having an 'emergency fund' in another account and using ICICI for funds I would not need in a hurry.

Optimist

carpy wrote:

how many people have put all of their available savings into this account?

i'm slightly hesitant to do so because it's quite alot of money (to me anyway!! lol), given quite a few people have concerns about them (maybe just justified?!?).....

They are FSA regulated and a member of the Financial Services Compensation Scheme. Therefore you get 100% protection for the first £2000 of your total deposit then 90% up to the next £33000 so dont put more than £33000 in if your concerned.

masonic

Optimist wrote:

They are FSA regulated and a member of the Financial Services Compensation Scheme. Therefore you get 100% protection for the first £2000 of your total deposit then 90% up to the next £33000 so dont put more than £33000 in if your concerned.

Has this actually ever happened?

Optimist

masonic wrote:

Has this actually ever happened?

Of banks collapsing. Barings and BCCI come to mind in the UK. Although Barings and its debts were taken over by ING.

masonic

Optimist wrote:

Of banks collapsing. Barings and BCCI come to mind in the UK. Although Barings and its debts were taken over by ING.

I'm aware of those, but they didn't really involve peoples cash funds and the collapses predate the FSCS, don't they? I was really asking whether the FSCS has ever had to deal with a claim involving a deposit account. I guess I wasn't being very clear.

Optimist

masonic wrote:

I'm aware of those, but they didn't really involve peoples cash funds and the collapses predate the FSCS, don't they? I was really asking whether the FSCS has ever had to deal with a claim involving a deposit account. I guess I wasn't being very clear.

Ah sorry Sunday morning and I am particularly thick its always been credit unions and not aware of any bank deposits that have had compensation paid.

From the FSA annual report of 2005,

£175 MILLION COMPENSATION PAID TO CONSUMERS IN 2004/05

The Financial Services Compensation Scheme (FSCS), the UK’s statutory fund of last resort, paid out almost £175 million to consumers in 2004/05. Figures published in the FSCS’s annual report, today, show:

• INSURANCE: £113m was paid in compensation for claims relating to insolvent
insurance firms such as Independent Insurance and Chester Street.

• INVESTMENTS: investment claims handled by the Scheme increased by 256%, largely due to mortgage endowments and precipice bond mis-selling. The amount of compensation paid for these claims rose by 293%, to just under £15m.

• PENSIONS REVIEW: claims being considered by FSCS for the mis-selling of personal pensions are falling as the Pensions Review draws to a close. Compensation paid was down by 25% to just under £47m.

• DEPOSITS: only 400 claims were received during 2004/05. These related to three credit unions that became insolvent. Compensation paid for deposit claims dropped by 43% to £0.2m.

• No claims were received for mortgage advice and arranging, or insurance broking during 2004/05.

masonic

Optimist wrote:

not aware of any bank deposits that have had compensation paid.

That's what I thought, but for something that never appears to have been used, it does get mentioned very frequently around here . Just wondered if I was missing something.

lisyloo

No, I don't think you missed anything but I think it's important for people to understand what risks they are taking (even if they are negligeable).

Hope for the best, plan for the worst.

It's a bit like me spending £400 on a crash helmet that I hope I never have to use !!
I hope the risk is negligeable and theorectical but it would be crazy to totally ignore it and risk smashing my head open.

Sorry for the rather gory analogy !!