Seconds thoughts about ICICI

GreyPilgrim

I realise I now sound like a hypocrite after voicing my support of ICICI, but now I'm having second thoughts about it. Money transfers to the account seem to be taking an increasingly long time, and now I've just seen an attempted transfer of £550 reversed. There were ample funds to cover the transfer in my linked account, but something has caused the transfer to fail (statement reads "RVSL FOR TRF on 1/9/2006")

I'm now worried that if I try to retrieve money back to my current account, similar problems might occur and there will be a subsequent headache. I

I'm also no longer convinced that the slightly higher interest rate is worth it - are the extra days when the cash is floating between the two accounts negating the extra 0.5% ?

shazkhan111

i dont have an icici a/c but reading some of the posts on this site ....does put me off them 90%

sanfly

i agree, been trying for 10 days to register an account, no response after the first e mail, just rung them, they now want 2 forms of identity witnessed by a solicitor or similar, given up told them to forget it, should have guessed the outcome. who do you suggest people??

shazkhan111

call it a day .... look at the birmingham midshires a/c

matttwine

i also took all my money out my icic account i thought the login secuirty on the site was poo

nrsql

I've just put through a transfer to icici. It was registered in icici (and presumably accruing interest) a day before it was taken from the current account.

I've had no problems with them as yet - but have not tried to withdraw.

GreyPilgrim

nrsql wrote:

I've just put through a transfer to icici. It was registered in icici (and presumably accruing interest) a day before it was taken from the current account.

Thats the thing...I made the transfer request on 1.9.2006, and the transfer showed as in the ICICI account on 4.9.2006. Kept an eye on my current account to see when the money would actually leave, and today I see that the ICICI account has gone back to the pre transfer balance and the transaction shows as failed.

Heinz

GreyPilgrim wrote:

Thats the thing...I made the transfer request on 1.9.2006, and the transfer showed as in the ICICI account on 4.9.2006. Kept an eye on my current account to see when the money would actually leave, and today I see that the ICICI account has gone back to the pre transfer balance and the transaction shows as failed.

I don't use the DD to pay into my ICICI A/C - I use BACS - and it works fine.

DDs the other way took 2 days (one day less than the 'normal' banks take) in July and August.

masonic

I'll wager you are using their direct debit system, GreyPilgrim - I gave up on that long ago after experiencing similar issues and started making transfers in by BACS.

As others have suggested, ICICI no longer has the top rate on the market. It's hard to justify persisting with the account if you are having issues. I've just moved all my money out of ICICI, although only to get a better rate elsewhere.

GreyPilgrim

Yeah, I've requested the remaining funds to be transferred back to my current account. Think I'll take me business elsewhere.

Birmingham midshires is the next best then, yeah?

masonic

GreyPilgrim wrote:

Birmingham midshires is the next best then, yeah?

Birmingham midshires is better - 5.2%
Haven't seen anything to beat that. Yet.