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

baldbloke_2

I would concede without question that ICICI should send an email to inform you - in advance - that should you not access your account for an agreed (in their ts&cs) period your access to the account will be subject to renewal by telephone contact etc.

That much goes without saying - and having checked the account's ts&cs for the purposes of this thread I have to admit they make no mention of such an outcome.

However ... I do check on my finances more than once every 6 months. Am I sensible or sad? I don't know!

Basically - yes you are quite right in what you say.

exel1966

capate wrote:

I opened the account when the ICICI account was first publicised and deposited a 5-figure sum.

I am a little confused as to why some posters think that I should be checking this account on a regular basis - WHY would I want to do this? You don’t get more interest just because you keep looking!

I do not think it acceptable, for an online banking service, to suspend my access just because I havent check my account recently, AND if they do it for some obscure security reason, then they should advise me of the fact directly. Not wait for me to find that I am locked-out.

How is suspending access in this way a good security procedure?

You don’t have to search very hard to find negative feedback regarding ICICI. For me suspending access to my account without notification is enough for me to withdraw my funds.

I have other savings on deposit with a number of online organisations and have never come across this sort of problem, nor the many other problems regularly highlighted by customers of ICICI.

Capate, I agree that perhaps they could give advance warning of an impending cessation to online access, perhaps via e-mail or post. Though I don't call 6 months recent, but we'll all have differing opinions on that. I believe it's in the interest of the account holder as if anything happened to me (god forbid) I wouldn't want just anybody thinking they could access my dormant account.

Do you not ever get curious as to the amount of interest that considerable 5 figure sum is accruing ? OR even to check you've received the correct amount of interest ? (banks/credit card companies have been known to get it wrong) ! Is the interest so negligable to you that it doesn't matter ?

As for the negative comments on this site, I prefer to balance things out and be a little impartial. What we all read here is a tiny fraction of their customer base. There are probably tens of thousands of fully satisfied customers out there, but obviously you won't here a word from them as it's not within British nature to praise an organisation for getting things right. On the other hand, when things go wrong (and invariably they will) we all like to shout about it !!

You've made your choice and which you're fully entitled to do, but no matter how you look at it ICICI is still probably the best highest paying, non-restrictive account of this nature on the market.

capate

exel1966 wrote:

. I believe it's in the interest of the account holder as if anything happened to me (god forbid) I wouldn't want just anybody thinking they could access my dormant account.

How does not checking one of my deposit accounts for 6 months make it any less secure. How does this give someone else access to my account - my security isnt compromised in anyway. I would suggest that your account checked on a regular basis is no more secure than mine. And not checking a balance for six months doesnt make it a dormant account!

My frustration is that the one day I choose to do something with the funds in my account - I cant!

exel1966

capate wrote:

How does not checking one of my deposit accounts for 6 months make it any less secure. How does this give someone else access to my account - my security isnt compromised in anyway. I would suggest that your account checked on a regular basis is no more secure than mine. And not checking a balance for six months doesnt make it a dormant account!

My frustration is that the one day I choose to do something with the funds in my account - I cant!

I didn't say that not accessing the account makes it any less secure than someone who does daily, nor did I say it would give someone else access to the account.

I think I would be safe in guestimating that a very high percentage of people access their online accounts reasonably regularly as that is primarily why they have an online account in the first instance and with that in mind ICICI would think it irregular for someone not to do so, hence the restrictions they put in place.

capate

Thats naughty - the ICICI bank direct UK contact number, registered with the FSA, has a message which says that its “no longer in use”.

capate

exel1966 wrote:

hence the restrictions they put in place.

I believe another poster has checked the terms & conditions which says nothing of this 'restriction'.

With respect, the bank offer an online service affording access to *my* money. It is not really for the bank to tell me how often I must check my balance.

If they were worried that I hadnt accessed my account often enough then they could have contacted me at *anytime* via email or post.

masonic

This is at least the third or fourth time this issue has cropped up here now. There is no way of finding out about this 'restriction' except to ask them (and who would do that without already knowing about it/falling victim to it?)

ICICI really do need to inform people about things like this. Perhaps if enough people ask them, it might find it's way into the FAQ on the website.

baldbloke_2

I've changed my mind on this over the course of the recent thread.

If you have a personalised ID & Password then of course you have the right to expect unfettered and immediate access to your accounts.

I realize now that I leave Passbook accounts for a year or more and then casually wander in to have annual interest added and expect immediate service - not a request to return later which is in effect what has happened to you.

I think an earlier poster is right in suggesting that for some reason online accounts seem to demand more attention - I've no idea why that is but I remember feeling uneasy about depositing and leaving a large sum with a couple of online-only bank accounts purely because I thought that wasn't what they were intended for - and stupidly I imagined the bank would be wondering why I had just made the deposit and then not come back.

Daft or what?!

giggs11

hi, i'm just in the process of opening an account and have got to the direct debit details, why do i need to fill in a direct debit mandate to open a SAVINGS ACCOUNT??? i'm really not sure about this as it means they could take money from my current account whenever they like and i don't leave enough money in there to cover unplanned payments so it would make me go overdrawn!

Optimist

giggs11 wrote:

hi, i'm just in the process of opening an account and have got to the direct debit details, why do i need to fill in a direct debit mandate to open a SAVINGS ACCOUNT??? i'm really not sure about this as it means they could take money from my current account whenever they like and i don't leave enough money in there to cover unplanned payments so it would make me go overdrawn!

It seems to be standard procedure to fill in a direct debit form when opening an online account. I dont see a problem with it. There is a guarantee with D/Ds

The direct debit guarantee applies to ALL banks and building societies taking part in the direct debit scheme. It says that:

If there is a change in the amount to be paid or the payment date, the person receiving the payment (the originator) must notify the customer in advance.
If the originator or the bank/building society makes an error, the customer is guaranteed a full and immediate refund of the amount paid.
Customers can cancel a direct debit at any time by writing to their bank or building society.